Nigeria’s Oil Minister Promises New Era of Investment Incentives
Federal Minister of State for Petroleum Resources Senator Heineken Lokpobiri has announced sweeping changes to Nigeria’s oil investment landscape during a high-profile visit to the NNPC/Chevron Joint Venture’s Escravos Gas-to-Liquids facility in Delta State. The minister declared that “things have changed” since the current administration took office and pledged unprecedented government support for energy investments.
“Our obligation as government is to provide an environment that is globally competitive to allow you to expand what you are already doing,” Lokpobiri stated, emphasizing the government’s commitment to boosting oil production and attracting foreign capital expenditure. The minister warned that operators must “develop all available blocks” or face potential asset reallocation, revealing that the government is reviewing activation of the “drill or drop” provision in the Petroleum Industry Act.
Chevron Nigeria Limited’s General Manager Segun Kuteyi expressed optimism about the company’s future in Nigeria, highlighting their North Star strategy involving significant resource investment from corporate headquarters. The Escravos facility, with a capacity of 33,000 barrels per day, converts natural gas into premium environmentally friendly fuels.
Chevron Chairman/MD Jim Schwartz emphasized the company’s 60-year presence in Nigeria and praised the enabling role of the Petroleum Industry Act in attracting investment.
Source: championnews.com.ng
