Lokpobiri: Oil Sector Reforms Attracting Investors With Capacity To Develop Nigeria’s Assets
The Honourable Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Ph.D., has said the ongoing reforms in Nigeria’s oil and gas sector are increasingly attracting investors with the financial and technical capacity to develop the country’s petroleum assets.
The Minister stated this in a statement issued by Nneamaka Okafor, Special Adviser on Media and Communications to the Minister of State for Petroleum Resources (Oil), following a visit by the management of Highban Resources Limited, one of the successful companies in the recent bid round, accompanied by its Chinese investment partners, Manshi Investment Group and Richland SG Petroleum Company Limited.
Sen. Lokpobiri said the calibre of investors participating in the bid round demonstrated growing confidence in the transparency, accountability and clarity of the Federal Government’s processes in the oil and gas industry.
“Part of the measures of the reforms we have carried out in the oil sector remains the accountability of our processes. The last bid round attracted investors with the capacity to develop, because of the clarity and credibility of the process,” the Minister said.
According to him, the Federal Government is committed to ensuring that companies granted petroleum licences have the capacity and willingness to develop the assets rather than acquire licences merely for speculative purposes.
Sen. Lokpobiri stressed that the government would continue to discourage the practice of companies acquiring oil and gas licences without making the necessary investments to develop the assets.
“We want companies that are prepared to move into the field, deploy capital, create value and contribute to the growth of our oil and gas industry,” he added.
The Minister said the participation of investors with strong financial and technical capabilities would contribute significantly to increasing production, creating employment opportunities, stimulating economic activities and strengthening Nigeria’s position as a major oil and gas investment destination.
He further assured investors of the
Federal Government’s commitment to sustaining reforms aimed at improving the business environment, enhancing regulatory certainty and creating greater confidence in Nigeria’s petroleum sector.
The management of Highban Resources Limited, during the visit, expressed appreciation for the opportunity to participate in the bid round and said the company and its Chinese investment partners were encouraged by the investment climate in Nigeria.
The company said it was prepared to commence operations soon and bring the required financial and technical resources to bear on the development of its acquired assets.
Sen. Lokpobiri welcomed the company’s commitment and urged the investors to translate their investment plans into tangible field operations that would contribute to the development of Nigeria’s oil and gas industry.
The Minister reiterated the Federal Government’s determination to ensure that Nigeria’s petroleum resources are efficiently developed for the benefit of the Nigerian economy and its people.
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