Lokpobiri Urges Quick Investment Decisions in Oil Sector
Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), called on oil and gas companies to reduce the time taken to reach Final Investment Decisions (FID) on projects. He made this appeal on Wednesday in Abuja during the signing ceremony for the Ima Gas Project, developed by AMNI International and TotalEnergies.
The $800 million Ima project, located offshore near Bonny Island, Rivers State, is expected to begin production in 2028, more than five decades after the gas field's discovery in 1973. Lokpobiri emphasized that delays in reaching FID hinder the industry and urged companies to negotiate faster timelines.
He mentioned that one company committed to taking FID within October and November, which would be unprecedented. The minister attributed the increase in investment activity to reforms by President Bola Tinubu’s administration, aimed at providing fiscal and regulatory certainty.
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