Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has encouraged additional Nigerian companies to take over the onshore properties held by international oil corporations.
He said more divestments mean more investment and wealth for the country.
This is coming on the heels of the acquisition of Shell Petroleum Development Company (SPDC) by Renaissance Africa Energy, ExxonMobil by Oando Energy Plc and the others.
He however made the call for more acquisition as the Renaissance Africa Energy Company, Chief Executive Officer, Anthony Attah paid him a “thank you visit” in Abuja.
“Our conviction is that this country will grow better under Renaissance and the other companies that acquired Shell and Mobil.
“And I have also said more companies should try and acquire onshore and shallow water assets,” the Minister said.
He said gone were the days the revenue from the production of oil from the SPDC was repatriated to Hague.
According to him, Renaissance being a Nigerian firm will retain its dividends in the country.
Lokpobiri emphasized that he anticipates the company will present its strategic plan.
He stated: “We anticipate that you will present a well-defined plan outlining your desired direction and ultimate goals.”
The minister asked the visiting company to develop a schedule for boosting production.
“Once we produce more barrels they will amount to more wealth, he said.
He encouraged Attah to demonstrate why the government had faith in the company when it was acquired.
Although investments in the sector had been halted for 12 years, they have begun flowing in due to the reforms implemented under President Bola Ahmed Tinubu’s administration.
He stated, “However, due to the government implementing all these changes, we are not in the same position as before.”
The Lokpobiri mentioned that his office remains accessible to operators with concerns, emphasizing that “It is our duty to tackle all the matters brought forth by the IOC and OPTS.”
“By the end of this administration, all the perennial issues will be settled once and for all.”
The minister who described Nigeria as the leading African country with the highest human resources in the oil and gas industry, revealed the willingness to share the experiences with the fledging African oil producing countries.
He said the other countries are inviting Nigerians to explore their oil resources but he has advised them to wait till Nigeria finishes exploring its.
Speaking earlier, Attah pledged that Renaissance will help the country move from energy poverty to attain its energy security as no country can industrialize without energy security.
He added that “Today, with your help we can as Nigeria resolve to turn things around and enable industrialization most importantly help engender that energy security that will help boost our economy as a country and as a people.”
He vowed that the company would strive to outperform SPDC.
He committed to building upon all the positive aspects for which Shell is renowned, emphasizing that amassing the resources accumulated by a company like Shell, operating for more than six decades, is no small achievement.
Attah states that the company aims to extend its reach beyond Nigeria with the vision of becoming the foremost energy enterprise across Africa.
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