Success Nwogu 
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has said Nigeria has commitments totalling about $15 billion from some international oil companies (IOCs). He explained that the Federal Government was expecting an investment of $10 billion from an IOC in deep offshore projects “in the next few weeks” and that another company would invest about $5 billion in the nation’s oil and gas sector.
The minister spoke during a sectorial ministerial update briefing in Abuja yesterday. He said that the government was creating a supportive environment for major entities in the oil and gas industry. According to him, the federal government targets to secure a minimum of $20 billion in 2024.
He stated that the most straightforward path for revenue generation lies in the oil and gas sector, adding that the government is doing everything possible to foster an environment conducive to investments by IOCs. He noted that FG has enacted executive orders to maintain stability in the sector and encourage international investment. Lokpobiri said: “We’ve done what a government is expected to do to attract investment. Somebody was telling that TotalEnergies announced $6 billion of proposed investment in Angola.
I am happy to announce to you that we have a company that in the next few weeks will announce a $10 billion investment in deep offshore. “These were companies that left Nigeria because they believe that there were inconsistent policies, the atmosphere wasn’t favorable. These companies are all coming back. There is also another company that will invest about $5 billion.
These are not stories. But I don’t want to preempt the announcement. Let it be that they are the ones that will announce it so that Nigerians will know that Angola cannot compete will Nigeria.” He added: “Our target in 2024, having worked very hard to create an enabling environment, is that we have a minimum of $20 billion in investment this year. “The only way you can sustain increase in production and generate money that government needs to finance our economy problems is the oil and gas sector.
The quickest way to our economy prosperity is the oil and gas sector. “Every country that has oil prioritize investment in oil. Nigeria cannot be an exception. What we are doing is to see how we can create that investing opportunities for companies to come and invest in Nigeria.”
