The Federal Government has emphasized its commitment to attracting international oil companies back to Nigeria, offering incentives on par with global standards, as American oil company Vaalco Energy signals plans to re-enter the country’s oil sector.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed the development during a meeting with a Vaalco Energy delegation in Abuja. According to Nneamaka Okafor, the minister’s Special Adviser on Media and Communication, the discussion focused on creating a favorable investment environment for companies that previously exited Nigeria.
“The administration of President Bola Tinubu is keen on encouraging companies that left for various reasons to return and invest again,” Lokpobiri said. “We are ready to offer incentives that meet the highest international standards.”
Vaalco Energy, listed on the New York Stock Exchange, expressed interest in acquiring Svenska’s Production Sharing Contract (PSC) stake in Oil Mining Lease (OML) 145. The company also sought guidance on regulatory requirements for re-establishing operations in Nigeria.
Pieter Van der Groen, Vaalco’s Managing Director, described Nigeria as a key strategic destination and emphasized the company’s commitment to active production. “Our goal is not just to acquire assets but to develop them and contribute significantly to Nigeria’s oil output,” he said.
Welcoming Vaalco’s renewed interest, Lokpobiri highlighted the importance of companies that have returned and shared positive experiences about Nigeria’s business environment. He assured the delegation that the country’s petroleum framework now provides policy clarity, fiscal stability, and strong legal support for long-term investment.
“Your return will strengthen our production capacity and help Nigeria achieve its energy goals,” Lokpobiri added. “Together, we can foster sustainable growth and shared prosperity.”
Vaalco’s re-entry marks a potential boost for Nigeria’s oil industry, reflecting the government’s drive to make the country more attractive for international investors.
