The Federal Government has reiterated its commitment to sustaining policies and incentives aimed at keeping Nigeria attractive to global energy investors, with a renewed focus on unlocking idle oil assets and promoting sustainable production growth.
This assurance was given by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during an inspection visit to the NNPC/Chevron Nigeria Limited Joint Venture EGTL facility in Escravos, Delta State.
In a statement released on Thursday by his media aide, Nneamaka Okafor, the minister emphasised that the administration is dedicated to creating a competitive investment environment.
“Since we took office, significant changes have been made. We must provide a globally competitive space that allows you to expand your operations,” Lokpobiri said.
He urged energy companies to deepen their investments in Nigeria, stressing that sustainable growth in oil production can only be achieved through increased capital inflow.
“The time has come to develop all available oil blocks. Where development isn’t feasible, it’s better to farm out those assets to partners rather than let them lie idle for decades,” he added.
The Minister also noted that the government is considering implementing the “drill or drop” provision in the Petroleum Industry Act (PIA) to discourage the hoarding of undeveloped assets and promote active exploration.
Commending the operational performance of the NNPC/Chevron JV, Lokpobiri encouraged other operators to emulate their example by engaging investors capable of funding exploration and production activities.
During the visit, Segun Kuteyi, General Manager of the NNPC/Chevron JV, expressed confidence in Chevron’s future in Nigeria and praised the Minister’s proactive approach.
“We are investing significantly to monetize our resources. The future looks bright, and we’re proud to be the only international company operating in the shore area,” Kuteyi stated. “Your visit reflects the administration’s seriousness, and we are committed to supporting its agenda.”
Chevron Nigeria’s Chairman and Managing Director, Jim Schwartz, also commended the government for providing a stable policy framework, particularly through the PIA.
“With your support and the provisions of the Petroleum Industry Act, we’re optimistic about the future. We still have vast resources to develop, and we’re proud to remain one of Nigeria’s largest energy partners after six decades,” Schwartz said.
The visit underscores the Federal Government’s resolve to strengthen partnerships with global oil firms, stimulate production, and drive economic growth through strategic investments in the energy sector.
