Lokpobiri Restates FG’s Commitment to Attracting Investment to Nigeria’s Oil and Gas Sector

Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri briefing Journalists in Abuja
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri briefing Journalists in Abuja

The Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri has reassured of the Federal Government’s commitment to attracting the much needed investment to the Nigeria‚Äôs Oil and Gas sector.

The Minister gave the reassurance while addressing journalists in Abuja on Wednesday, 31st January, 2024.

The Minister’s media briefing came on the heels of a publication by an online newspaper claiming that an agreement had been signed by the conflicting parties over the ownership tussle around the OML 245 and that some persons have in that regard, visited President Bola Tinubu in Paris, France.

He also refuted the claim by the report that the NNPCL distanced itself from the so-called agreement. He argued that it was needless for the NNPCL to distance itself from an agreement it had no stake in when the 2011 agreement gave the totality of OML 245 to ENI and Shell while the Federal Government can exercise backing right at any material time.

He informed that the President has mandated the Attorney-General of the Federation, himself and other stakeholders to resolve and bring to an end the age-long crises around the OML245 oil block situated in the Niger Delta region, adding that, negotiations were ongoing and no agreement had been reached yet.

Lokpobiri said that the current administration was resolute in resolving all the problems in the industry with a view to creating an enabling environment for investors to come in.
“It is my responsibility as Oil Minister to ensure that we do whatever we can to resolve all problems in the industry so that we can attract sufficient investment to change the narrative”, he stated.

The Minister decried the low level of investment in Nigeria’s Oil and Gas sector, stating that, “We are at our lowest level when we talk about investment. If we do not do whatever we can to attract investment, our crude deposit will translate to nothing in the next few years”.

He noted that the disagreement around Seplat, Mobil and NNPCL was about 98% resolved.
“We have brought the parties together and terms have been agreed” the Minister stated. He added that it was now for the boards of the respective parties to sit and approve the terms.

On the Port Hacourt Refinery, Lokpobiri said the mechanical aspects have been completed while test running was ongoing. He also said that with the Warri Refinery being in top gear, Nigeria would have tremendously increased her refining capacity.

Oluwakemi Ogunmakinwa (Mrs.)
Deputy Director ( Press and Public Relations)