Mkpoikana Udoma
Port Harcourt — Nigeria’s Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has announced that US-based independent oil and gas exploration company, Vaalco Energy, is making moves to re-enter Nigeria’s oil industry with the planned acquisition of Svenska Petroleum’s Production Sharing Contract, PSC, interest in Oil Mining Lease, OML145.
Lokpobiri disclosed this via his official handle on X, following a courtesy visit by a delegation from Vaalco Energy.
He described the move as a sign of growing investor confidence in Nigeria’s petroleum sector, driven by reforms and globally competitive incentives introduced by the Federal Government.
“In driving our objective of increasing oil production, we remain fully committed to providing globally competitive incentives for both new investors and those seeking to re-enter Nigeria’s oil industry,” the Minister said.
He noted that the renewed interest from Vaalco reflects Nigeria’s determination to attract credible investors while consolidating on its production targets.
“Their visit reflects the growing investor confidence in our sector and is a strong indication that the reforms and incentives we have introduced are producing tangible results,” he added.
Lokpobiri also emphasized Nigeria’s openness to welcoming back firms that had previously exited the country due to operational challenges.
“We are particularly interested in welcoming back companies that previously operated in Nigeria but exited due to various challenges,” he explained.
The Minister assured that Nigeria is building a business environment that guarantees stability and encourages long-term commitments.
“We are creating a business environment that not only attracts investment but encourages long-term commitment and active production, and Vaalco’s renewed interest in holding and developing assets in Nigeria aligns perfectly with our strategic production goals,” he stated.
OML 145, located offshore Nigeria, holds significant potential for oil and gas development. Svenska Petroleum International has long been one of the operators in the asset, but its divestment opens a pathway for Vaalco Energy’s return to the Nigerian upstream sector.
The development, SweetCrude Reports noted could mark another milestone in Nigeria’s ongoing drive to ramp up crude oil production and strengthen investor participation in deep water assets.
