Lokpobiri seeks faster investment decisions, says delays hurt oil, gas sector

Lokpobiri, the Minister of State for Petroleum Resources (Oil), has called for quicker investment decisions in Nigeria's oil and gas sector. Speaking at the signing ceremony for the Ima Gas Project, which has been in development for over 50 years, Lokpobiri emphasized the need to shorten the time between discovery and final investment decision (FID).

The Ima project, jointly developed by AMNI International and TotalEnergies, is expected to commence production in 2028. Lokpobiri believes that expediting FIDs would encourage more project launches and accelerate the conversion of oil and gas resources into productive assets. He attributed the slow investment pace to a lack of regulatory and fiscal clarity under previous administrations.

The minister also highlighted the importance of Nigerian banks in financing new projects and reassured investors that oil and gas will remain a dominant source of global energy for the next 50 to 100 years.