FG Deepens Partnership With Schlumberger To Unlock Oil, Gas Potential

By Sunday Etuka, Abuja

The Federal Government of Nigeria and Schlumberger Limited (SLB) have agreed to deepen the existing partnership to fully unlock the huge potential in the oil and gas sector.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief Executive Officer of Schlumberger, Olivier Le Peuch pledged the collaboration on Thursday in Abuja, when he led a delegation on a courtesy visit to the Minister’s office.

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Speaking during the meeting, Lokpobiri informed the visitors that President President Bola Tinubu had it as one of his cardinal objectives to unlock the potential in the oil and gas sector.

He disclosed that at 5 percent, in terms of investment to reserves, Nigeria was the lowest in the world, revealing that no investment had taken place in the last 12 years, before his assumption of office.

“And that is why you see our production going down. And we are committed to reversing that trend. And you can’t reverse that trend without significant investment in drilling. And that is why we need your partnership”, he said.

Lokpobiri said, the trend is however, changing as deals are being consummated for investments of over $20 billion in the sector, adding that one company alone will invest $10 billion, while another will invest $5 billion.

He said, the objective is to work with the company to create investment in
the sector, increase production, and get more revenue to cater for the 230 million Nigerians that are in dire need of basic infrastructure.

Earlier, the Schlumberger CEO, Olivier Le Peuch extended his heartfelt appreciation to the federal government for the business-friendly environment.

The Schlumberger boss who said the company has operated in the country for over 70 years, reiterated the company’s commitment to strengthening the existing partnership with the federal government to facilitate investments in the sector.

“We are ready to work with you as partners, we are ready to understand and contribute to the change that you are willing to put in place, to facilitate investment, to facilitate a newborn era for oil and gas investment into the country.

“We are here, as we said, for more than 70 years, we have also a vision that is aligned with your vision, and we want to bring technology, performance, and local talent to extend the resilience and the strength of oil and gas industry, and also prepare the future of energy transition for Nigeria and for the world.

“So we are committed to Nigeria, as you can see, and we want to really make the case to strengthen the relationship, the
partnership, the engagement with your excellency and your team to pave the way to greater success in Nigeria”, he said.

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