Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, is urging local companies to seize the opportunity to acquire onshore assets from International Oil Companies (IOCs), which he believes will drive economic growth and investment.

Speaking during a visit from Renaissance Africa Energy Company CEO, Anthony Attah, Lokpobiri emphasized that the growing divestment by IOCs signals a new era of prosperity for Nigeria.

“We are convinced that this country will grow better with Renaissance and other companies that have acquired Shell and Mobil assets,” said Lokpobiri.

“I encourage more companies to acquire onshore and shallow water assets. The more divestments we see, the more investment and wealth it brings to Nigeria.”

The Minister also pointed to the significant change from previous years, when revenue from Shell’s production was sent abroad, notably to the Hague.

In related news, the Nigerian Liquefied Natural Gas (NLNG) Limited is focused on maintaining its position as a top LNG producer, despite facing challenges such as pipeline vandalism and oil theft.

Its strategic location and short transit times make it an attractive option for Asian and European buyers.

Nigeria’s LNG export volumes, while smaller than leading producers like the US, Australia, and Qatar, continue to secure vital revenue for the country.

Lokpobiri’s call for more local acquisitions marks a step towards strengthening Nigeria’s oil and gas industry amidst ongoing challenges.