The Federal Government has pledged fresh incentives to attract global energy investors and accelerate oil production growth, with a focus on developing idle oil blocks and sustaining Nigeria’s competitiveness in the global petroleum market.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the assurance during an inspection of the NNPC/Chevron Nigeria Limited Joint Venture Escravos Gas-to-Liquids (EGTL) facility in Delta State.
A statement by his media aide, Nneamaka Okafor, quoted the minister as saying the administration would strengthen policies to ensure Nigeria remains an attractive destination for capital expenditure in the energy sector.
“Since we assumed office, things have changed. Our obligation as a government is to provide an environment that is globally competitive to allow you to expand what you are already doing,” Lokpobiri said.
He urged oil operators to expand investments and farm out undeveloped assets to partners with access to capital rather than hold them idle for decades, adding that the government was reviewing the enforcement of the “drill or drop” provision in the Petroleum Industry Act.
Lokpobiri commended the NNPC/CNL JV for operational excellence, noting that such partnerships were critical to sustainable production growth.
Chevron Nigeria Limited’s General Manager, NNPC/Chevron Joint Venture, Segun Kuteyi, said the company was optimistic about its future in Nigeria, citing significant new investments and the government’s commitment to collaboration.
Chevron’s Chairman/Managing Director, Jim Schwartz, said the Petroleum Industry Act and government support had created an enabling environment for investment. “After 60 years, we are proud to remain one of the largest supporters in the country,” he added.
The visit, the minister’s first to the facility, underscored the government’s push to unlock Nigeria’s oil and gas potential, expand production, and boost economic growth through stronger investor confidence.
