The Federal Government is set to seal a deal worth $20 billion to boost oil and gas production in Nigeria.

Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri disclosed this during a meeting with a delegation of Schlumberger (SLB) Limited, led by its global Chief Executive Officer, Olivier Le Peuch, in Abuja on Thursday, May 23, 2024.

Lokpobiri said no investment had taken place in Nigeria for some years, hence the downward trend in production.

The minister, however, assured that the country was set to receive investments of over $20 billion, with one company accounting for $10 billion.

He said one of the cardinal objectives of President Bola Tinubu was to unlock the potential in the oil and gas sector to harness the benefits of huge deposits.

He said: “We are talking to a lot of the big investors who have always invested big in the country.

“And I am not going to tell you the details now, because it’s something I want to announce when the deal is finally consummated.”

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Lokpobiri added that the Federal Government was committed to creating an enabling environment for investors to tap into the business opportunities inherent in the country.

The minister assured that Tinubu’s administration was focusing on creating the best environment for investments to return for the benefit of Nigerians and also for the benefit of those companies that have always invested in the country.

Lokpobiri said: “We’ll bring not only Schlumberger; where the pie is so big, the opportunities are so big that not only Schlumberger can do it.

“We want to use this opportunity to call on the other international service companies to also come back; there is a new sheriff in town that is determined to do things differently.”

He further stated that the partnership with Schlumberger was significant, having made an impact in Nigeria’s oil and gas industry in the last 71 years.

The minister added that the company’s visit to Nigeria was a testament to the fact that confidence was coming back to unlock the potential in the oil and gas sector.

Speaking, Le Peuch expressed optimism working with Nigeria to boost oil and gas investment while unlocking the performance of the oil and gas industry in the country.

Le Peuch further assured of his commitment to strengthen the relationship and partnership with Nigeria to pave way for greater success in the country.

“We are ready to work with you as partners, we are ready to contribute to the change that you are willing to put in place, to facilitate a newborn era for oil and gas investment into the country,” he said.

The Star