From Kenechukwu Obiajuru, Yenagoa
Nigeria is strengthening its position as a top global investment destination, welcoming international partners back to its oil and gas industry with competitive incentives and a renewed commitment to collaboration.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that the government is particularly interested in creating a better environment for companies that were once in Nigeria but left for various reasons to return.
A statement by Nneamaka Okafor SA Media and Communications noted that Senator Lokpobiri made this remark while receiving a delegation from Vaalco Energy, an American independent oil and gas exploration and development company, which expressed interest in re-entering Nigeria through the acquisition of Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145.
The Minister assured that Nigeria’s policies now provide clarity, fiscal stability, and investor-friendly frameworks that encourage long-term partnerships.
Vaalco Energy’s Managing Director, Pieter Van der Groen, said the company sees Nigeria as a key investment hub and is interested in acquiring Svenska’s interest in OML 145 to invest in a stronger way. As a New York Stock Exchange-listed company, Vaalco Energy has access to funding to develop the assets it acquires, with plans to produce rather than sit on them.
He expressed delight at Vaalco Energy’s renewed interest in Nigeria, stating that the company’s return will help ramp up production and achieve national energy objectives. He emphasized the importance of collaboration in building a future of shared growth and prosperity.
The Minister’s assurance comes on the heels of Nigeria’s efforts to attract foreign investment and boost its oil production. With a target of 2.7 million barrels per day, Nigeria is working to create an enabling environment for investors, including offering global-level incentives to attract and retain top players in the industry.
