We Need a Win-Win Approach to Increase Nigeria’s Oil Output, Lokpobiri Tells IOCs

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to boosting investments in the oil and gas sector. This statement came during his one-day familiarization visit to TotalEnergies’ offshore fields of Ofon and Egina. The visit was designed to give the minister a deeper understanding of TotalEnergies’ investment plans, ongoing projects, and the challenges the company faces in areas such as capital expenditure (capex) and community relations.

Lokpobiri was warmly welcomed by TotalEnergies executives, including Managing Director Matthieu Bouyer, Deputy Managing Directors Olivier Cassassoles (JVA) and Victor Bandele (DWA), and the Executive General Manager for Health, Safety, Environment, and Quality (HSEQ), Eragbae Aikhoje.

In his remarks after the tour, the minister commended TotalEnergies for its efforts, describing the company as a model for what the Federal Government expects from International Oil Companies (IOCs) operating in the country. He emphasized the government’s desire to enhance production levels and attract more investment into the sector, acknowledging the role of IOCs in achieving this goal.

“The Federal Government is very desirous to increase investment in the oil and gas sector to boost its production level. So, I must commend TotalEnergies for being a shining example of what the Federal Government expects from IOCs. Let us work together and see how we can improve the sector and continue to do what we can to support your company for our mutual benefit,” Lokpobiri said.

However, the minister also noted that the government is aware of the challenges facing IOCs, including issues related to investment, community relations, and capex. He suggested that discussions be held to find solutions to these challenges that would be beneficial for both the government and the companies operating in the sector.

“Let’s have a meeting, see where the problems are, and arrive at a win-win situation. We are not trying to create problems for anybody; it’s going to be a win-win approach because the government is not unreasonable to people’s problems,” Lokpobiri added.

In response, Matthieu Bouyer, the Managing Director of TotalEnergies, expressed appreciation for the minister’s visit. He affirmed that TotalEnergies is fully committed to partnering with the Federal Government to achieve its objectives of boosting oil and gas production. Bouyer emphasized that the company’s ongoing and upcoming projects, which involve tying back new initiatives to existing fields, would not only increase production but also generate substantial additional revenue for the government.

TotalEnergies’ initiatives are expected to make significant contributions to the country’s production levels, providing both economic benefits and fostering greater collaboration between the government and the private sector. The minister’s visit highlighted the potential for continued growth and development in the oil and gas industry, with both the government and TotalEnergies working together to address challenges and improve outcomes in the sector.