A game-changing $20 billion deal is in the works, as the Federal Government gears up to seal a historic agreement that will turbocharge Nigeria’s oil and gas production, unlocking fresh opportunities and prosperity for the nation.
During a courtesy visit to his Abuja office on Thursday, Lokpobiri engaged with Schlumberger’s global CEO, Olivier Le Peuch, and his delegation, discussing the government’s ambitious plans to transform the oil and gas landscape.
Lokpobiri attributed the decline in Nigeria’s oil and gas production to a dearth of investment in recent years, highlighting the need for fresh capital injections to revitalize the industry.
But there’s a silver lining: Nigeria is poised to welcome a massive influx of capital, with investments totaling over $20 billion on the horizon, including a single firm committing a whopping $10 billion.
The Tinubu administration is keenly focused on maximizing the oil and gas sector’s capabilities, seeking to extract the full value from Nigeria’s abundant reserves and catapult the nation to new heights.
“We are talking to a lot of the big investors who have always invested big in the country.
“And I am not going to tell you the details now, because it’s something I want to announce when the deal is finally consummated,” he said.
Lokpobiri explained that the Federal Government was committed to creating an enabling environment for investors to tap into the business opportunities inherent in the country.
He assured that the Tinubu administration was focusing on creating the best environment for investments to return for the benefit of Nigerians, and also for the benefit of those companies that have always invested in the country.
“We’ll bring not only Schlumberger, where the pie is so big, the opportunities are so big, that not only Schlumberger can do it.
“We want to use this opportunity to call on the other international service companies to also come back; there is a new sheriff in town that is determined to do things differently,” he said.
The alliance with Schlumberger represents a powerful synergy, leveraging the company’s extensive experience and expertise garnered over 71 years in Nigeria’s oil and gas sector, to drive meaningful change and propel the industry forward.
The fact that Schlumberger has chosen to visit Nigeria is a resounding endorsement of the nation’s oil and gas sector, signaling a resurgence of confidence that will unlock new possibilities and fuel growth.
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“As a government, we want to continue with this 71-year marriage. If you are married to a woman for 71 years, you’ve taken all the good parts of her life. So, you can’t divorce her and allow her to die.
“Our journey for the past 70 years, from 1958 when oil was found in commercial quantity in Oloibiri in the Niger Delta, SLB has played a very strategic role.
“So, our own, you know, as government of Nigeria, is to ensure that we create the best environments, not only competitive, but best environment that you can invest in.
“I can assure you that all these things we discussed will be given the most serious attention. And we’ll do whatever we can to ensure that we create that environment.” he added.
Le Peuch signaled his commitment to joining forces with Nigeria to energize oil and gas investment, unlocking the nation’s hydrocarbon potential and elevating the industry’s performance to new heights.
Le Peuch reiterated his pledge to fortify the bond between Schlumberger and Nigeria, driving collaborative excellence and propelling the nation toward unprecedented achievements.
He indicated their preparedness to work together in a spirit of cooperation, promising to support the groundbreaking initiatives they were willing to launch, and to help bring about a new era of investment in the oil and gas field.