The Federal Government is poised to finalize a $20 billion deal to enhance oil and gas production in Nigeria, according to the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri.
Lokpobiri made this announcement on Thursday in Abuja during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global Chief Executive Officer, Mr. Olivier Le Peuch.
Highlighting the lack of recent investments, Lokpobiri pointed to a decline in production but expressed optimism about the upcoming influx of over $20 billion in investments, with one company alone contributing $10 billion.
The Minister reiterated the Federal Government’s dedication to fostering an environment conducive to attracting both local and foreign investments in the oil and gas sector. He emphasized the government’s commitment to strengthening its relationship with Schlumberger to fully exploit Nigeria’s substantial oil and gas reserves for the benefit of all stakeholders.
Mr. Olivier Le Peuch, Schlumberger’s CEO, affirmed the company’s intent to collaborate with Nigeria in transforming the sector. Additionally, Mr. Wallace Pescarini, President of Offshore Atlantic at Schlumberger, stated that their presence in Nigeria aims to support and partner in the development of the country’s oil and gas industry.
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