Lagos — Baker Hughes company has shown keen interest in investing in Nigerian refineries as the federal government intensifies its effort to end petroleum products importation. The company is also interested in participating in the forthcoming bid round for marginal oil fields in Nigeria.
Baker Hughes company is a global oil and gas conglomerate based in Houston, United States, and is one of the world’s largest oil field services companies operating in over 120 countries.
Speaking during a meeting with the Minister for State Petroleum Resources, Oil, Sen. Heineken Lokpobiri, on the sidelines of the 28th United Nations Climate Change Conference, COP28, The Chairman/President of Baker Hughes, Mr. Lorenzo Simonelli affirmed the company’s commitment to contributing to the energy transformation agenda of the Federal Government.
The Special Adviser to the Minister on Media and Communications, Nneamaka Okafor, said in a statement issued in Abuja that during the meeting, Baker Hughes expressed keen interest in sustaining and enhancing their investment in Nigeria’s oil and gas industry, including the readiness to invest in refineries.
Baker Hughes interest to invest in Nigerian refineries marks a significant milestone in the effort of the government to attract investment into the oil and gas industry.
Simonelli emphasised the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices, aligning with the goals of COP28.
He said: “Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas. Therefore, whatever we can do to support to get started, I am willing to do that even now.”
He acknowledged the pivotal role Nigeria plays in the global energy landscape and emphasised the importance of public-private partnerships in driving meaningful progress.
Responding, Lokpobiri said the move by Baker Hughes would further sustain Nigeria’s drive for increased oil and gas production as well as domestic refining of crude.
He highlighted the company’s contributions over the years and expressed optimism about deepening the collaboration through increased investment in the nation’s oil and gas industry.
He assured the Baker Hughes delegation of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector, as adequate measures would be put in place to facilitate the seamless actualisation of Baker Hughes’ investment plans.
He stated: “I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector and with the advent of the Petroleum Industry Act (PIA) we now have a workable framework that guarantees a conducive environment for investment.”
Nigeria’s three refineries in Port Harcourt, Warri, and Kaduna have been out of operation for decades, though rehabilitation works are ongoing at the facilities currently, as Port Harcourt is expected to come on stream by the end of this month.
