- The Federal government engages Shell and Chevron to attract deepwater oil and gas investments and drive sector growth.
- Minister Lokpobiri reaffirmed commitment to policy reforms and partnerships to boost investor confidence and economic impact.
The federal government is increasing its efforts to attract significant investments into Nigeria’s deepwater oil and gas sector by actively engaging with top international oil companies. These moves highlight its renewed commitment to revitalising the industry and fostering sustainable growth.
On Monday, June 16, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, held separate strategic meetings in Abuja with senior executives from Shell Petroleum Development Company (SPDC) and Chevron Nigeria Limited. During these sessions, he stressed the need for stronger collaboration between the government and industry leaders to boost the energy sector’s development.
Nigeria’s oil and gas sector plays a pivotal role in generating government revenue and foreign exchange earnings. The deepwater segment offers enormous potential to increase production capacity and attract high-value investments within this sector. However, longstanding challenges, such as regulatory uncertainties, inadequate infrastructure, and security concerns, have hampered progress.
Nevertheless, the administration’s proactive engagement with global energy leaders signals a clear shift toward overcoming these obstacles through policy reforms and strategic partnerships.
In a post shared on his X handle, Senator Lokpobiri revealed he met with Shell’s leadership, including outgoing managing director Osagie Okunbor, who formally introduced his successor, Marno de Jong, currently vice president for Africa. Shell’s new management team unveiled bold investment plans worth billions of dollars, reflecting the company’s enduring confidence in Nigeria’s energy prospects despite global volatility.
Following this, Lokpobiri met with top Chevron officials, including Clay Neff, President of Chevron International Exploration and Production, and Jim Swartz, Chairman and Managing Director of the Nigeria/Mid-Africa Business Unit. Their discussions centred on expanding Chevron’s footprint in the deepwater segment, a sector identified as a key driver of future growth.
Throughout the engagements, Senator Lokpobiri reaffirmed President Bola Ahmed Tinubu’s administration’s dedication to making Nigeria a globally competitive investment destination. He emphasised the government’s resolve to build a stable, investor-friendly environment supporting innovation and long-term collaboration.
“The government remains dedicated to working hand-in-hand with our industry partners to unlock Nigeria’s vast energy resources, ensuring that investments translate into tangible benefits for our economy and people,” he stated.
Ultimately, these high-level discussions with Shell and Chevron reflect a renewed spirit of cooperation and a shared vision for the future of Nigeria’s energy sector. Both companies expressed strong interest in expanding their operations, particularly in advanced deepwater exploration and production.