Minister of State, Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has described the Joint Venture (JV) between Nigerian National Petroleum Company Limited (NNPC Ltd.), Caverton Offshore Support Group and Stenabulk as a strategic industry alignment.
Lokpobiri also said that the JV was a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth.
This is contained in a statement on Wednesday, April 30, 2025, by his Special Adviser, Media and Communication, Nneamaka Okafor.
The minister who spoke during a strategic engagement with the JV partners emphasised the importance of cross-sector collaboration in achieving national profitability goals.
He attributed the JV to President Bola Tinubu’s leadership and foresight in industry reforms.
According to him, this joint venture is a testament to the President’s vision. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.
”For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.
”The JV represents a practical example of the government’s local content aspirations becoming reality.”
Lokpobiri expressed satisfaction with Caverton, an indigenous firm, in the partnership.
”I am pleased to see a Nigerian company at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.
”This strongly aligns with our Local Content policy. This initiative will boost the economy by ensuring revenue retention within our borders,” he said.
The Chief Operating Officer of Caverton Offshore Support Group, Mr. Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture.
”We are proud to be a part of this collaboration. Caverton brings a strong understanding of local operations and a firm commitment to demonstrating that indigenous capacity can deliver world-class results,” he said.
The General Manager of Stenabulk, Mr. Fredrik Eriksson, also described the partnership as a unique opportunity to merge international shipping expertise with local operational strength.
“We are excited to collaborate with Caverton and NNPC to bring innovation and efficiency to the sector,” he said.
By Emmanuella Anokam