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State Minister for Oil Resources (Oil), Heineken Lokpobiri, on Tuesday urged the International Oil Company (IOC) in Nigeria to increase investment in the oil and gas sector.
Lokpobiri, according to a statement issued by advisors, especially about the media and communication, Nneamaka Okafor, made a call at the Cross Industry Group (CIG) meeting held in Florence, Italy.
The meeting was held by IOC operating in Nigeria.
It focuses on challenges, hopes, and strategies to increase the contribution of this sector to domestic energy needs and regional expansion throughout the sub-Sahara Africa.
The Minister stressed that the President of the Tinubu Administration has provided all the incentives needed to ensure smooth and profitable operations.
He explained that while IOC had identified the Contractor of Engineering, Procurement and Construction (EPC) as a challenge, EPC would only commit when they observed a strong investment decision from industrial players.
Lokpobiri said: “The government has carried out its part by providing fiscal policies that are needed and investment friendly, including the executive order of the president who provides incentives of deep water investment.
“Now, the ball is in the IOC court and other operators to make strategic investment decisions that will encourage increased production and sustainability in this sector.”
He stressed the need for IOC to support local purification efforts, noteing that more refineries came online and would require a stable supply of crude oil.
According to the Minister, increasing production will allow Nigeria to fulfill local and international obligations.
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