Tanya Davidson
Abuja — The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called for faster Final Investment Decisions, FIDs, on oil and gas projects, saying regulatory reforms must translate into increased capital inflows and domestic energy production.
Lokpobiri said the Federal Government’s drive for predictable policies, regulatory certainty and investment incentives was creating a more profitable environment for investors in Nigeria’s energy industry.
He spoke in Abuja at the FID ceremony for the $600 million Ima Gas Development Project, a joint venture between AMNI International Petroleum Development Company Limited and TotalEnergies EP Nigeria Limited.
“With the Renewed Hope reforms in the sector and the incentives introduced to stimulate investment, Nigerians expect more prompt FIDs in reciprocity, and we remain optimistic,” Lokpobiri said.
The minister said Nigeria’s energy sector remained competitive and open to investors, urging oil and gas companies to respond to the government’s reforms with fresh investment commitments.
“I also call for more FIDs that will unlock investments, deepen domestic energy production, create value, and further strengthen Nigeria’s energy industry,” he said.
Lokpobiri commended AMNI and TotalEnergies for reaching the investment milestone, describing the IMA project as an indication of growing investor confidence in Nigeria’s petroleum sector.
He said the government would continue to pursue reforms aimed at improving the investment climate and removing barriers to the development of Nigeria’s energy resources.
The IMA FID adds to a series of recent investment commitments in Nigeria’s upstream sector, as the government seeks to increase oil and gas production and attract capital for new developments.
Lokpobiri said the administration remained optimistic that the reforms and incentives introduced in the sector would generate more investment decisions and accelerate development across the industry.
