Nigeria is seeking to deepen its long-standing energy partnership with a fellow member of the Organisation of the Petroleum Exporting Countries (OPEC), Venezuela, inviting the South American nation’s companies to tap into its oil sector.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, made the call while receiving the Ambassador of the Bolivarian Republic of Venezuela to Nigeria, Mr Alberto Castellar Padilla, alongside the Embassy’s Counsellor, Mr Alvaro Tadeo Guzman Pereira, and the Chief Executive Officer of Sherwood Valley, Mr Jose Luis Adrianza.
In a statement on X, Mr Lokpobiri encouraged Venezuelan companies to explore Nigeria’s oil sector, stressing that such investments would create mutually beneficial outcomes and strengthen energy cooperation between the two nations.
“Nigeria remains committed to maintaining her longstanding bilateral relationship with global energy players such as Venezuela, which has been a cornerstone of our cooperation over the years.
“I seized the opportunity to encourage Venezuelan companies to explore the numerous investment opportunities within our oil industry. This, I believe, will foster mutually beneficial outcomes, enhance energy cooperation, and further solidify the enduring ties between our two nations,” the Minister stated.
The meeting comes as Nigeria seeks to attract more foreign capital to boost oil production, modernise infrastructure, and expand exploration activities. Industry analysts note that collaboration with Venezuela, one of the world’s largest proven oil reserve holders, could unlock new synergies for upstream and downstream projects.
Both OPEC countries have historically collaborated on production strategies, market stability measures, and exchange of technical expertise.
Mr Lokpobiri emphasised that strengthening such relationships is critical to Nigeria’s energy future. “Our partnership with Venezuela is not just about shared OPEC membership; it is about shared goals of economic prosperity, energy security, and sustainable development,” he said.
Venezuelan Ambassador Padilla expressed appreciation for Nigeria’s warm reception and reiterated his country’s willingness to deepen cooperation in oil, gas, and other strategic sectors.
The engagement is expected to pave the way for follow-up discussions on potential joint ventures, technology transfer, and knowledge sharing between both nations’ energy industries.