Nigerian Government Pledges Enabling Environment For Investments As OTC Opens In U.S

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and chief executive of the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), Engr Gbenga Komolafe have both assured global investors that the Nigerian government will eliminate all challenges hindering smooth operations of businesses in the country

The two high government officials gave the assurance during the opening session of the Nigerian Pavilion at the Offshore Technology Conference(OTC) in Houston, U.S., where they stressed that the current administration of President Bola Tinubu is fully committed to breaking all entry barriers for would-be investors.

Speaking to newsmen, the Minister, assured investors that oil would remain relevant for a long time and the federal government is creating the required enabling environment needed to attract the best of investments in the country.

The minister who reiterated government’s commitment to developing the oil and gas sector, which it he says is today changing the narrative, disagreed with the narrative that oil could potentially remain irrelevant in the future , urging investors to take the opportunity of the forthcoming oil bid round to make investment.
“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away. “Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,” the minister declared.

He reaffirmed that the quickest way towards economic recovery for Nigeria was through oil and gas investment.
The minister said the country’s huge oil and gas deposit would mean nothing if they remained on the ground and were not explored.

‘’We are here at OTC to show the rest of the world that Nigeria is different and our government is different, in creating the best regulatory framework, allowing competitiveness, and removing all the investment barriers.

‘’Today, we are restoring investment confidence in the sector. Investors can bring in their funds without worries. We are showing the world that Nigeria is ready for business.

‘’We thank PETAN for providing the platform for Nigerian companies to showcase what they can offer to the world. Nigeria cannot afford not to be in OTC, because it is an avenue where various latest technologies in oil and gas are showcased. The entire world is here in OTC and Nigeria can’t be absent in OTC, because of its strategic place as an oil and gas producer in Africa and in the world.

Earlier, Engr. Gbenga Komolafe, Commission Chief Executive, NUPRC said with the forthcoming 2024 oil bid licensing round, Nigeria is committed to giving robust incentives to new entrants.

He added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round have been given the full assurance of seamless entry, with nothing to worry about any form of barriers.

According to him, it is heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same.

Komolafe said the offer by Nigeria as an investment destination of choice creates an opportunity for investors to make the right choice.

Komolafe also disclosed 12 oil blocks are up for grabs in the 2024 oil bid licensing round, noting that the aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves.

He stressed that the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment (FDI).

According to him, another gain associated with the bid round is an opportunity for the country to grow its local content capacity.
The NUPRC boss said the 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.

In his remarks, Engr. Wole Ogunsanya, Chairman, of Petroleum Technology Association Nigeria (PETAN), said the OTC continued to discuss building sustainable oil and gas industry across the African continent in light of the conversation around energy transition.
Ogunsanya commended the minister for honouring the association in declaring the Nigerian pavilion open.

He also lauded the support of NUPRC and other stakeholders towards supporting Nigerian companies at the 2024 OTC exhibition ground.
He said: “The fact is that Africa requires sustainable energy sources to meet the growing needs of all sectors of its economy and the energy transition is a crucial enabler of sustainable development.

Other important personalities that graced the opening ceremony include Dr. Uchechukwu Sampson Ogah , Former Minister of State solid mineral and Founder of Masters Energy Group, Dr. Gabriel Ogbechie, Group Managing Director, Rainoil Ltd., host of PETAN members and about 25 Nigerian companies that are participating at the PETAN oil and gas exhibition at the ongoing 2024 OTC.

The Nigerian pavilion at OTC is organised by the Nigerian technology association Nigeria (PETAN)