Multinational oil companies pledge $20bn new investments in Nigeria

Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), says some International Oil Companies (IOCs) are bringing in over $20 billion new investments into Nigeria. He said this in Abuja on Thursday while addressing the Schlumberger Global Chief Executive Officer (CEO),  Olivier Le Peuch, who led a delegation of the company to the ministry in Abuja. The minister said the oil companies had already pledged the investment, bu would not disclose their names for now until the agreements were consummated. “We are also talking to a lot of big investors, who are going to invest big in the country. We are not going to announce until when the deal is finally consummated: Investment of over $20 billion. One company alone will invest $10 billion. The other one will invest $5 billion and like that.

“Yesterday, I was taking to a company and the company said they have a 100 well they want to do.” The minister said some of the investors that left Nigeria were gradually coming back. Lokpobiri said Nigeria had had its downtime in the last 12 years, but was now reversing the trend, He promised that there would be consistency of policy in order to get the most needed investment. The minister said oil production had been declining in the country in the absence of new investments in the last five years. He said the current administration was reversing that trend, but reversal was impossible without drilling, the reason why government needed partnership with Schlumberger. Lokpobiri assured the Global CEO that the ministry would sustain the partnership. He said the current government was determined to create the best environment for investments to return for the benefit of Nigerians and the partners.

Responding, Olivier Le Peuch, said he was flattered by the vote of confidence and trust of the minister in their partnership. He said his firm had been in Nigeria for over 70 years and now was an opportunity to renew it. The Global CEO said the delegation was in Nigeria for investment circles that it could unlock