Mr Heineken Lokpobiri, the minister of state for petroleum resources, has said that the federal government anticipates receiving a $10 billion investment in deep offshore projects “in the next few weeks” from a major international oil business.
At a sectorial ministerial update briefing on Thursday in Abuja, Lokpobiri stated that the government is fostering an atmosphere that is favorable to large players in the oil and gas sector.
He said that the two sides had achieved an agreement, and that the oil company will shortly make the investment public.
In response to TotalEnergies’ recent decision to invest in Angola over Nigeria, the minister announced that commitments totalling about $15 billion from various international oil companies (IOCs) are expected to be disclosed in the upcoming months.
Read Also: Lokpobiri Details Effect Of Green Energy’s Contribution To Nigeria’s Energy Sector
“We’ve done what a government is expected to do to attract investment. Somebody was telling that TotalEnergies announced $6 billion of proposed investment in Angola. I am happy to announce to you that we have a company that in the next few weeks will announce a $10 billion investment in deep offshore.
“These were companies that left Nigeria because they believe that there were inconsistent policies, the atmosphere wasn’t favorable. These companies are all coming back.
“There is also another company that will invest about $5 billion. These are not stories. But I don’t want to preempt the announcement.
“Let it be that they are the ones that will announce it so that Nigerians will know that Angola cannot compete will Nigeria,” Lokpobiri said.
Read Also: Lokpobiri, Wabote Trade Hot Words Over Squandered $500m Oil Industry Funds, Unfinished Projects
$20 billion Target for 2024
Additionally, the minister stated that the federal government aims to secure a minimum of $20 billion in 2024.
He emphasized that the most straightforward path for revenue generation lies in the oil and gas sector, and the government is doing everything possible to foster an environment conducive to investments by International Oil Companies (IOCs).
He noted that the government has enacted executive orders to maintain stability in the sector and encourage international investment.
“Our target in 2024, having worked very hard to create an enabling environment, is that we have a minimum of $20 billion in investment this year.
“The only way you can sustain increase in production and generate money that government needs to finance our economy problems is the oil and gas sector. The quickest way to our economy prosperity is the oil and gas sector.
“Every country that has oil prioritize investment in oil. Nigeria cannot be an exception. What we are doing is to see how we can create that investing opportunities for companies to come and invest in Nigeria,” the minister added.
