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IOCs pledge $20bn new investments in Nigeria

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says some International Oil Companies (IOCs) are bringing in over $20 billion new investments into Nigeria.

He said this in Abuja on Thursday while addressing the Schlumberger Global Chief Executive Officer (CEO), Olivier Le Peuch, who led a delegation of the company to the Ministry in Abuja.

The Minister said the oil companies had already pledged the investment but would not disclose their identities for now until the agreements were consummated.

“We are also talking to a lot of big investors, who are going to invest big in the country.

“We are not going to announce until the deal is finally consummated for investments of over $20 billion. One company alone will invest $10 billion. The other one will invest $5 billion and others like that.”

“Yesterday, I was talking to a company and the company said they have 100 wells they want to do.”

The Minister said some of the investors that left Nigeria were gradually coming back.

We are not going to announce until the deal is finally consummated for investments of over $20 billion. One company alone will invest $10 billion. The other one will invest $5 billion and others like that.

Mr. Lokpobiri said Nigeria had had its downtime in the last 12 years, but was now reversing the trend,

He promised that there would be consistency of policy in order to get the most needed investment, adding that

oil production has been declining in the absence of new investments in the last five years.

He said the current administration was reversing that trend, but reversal was impossible without drilling, the reason why government needed the partnership with Schlumberger.

Mr. Lokpobiri assured the Global CEO that the Ministry would sustain the partnership as the government is determined to create the best environment for investments to return for the benefit of Nigerians and the partners.

Responding, Mr. Le Peuch said he was flattered by the vote of confidence and trust by the minister in the partnership.

He said Schlumberger has been in Nigeria for over 70 years and now is an opportunity to reinforce it and the reason the delegation was in Nigeria to seek investments that it could unlock. 

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