Vaalco Energy Nigeria reentry gains strong govt backing

Vaalco Energy Nigeria returns with FG support, as Tinubu’s administration offers global incentives to boost oil and gas investment

Vaalco Energy Nigeria is set to re-enter the country’s oil and gas sector, as the Federal Government reaffirms its commitment to attracting international oil companies with globally competitive incentives.

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Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this during a meeting with Vaalco Energy executives in Abuja.

The minister stressed that President Bola Tinubu’s administration is determined to create an enabling environment for companies that left Nigeria to return and invest afresh.

Lokpobiri assured the delegation that Nigeria was prepared to offer incentives “comparable to the best available globally,” making the investment climate more attractive.

Vaalco Energy, a New York Stock Exchange-listed independent oil and gas exploration firm, expressed interest in acquiring Svenska’s Production Sharing Contract stake in Oil Mining Lease (OML) 145.

The company also sought regulatory guidance on its re-entry process.

Welcoming the renewed interest, Lokpobiri noted that Nigeria values the confidence of companies willing to reinvest.

“It is gratifying when those who have worked here return as ambassadors, sharing positive experiences of Nigeria’s business environment. We are glad to welcome you back,” he said.

Vaalco’s Managing Director, Pieter Van der Groen, described Nigeria as a strategic destination for energy investment.

“As a New York Stock Exchange-listed company, we have the funding capacity to develop the assets we acquire. We are not here to sit on them; we are here to produce,” he explained.

The minister further highlighted that Nigeria’s current petroleum framework ensures policy clarity, fiscal stability, and robust legal backing to support long-term investments.

“Your renewed presence will help us ramp up production and achieve national energy objectives. Together, we can build a future of shared growth and prosperity,” Lokpobiri said.

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The return of Vaalco Energy Nigeria signals renewed confidence in the nation’s energy sector and could boost both investment inflows and crude oil production capacity.

Quadri Olaitan