Federal Government Accelerates Oil and Gas Investments for Economic Stability, Says Heineken Lokpobiri

In a recent address at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series & Energy Forum (OLEF) held in Abuja, Senator Heineken Lokpobiri, the Minister of State Petroleum Resources, highlighted the Federal Government’s intensified efforts to boost investments in the oil and gas sector for enhanced revenue generation and economic stability.

Represented by Kamoru Busari, the Director of Upstream Ministry of Petroleum Resources, Lokpobiri underscored the ongoing initiatives aimed at elevating the energy sector to international standards.

He emphasized President Bola Tinubu’s commitment, expressed at COP 28 in Dubai, to revamp the energy sector both domestically and internationally through competitive energy supply ventures.

Lokpobiri emphasized the government’s determination to create an enabling environment to diversify the economy, particularly by ramping up oil and gas investments.

He highlighted President Tinubu’s dedication to fortify the investment climate in line with the recently enacted Petroleum Industry Act (PIA), aiming to attract both domestic and international investors, positioning Nigeria as the preferred energy destination.

However, Lokpobiri lamented the persistent challenge of insecurity in the energy sector, citing incidents of pipeline vandalism, oil theft, and sabotage as significant threats to infrastructure and operational stability.

He advocated for proactive measures to prevent and deter illegal activities, including the deployment of advanced surveillance technologies and fostering collaboration between government agencies, law enforcement, and local communities.

In his welcome address, Salahuddeen Tahir, Chairman of SPE Nigeria Council, stressed the importance of collaborative efforts in addressing challenges and seizing opportunities in Nigeria’s energy sector.

Tahir emphasized the critical role of energy in driving economic growth, national security, and environmental sustainability, calling for integrated strategies to address infrastructure, transportation, and security concerns.

Echoing similar sentiments, Mr. Ahmed Aminu, Executive Secretary of the Petroleum Technology Development Fund (PTDF), reaffirmed the Fund’s commitment to supporting initiatives that promote innovation, sustainability, and growth within the energy industry, recognizing its pivotal role in Nigeria’s socio-economic development.