Minister Appeals To Foreign Oil Companies To Return To Nigeria

The Minister of Petroleum Resources (Oil) in Nigeria, Heineken Lokpobiri, has appealed to all Equipment, Procurement, and Construction (EPC) companies that exited Nigeria’s oil and gas sector to return.

The Minister made the call in a speech at the 2025 Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers, and Nigerian Council in Lagos on Monday, August 4, 2024.

According to Lokpobiri, the Nigerian government had worked hard to make Nigeria an investment-friendly country.

The Minister says “I would like to use this opportunity to make a strong case to Engineering, Procurement, and Construction companies that have previously operated in Nigeria and have since exited. The current administration has worked tirelessly to ensure a more stable and investment-friendly business environment.”

The minister said that the government recognised the role played by EPC companies in the energy sector, urging them to return to Nigeria, which he called a dependable and rewarding destination for them.

“With reforms given by the Petroleum Industry Act and other strategic incentives, Nigeria is positioned as a dependable and rewarding destination for EPC companies. We recognise the pivotal role EPC companies play in infrastructure development, project execution, and technology transfer within the energy sector. Therefore, we invite you to return, reinvest, and become part of Nigeria’s renewed journey toward energy security and economic prosperity,” Lokpobiri said.

According to him, Nigeria used to be a host to a number of EPC companies like Willbros, McDermott, and others and that lack of enough EPC contractors is affecting the sector, especially in the deep water blocks.

Lokpobiri, who expressed concerns over the high number of idle and undeveloped oilfields in Nigeria, warned that the International Oil Companies (IOCs) may lose the underutilised assets.

He said the Nigerian government had created a favourable investment environment and that IOCs should now make decisive financial commitments to increase production.

Local media reports recalled that about 220 oil blocks are lying fallow in different onshore and offshore basins across Nigeria and that 59 of these are in the deep offshore.

Source:Africa Publicity