Nigeria’s Oil Minister Urges Operators to Farm Out Idle Assets
Heineken Lokpobiri, minister of petroleum resources (oil), has urged operators in the Nigerian oil and gas sector to farm out idle assets as part of a push to boost production.
”We will continue to provide incentives that ensure Nigeria remains an attractive destination for investors. I expressed this while carrying out an inspection of the NNPCL/Chevron JV EGTL facility in Escravos, Delta State,” he said on social media platform X.
He encouraged operators to deepen their investments and ramp up production to meet both domestic and international obligations.
“While commending the JV, I urged other operators to explore all avenues to increase production, including farming out unused assets to those with the financial capacity to utilise them effectively, as the government have right to enforce the ‘drill or drop’ provision under the PIA in our effort to maximising the sector’s potential responsibly,” Lokpobiri said.
The minister noted that fossil fuel will remain relevant for the foreseeable future.
“However, we will consistently advocate for cleaner and greener exploration. The EGTL project is a commendable example, as it significantly reduces emissions while contributing to economic growth,” he added.
