Govt Incentives Have Boost Nigeria’s Oil Production – Minister Lokpobiri

By Monday Peters, Abuja

The Federal Minister of Petroleum Resources, Sen. Heineken Lokpobiri PhD., has revealed that the government’s support and incentives have been instrumental in boosting national crude oil production. The Minister made this known during a meeting with Mr. Nicholas Terraz, President Exploration & Production at TotalEnergies.

Minister Lokpobiri expressed appreciation for TotalEnergies’ successful drilling of additional wells, noting that this progress aligns with the government’s national objective of increasing production through strategic exploration and field development. He commended TotalEnergies for being a dependable partner to Nigeria.

The Minister emphasised the government’s commitment to creating a globally competitive environment to attract investments in the oil industry. He noted that increasing production depends heavily on new investments and active drilling, and that the government strongly supports divestments, provided there is capacity to manage the assets transferred.

Minister Lokpobiri encouraged companies to invest fully in their assets, but where this is not feasible, he encouraged farm-outs and partnerships. The Minister’s remarks underscore the government’s commitment to boosting oil production in Nigeria and creating a favorable business environment for investors.

The successful drilling of additional wells by TotalEnergies is a significant boost to Nigeria’s oil industry, and the government’s incentives and support are expected to continue driving production growth. With the government’s commitment to attracting investments and promoting partnerships, the stage is set for Nigeria’s oil industry to thrive.

By Monday Peters, Abuja

The Federal Minister of Petroleum Resources, Sen. Heineken Lokpobiri Ph.D., has revealed that the government’s support and incentives have been instrumental in boosting national crude oil production. The Minister made this known during a meeting with Mr. Nicholas Terraz, President Exploration & Production at TotalEnergies.

Minister Lokpobiri expressed appreciation for TotalEnergies’ successful drilling of additional wells, noting that this progress aligns with the government’s national objective of increasing production through strategic exploration and field development. He commended TotalEnergies for being a dependable partner to Nigeria.

The Minister emphasised the government’s commitment to creating a globally competitive environment to attract investments in the oil industry. He noted that increasing production depends heavily on new investments and active drilling, and that the government strongly supports divestments, provided there is capacity to manage the assets transferred.

Minister Lokpobiri encouraged companies to invest fully in their assets, but where this is not feasible, he encouraged farm-outs and partnerships. The Minister’s remarks underscore the government’s commitment to boosting oil production in Nigeria and creating a favorable business environment for investors.

The successful drilling of additional wells by TotalEnergies is a significant boost to Nigeria’s oil industry, and the government’s incentives and support are expected to continue driving production growth. With the government’s commitment to attracting investments and promoting partnerships, the stage is set for Nigeria’s oil industry to thrive.