Market News

James Akam

YENAGOA – Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has revealed that the reforms being implemented in Nigeria’s oil sector are increasingly attracting investors with the financial and technical capacity to develop the country’s petroleum assets.

Sen. Lokpobiri, stated this when the management of Highban Resources Limited, one of the successful companies in the recent bid round, visited him alongside its Chinese investment partners, Manshi  Group and Richland SG Petroleum Company Limited Investmentd.

A statement by his SA Media and Communications, Nneamaka Okafor, quoted the Minister as saying the quality of investors participating in the bid round reflects growing confidence in the transparency, accountability and clarity of the government’s processes.

He also said “Part of the measures of the reforms we have carried out in the oil sector remains the accountability of our processes. The last bid round attracted investors with the capacity to develop, because of the clarity and credibility of the process,”

Sen. Lokpobiri stressed that government would continue to discourage the practice of companies acquiring licences merely to hold them without developing the assets.

“We want companies that are prepared to move into the field, deploy capital, create value and contribute to the growth of our oil and gas industry,” he added.

Also speaking, Managing Director of Highban Resources Limited, noted that the company and its Chinese partners were encouraged by the investment climate in Nigeria and expressed their readiness to commence operations soon.