• Thursday, June 13, 2024
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BusinessDay

FG eyes IOCs investment to boost energy sector growth

Nigeria plans crude oil trading on Lagos exchange for first time to open access to funding for industry

The Federal Government has expressed optimism in attracting more investments by International Oil Companies (IOCs) into Nigeria, stating that it will foster growth and sustainability in the energy sector.

This is as some IOC’s, especially Shell and TotalEnergies, had announced plans to divest some of their assets from the Country. Shell in January, 2024 had said that it would sell the Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance.

Read also: More gas to power homes as TotalEnergies stops gas flaring 7 years ahead

According to Heineken Lokpobiri, the minister of state for Petroleum Resources (Oil), increasing investments by IOCs as well as boosting crude production to enhancing Nigeria’s position as a leading player in the global energy market, we’re the key objectives of the Government.

He emphasized the Ministry’s willingness to collaborate with State Governments, particularly Bayelsa State, in advancing energy sector transformation efforts. “We are open to partnerships with Bayelsa State Government for mutual progress,” stated the Minister, highlighting the importance of cooperation in achieving shared goals.

In response to Governor Douye Diri’s appeal for Ministry intervention in restoring the Atala oil field belonging to Bayelsa State, the Minister assured prompt attention to the matter.

He said, “We will look into the issue promptly and ensure fairness and equity in addressing state concerns.”

He explained that the Governor’s visit reaffirmed the commitment of both federal and state governments to work together towards a sustainable, inclusive, and prosperous energy future for Nigeria.

Read also: TotalEnergies Nigeria annual profit declines to N13bn

Governor Diri however commended the Minister for his remarkable performance in revitalizing the nation’s energy sector.