FG woos back investors as Vaalco Energy plans return to Nigeria’s oil sector

By Obas Esiedesa | Abuja

The Federal Government has renewed its efforts to reposition Nigeria as a prime global destination for oil and gas investments, offering competitive incentives to attract international partners back into the sector.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this in Abuja while receiving a delegation from Vaalco Energy, a U.S.-based energy company that has announced plans to re-enter the Nigerian oil industry.

Vaalco Energy is seeking regulatory approval to acquire Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145 as part of its re-entry strategy.

Lokpobiri stated that the administration of President Bola Ahmed Tinubu is committed to improving Nigeria’s business climate, especially for companies that previously exited the country.

“The Government of President Bola Ahmed 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,” the minister said.

He described Vaalco’s renewed interest in Nigeria as a positive signal to the global investment community.

“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,” he added.

Pieter Van der Groen, Managing Director of Vaalco Energy, expressed optimism about the current investment landscape, noting that the company intends to actively develop any assets it acquires.

“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. 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,” Van der Groen said.

Senator Lokpobiri assured the delegation that Nigeria’s oil and gas policies now provide clarity, fiscal stability, and an investor-friendly framework designed to support long-term partnerships.

He emphasized that the return of major players like Vaalco would help Nigeria achieve its production targets and support broader energy sector objectives.

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