FG Committed To Fostering Increase Crude Oil Production, Says Lokpobiri.
The Federal Government has reaffirmed its commitment to fostering increased crude oil production through supportive policies, incentives, and strategic partnerships with international oil companies (IOCs).
This reassurance came during a courtesy visit by Mr. Nicolas Terraz, President, Exploration & Production at TotalEnergies SE, to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D, in Abuja.
According to a statement by Nneamaka Okafor SA Media and Communication to the Minister, During the meeting, Mr. Terraz provided updates on TotalEnergies’ ongoing and future operations in Nigeria. He confirmed the successful drilling of additional wells. He also highlighted their continued stability of production, while noting the company’s divestment of its interest in the Bonga North project to Shell.
The statement further reads that “TotalEnergies is fully committed to supporting Nigeria’s energy goals. Our continued investment in projects like Ubeta demonstrates our long-term vision, even as we responsibly rebalance our portfolio with the divestment in Bonga North,” Mr. Terraz stated.
Senator Lokpobiri commended TotalEnergies for being a reliable and strategic partner to Nigeria, praising the company’s commitment to both existing and new developments. He emphasized the government’s readiness to support upstream investments through favourable policies and a stable operating environment.
“Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up production,” the Minister said. “We are committed to implementing the deepwater incentives to ensure this momentum is sustained and not eroded.”
The Minister highlighted the need for continuous investment in the sector, stressing that Nigeria cannot meet its production targets without new investments or increased drilling activities.
“We are absolutely in support of divestments where necessary, but it is critical that there is demonstrated capacity to manage the assets being transferred,” he added. “Our expectation is that companies invest in every asset they hold, but where that is not possible, farm-outs and partnerships are welcome. We are always open to discussions aimed at building consensus and achieving shared objectives.”
The meeting reaffirmed the strong collaboration between the Nigerian Government and IOCs in unlocking the full potential of the country’s oil resources while meeting both domestic energy needs and international obligations.
