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Government Urges International Oil Companies To Raise Investments

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Federal Government

Government Urges International Oil Companies To Raise Investments

Government urges international oil companies to raise investments. The minister said, “The ball is in the court of the IOCs and other operators to make strategic investment decisions.’’

The federal government has urged International Oil Companies (IOCs) in Nigeria to increase investments in the oil and gas sector, highlighting the country’s investment-friendly fiscal policies and incentivised investment opportunities.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the call at the Cross Industry Group (CIG) meeting held in Florence, Italy, organised by IOCs operating in Nigeria.

The meeting focused on challenges, expectations, and strategies to enhance the sector’s contributions to domestic energy needs and regional expansion across Sub-Saharan Africa.

Mr Lokpobiri, in a statement by his Special Adviser on Media and Communication, Nneamaka Okafor, emphasised that the President Bola Tinubu administration had provided necessary incentives to ensure seamless and profitable operations.

Speaking at the event, Mr Lokpobiri explained that while IOCs had identified engineering, procurement, and construction (EPC) contractors as a challenge, EPCs would only commit when they observed strong investment decisions from industry players.

“The government has done its part by providing the requisite and investment-friendly fiscal policies, including the President’s Executive Order incentivising deep water investments. Now, the ball is in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” the minister said.

He emphasised the need for IOCs to support local refining efforts, noting that more refineries were coming online and would require a steady supply of crude oil.

According to the minister, ramping up production would enable Nigeria to meet both local and international obligations.

In line with the federal government’s drive to boost production, Mr Lokpobiri reiterated that it would begin implementing the “drill or drop” provisions of the Petroleum Industry Act (PIA) where necessary.

He said, “We cannot continue to have assets sitting idle for 20 to 30 years without development. If you are not utilising an asset and it remains underdeveloped for decades, it neither adds value to your books.

“Nor does it add value to us as a country. We encourage industry players to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilised assets to operators ready to invest in production. Otherwise, like any responsible government, we will take back these assets and allocate them to those willing to go to work.’’

International Oil Companies

International Oil Companies

The minister also urged operators to consider farm-out agreements for assets close to existing infrastructure rather than incurring high costs on new floating production storage and offloading (FPSO) units.

The Chairman of the Oil Producers Trade Section (OPTS), Osagie Osunbor, commended the minister on his direct engagement with industry players and for the federal government’s continued efforts in advancing the sector.

“We appreciate the government’s commitment to creating a conducive environment for investment. The minister’s engagement has provided critical insights and has also challenged us as industry players to step up efforts to increase production,” Mr Osunbor stated.

The federal government remains committed to ensuring a thriving oil and gas industry and expects operators to match its commitment by making tangible investment decisions that will drive growth, sustainability, and national energy security.

Economy

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

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Terrorists Alternative Government Under Tinubu

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.

He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.

“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”

ADC Is Nigeria’s Only Reliable Political Party

ADC Is Nigeria’s Only Reliable Political Party

 

Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.

He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.

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Akwa Ibom

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

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Maritime Growth

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials

As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.

The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.

He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.

Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.

“The impression is amazing, seeing that we have one of our own trying to pull the world down here.

“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.

“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.

The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.

“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.

“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.

Maritime Growth

Ibom Deep SeaPort

On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.

He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.

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Crime

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.

The EFCC did not disclose the specific allegations for which Mr Malami was invited.

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