The Federal Government has reaffirmed its commitment to attracting international oil companies back to Nigeria’s energy sector, with the Vaalco Energy Nigeria return now in focus as the American oil giant signals plans to re-enter the market.
Speaking in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the administration of President Bola Tinubu was determined to create an enabling environment that encourages former investors to return. According to a statement by the minister’s media aide, the government is ready to offer globally competitive incentives to make Nigeria one of the most attractive investment destinations in Africa.
“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. We are prepared to offer incentives comparable to the best available globally,” Lokpobiri stated.
Vaalco Energy, a New York Stock Exchange-listed independent oil and gas exploration company, is seeking to acquire Svenska’s Production Sharing Contract interest in Oil Mining Lease 145. Discussions also covered regulatory requirements for its re-entry into Nigeria’s oil and gas industry.
The Minister noted that the return of companies like Vaalco reflects confidence in ongoing Nigeria oil and gas reforms, which aim to boost investment and strengthen the economy. He emphasized that returning firms often act as ambassadors, testifying to Nigeria’s improving business climate.
Vaalco’s Managing Director, Pieter Van der Groen, described Nigeria as a strategic investment hub and pledged to contribute meaningfully to production growth. The development aligns with the Federal Government’s Decade of Gas initiative and broader push to attract foreign direct investment.
For readers following Nigeria’s property and infrastructure growth, this renewed oil sector confidence mirrors the opportunities highlighted in our real estate investment insights and recent coverage of government housing initiatives.
With the Vaalco Energy Nigeria return, stakeholders expect a renewed wave of confidence in the oil and gas sector, opening doors for more international partnerships and long-term energy security.
