The Federal Government has moved to revive dormant oil blocks in Nigeria’s petroleum sector, with American independent oil and gas firm Vaalco Energy expressing interest in acquiring stakes in Oil Mining Lease 145 (OML 145).
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this in Abuja when he received a delegation from Vaalco Energy, led by its Managing Director, Pieter Van der Groen.
According to the minister’s media aide, Nneamaka Okafor, the company signalled readiness to re-enter Nigeria’s upstream sector after years of absence.
Lokpobiri said the government of President Bola Tinubu was committed to making Nigeria a competitive destination for global oil investments, particularly by encouraging companies that had previously exited to return.
“The government of President Bola Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return. We are prepared to offer incentives comparable to the best available globally,” he said.
Vaalco, which is listed on the New York Stock Exchange, indicated plans to acquire Svenska Petroleum’s Production Sharing Contract interest in OML 145. The block, located offshore Nigeria, has been inactive for several years due to ownership transitions and regulatory bottlenecks.
Van der Groen said the firm considered Nigeria a strategic destination and was prepared to invest significantly in production.
“We are here to seek regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest in a stronger way,” he stated. “As a New York Stock Exchange-listed company, we have access to funding to develop the assets we acquire. We are not here to sit on them; we are here to produce.”
Lokpobiri welcomed the move, stressing that returning companies were crucial to Nigeria’s production growth plans.
“It is gratifying for us as a nation when those who have worked here become ambassadors, speaking of how friendly and conducive Nigeria is for business. We are glad to welcome you back,” the minister said.
He further assured that Nigeria’s current petroleum framework provides policy clarity, fiscal stability, and legal certainty for long-term investments.
The minister added that attracting credible investors back into dormant oil blocks is central to the government’s strategy of raising output and meeting national energy targets.
“Your renewed presence will help us ramp up production and achieve our national energy objectives. Together, we can build a future of shared growth and prosperity,” he noted.
