The Federal Government has reaffirmed its commitment to maintaining investment-friendly policies in the oil and gas sector, pledging measures to keep Nigeria competitive in the global energy market.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the assurance during an inspection of the Escravos Gas-to-Liquids (EGTL) facility operated under the NNPC/Chevron Nigeria Limited joint venture in Delta State.
Lokpobiri said the administration is focused on boosting production through sustained capital inflows, stressing that viable oil blocks should not remain dormant.
“Where you are not ready to develop, it’s better to farm out to partners rather than wait decades,” he said, adding that the government is considering enforcing the “drill or drop” provision in the Petroleum Industry Act (PIA) to ensure optimal asset utilization.
Chevron Nigeria Limited’s General Manager for the joint venture, Segun Kuteyi, said the company is increasing investments to monetise existing resources, describing the minister’s visit as a strong signal of the administration’s seriousness about collaboration.
Also speaking, Chevron Chairman and Managing Director, Jim Schwartz, said government backing and the PIA have been instrumental in sustaining the company’s interest in Nigeria.
“We have a lot of resources we still want to develop here that will enable production growth,” he said.
The visit comes amid ongoing efforts to attract fresh investment into Nigeria’s oil and gas industry, which has faced production challenges in recent years despite its vast reserves.