Nigeria Pledges Incentives As Vaalco Plans Return With OML 145
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that Nigeria is strengthening its position as a top global investment destination by welcoming international partners back to its oil and gas industry with competitive incentives and a renewed commitment to collaboration.
A statement by the minister’s Special Adviser on Media and Communication, Nneamaka Okafor, in Abuja on Friday, quoted him as speaking while receiving a delegation from Vaalco Energy, an American independent oil and gas exploration and development company.
The company visited the minister to express interest in re-entering Nigeria by acquiring Svenska’s PSC interest in Oil Mining Lease (OML) 145.
He said, “The Government of President Bola Ahmed Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return.
“We are prepared to offer incentives comparable to the best available globally.”
Commending Vaalco’s renewed interest, the Minister added, “It is gratifying for us as a nation when those who have worked here become ambassadors, speaking of how friendly and conducive Nigeria is for business. We are glad to welcome you back.”
Lokpobiri assured Nigeria’s policies now provide clarity, fiscal stability, and investor-friendly frameworks that encourage long-term partnerships.
“Your renewed presence will help us ramp up production and achieve our national energy objectives. Together, we can build a future of shared growth and prosperity,” he concluded.
Vaalco Energy’s Managing Director, Pieter Van der Groen, said the company sees Nigeria as a key investment hub.
“We are here to seek regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest more strongly.
“As a New York Stock Exchange-listed company, we have access to funding to develop the assets we acquire. We are not here to sit on them; we are here to produce”, he said.
Nigeria Pledges Incentives As Vaalco Plans Return With OML 145 is first published on The Whistler Newspaper
