Nigeria energy investment surges as FG launches fresh incentives targeting idle oil assets and sustainable growth in the sector

Nigeria energy investment is receiving a powerful boost as the Federal Government reaffirms its commitment to sustaining policies and incentives that attract global investors to the country’s oil and gas sector.

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Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), emphasized this during an inspection of the NNPC/Chevron Nigeria Limited Joint Venture EGTL facility in Escravos, Delta State.

He highlighted new measures aimed at developing idle oil assets and driving sustainable production growth.

“Since we assumed office, things have changed,” Lokpobiri said. “Our obligation as government is to provide an environment that is globally competitive to allow you to expand what you are already doing.

The time has come for us to develop all available blocks. Where you are not ready to develop, it’s better to farm out to partners rather than wait 20 or 30 years.”

The Minister underlined that these incentives are designed to encourage expansion, boost capital expenditure, and maintain Nigeria’s attractiveness in the global energy market.

The government is also reviewing the “drill or drop” provision under the Petroleum Industry Act to ensure idle assets are efficiently utilized.

Chevron Nigeria Limited’s General Manager of the NNPC/Chevron Joint Venture, Segun Kuteyi, praised the Minister’s visit and reiterated Chevron’s optimism about its future in Nigeria.

“We are excited that you are the first Minister to come here. Your consistency is exemplary, and we commit to collaborating with you to drive the administration’s agenda,” he said.

Jim Schwartz, Chevron’s Chairman and Managing Director, also acknowledged the enabling role of the Petroleum Industry Act and government support, describing it as essential for attracting and sustaining investments.

“This partnership between the Federal Government and Chevron underscores our shared goal to unlock Nigeria’s oil and gas potential, drive sustainable production, and boost economic growth,” Schwartz added.

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With fresh government incentives and renewed collaboration with key industry players, Nigeria Energy Investment is positioned for an exciting and sustainable future.

Source: Read more at freelanews.com