Vaalco Reaffirms Commitments To Nigeria’s Energy Sector

The Federal Government has reaffirmed its commitment to attracting international oil companies back to Nigeria’s energy sector with globally competitive incentives, as American oil giant, Vaalco Energy, signals plans to re-enter the country’s oil and gas industry.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this during a meeting with a delegation from Vaalco Energy in Abuja. This is according to a statement by the Special Adviser on Media and Communication to the Minister, Nneamaka Okafor, on Friday.

The statement noted that the minister said the administration of President Bola Tinubu was determined to create an enabling environment that would encourage companies that exited Nigeria for various reasons to return and invest afresh.

“The government of President Bola Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return,” Lokpobiri said. “We are prepared to offer incentives comparable to the best available globally,” he added.

Vaalco Energy, a New York Stock Exchange-listed independent oil and gas exploration company, visited the minister to express its interest in acquiring Svenska’s Production Sharing Contract interest in Oil Mining Lease 145 and to discuss regulatory requirements for its re-entry into Nigeria.