Lokpobiri who made this known in Abuja while providing updates on achievements in the oil sector since President Bola Tinubu assumed office on May 29, 2023, said the investment was achieved because the current administration created an enabling environment.
This is as the minister also revealed that over $20 billion investment was coming to the Nigerian petroleum industry. He said this while addressing the Schlumberger Global chief executive officer (CEO), Olivier Le Peuch, who led a delegation of the company to the ministry in Abuja, on Thursday.
At the ministerial briefing, Lokpobiri said that for over a decade, the non-passage of the Petroleum Industry Act and inconsistent policies had driven investments away.
“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments committed to the tune of $5bn and $10bn in deepwater offshore assets; and $1.6bn investment commitment in oil and gas asset acquisition.
“The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe.”
Lokpobiri also pointed out that Nigeria witnessed increased crude oil production since Tinubu assumed office.
“Our foremost achievement is the significant increase in production. When we took office, production was at approximately 1.1 million barrels per day, including condensates.
