Lokpobiri urges oil firms to fast-track investment decisions

Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has urged oil and gas firms to expedite their investment decisions in Nigeria. Speaking at the Final Investment Decision signing ceremony for the Ima Gas Project, Lokpobiri highlighted that the country needs quicker transitions from discoveries to production. The $800m Ima project, developed jointly by AMNI International and TotalEnergies, is expected to commence production in 2028 off the coast of Bonny Island, Rivers State.

Lokpobiri noted that the long time required to reach Final Investment Decisions (FIDs) has been a persistent issue in the industry, citing a recent example where a company committed to FID within six months. He called for reforms to provide greater fiscal and regulatory certainty, similar to those introduced by President Bola Tinubu's administration.

Lokpobiri stressed that faster decision-making could lead to more project launches and accelerate the conversion of Nigeria's oil and gas resources into productive assets.