The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has commended the Joint Venture (JV) between the Nigerian National Petroleum Corporation Limited (NNPC Ltd), Caverton Offshore Support Group, and Stenabulk, describing it as a bold step towards enhancing shipping operations, strengthening local content, and driving economic growth through strategic industry alignment.
Speaking during a strategic engagement with the JV partners, Lokpobiri emphasised the significance of cross-sector collaboration in achieving national profitability objectives.
He noted that the JV serves as a practical example of the government’s local content aspirations becoming a reality and expressed satisfaction with the involvement of Caverton, an indigenous firm, in the partnership.
“For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively engaged and aligned with one another.
“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—something that strongly aligns with our local content policy. This initiative will boost the economy by ensuring revenue retention within our borders,” Lokpobiri stated.
The Minister commended NNPC Ltd for its role in advancing progress within the sector and praised President Bola Ahmed Tinubu’s foresight and leadership, noting that such reforms and partnerships are already yielding measurable outcomes.
“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 standing.”
The Chief Operating Officer (COO) of Caverton Offshore Support Group, Mr Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture, stating: “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.”
The General Manager of Stenabulk, Mr Fredrik Eriksson, 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.”
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