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FG expects $10 billion in deep offshore investment in few weeks – Heineken Lokpobiri

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has stated that the federal government is expecting a substantial investment of $10 billion from an international oil company in deep offshore projects “in the next few weeks.”

During a sectorial ministerial update briefing in Abuja on Thursday, Lokpobiri said that the government is creating a supportive environment for major entities in the oil and gas industry.

He mentioned that the investment will soon be announced by the oil firm, adding that the agreement has been reached between the two parties.

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.

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.

Despite being a leading oil-producing nation, Nigeria struggles with investment in the oil and gas sector as most IOCs in the country are plagued with oil theft incidents resulting in vandalism, kidnapping and bursts of oil pipelines.