The Federal Government has reaffirmed its commitment to attracting international oil companies back to Nigeria’s energy sector with globally competitive incentives, as American oil giant, Vaalco Energy, signals plans to re-enter the country’s oil and gas industry.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this during a meeting with a delegation from Vaalco Energy in Abuja. This is according to a statement by the Special Adviser on Media and Communication to the Minister, Nneamaka Okafor, on Friday.
The statement noted that the minister said the administration of President Bola Tinubu was determined to create an enabling environment that would encourage companies that exited Nigeria for various reasons to return and invest afresh.
“The government of President Bola Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return,” Lokpobiri said. “We are prepared to offer incentives comparable to the best available globally,” he added.
Vaalco Energy, a New York Stock Exchange-listed independent oil and gas exploration company, visited the minister to express its interest in acquiring Svenska’s Production Sharing Contract interest in Oil Mining Lease 145 and to discuss regulatory requirements for its re-entry into Nigeria.
Lokpobiri welcomed the renewed interest, saying the government was encouraged by companies that returned with positive experiences of Nigeria’s business environment. “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,” the minister was quoted as saying.
Speaking during the visit, Vaalco’s Managing Director, Pieter Van der Groen, said the company considered Nigeria a strategic destination for investment and was committed to contributing meaningfully to production.
“We are here to seek regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest in a stronger way,” he said. “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.”
Lokpobiri further assured the company that Nigeria’s current petroleum framework offers policy clarity, fiscal stability, and robust legal backing to support long-term investments. “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 said.
