FEDERAL GOVERNMENT REAFFIRMS SUPPORT FOR CRUDE OIL PRODUCTION

The Federal Government has reaffirmed its commitment to fostering increased crude oil production through supportive policies, incentives, and strategic partnerships with international oil companies, IOCs.

This reassurance came during a courtesy visit by Mr. Nicolas Terraz, President, Exploration and Production at TotalEnergies SE to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, Oil, in Abuja.

During the meeting, Mr. Terraz, provided updates on TotalEnergies’ ongoing and future operations in Nigeria. He confirmed the successful drilling of additional wells and also highlighted their continued stability of production, while noting the company’s divestment of its interest in the Bonga North project to Shell.

A statement by Mrs. Nneamaka Okafor, the Special Adviser on Media and Communication to the Minister said Senator Lokpobiri commended TotalEnergies for being a reliable and strategic partner to Nigeria, praising the company’s commitment to both existing and new developments.

He emphasized the government’s readiness to support upstream investments through favourable policies and a stable operating environment.

The Minister highlighted the need for continuous investment in the sector, stressing that Nigeria cannot meet its production targets without new investments or increased drilling activities.

According to the statement, the meeting reaffirmed the strong collaboration between the Nigerian Government and IOCs in unlocking the full potential of the country’s oil resources while meeting both domestic energy needs and international obligations.