US Firm Vaalco Energy Keen to Re-enter Nigeria’s Oil Sector

Vaalco Energy, an American independent oil and gas exploration and development company, has expressed its intention to re-enter Nigeria’s oil industry with the acquisition of Svenska’s PSC interest in Oil Mining Lease 145, according to the country’s junior oil minister.

Heineken Lokpobiri, minister of state for petroleum resources (oil), said on Thursday that he received a delegation from the company.

“In driving our objective of increasing oil production, we remain fully committed to providing globally competitive incentives for both new investors and those seeking to re-enter Nigeria’s oil industry,” he said on social media platform X.

He said Vaalco Energy’s visit “reflects the growing investor confidence in our sector and is a strong indication that the reforms and incentives we have introduced are producing tangible results”.

Lokemphasized our particular interest in welcoming back companies that previously operated in Nigeria but exited due to various challenges.

We are creating a business environment that not only attracts investment but encourages long-term commitment and active production, and Vaalco’s renewed interest in holding and developing assets in Nigeria aligns perfectly with our strategic production goals.