By Obas Esiedesa, Abuja

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has commended NNPC Limited for its role in driving progress in the oil and gas industry, stressing that the reforms introduced by President Bola Tinubu administration are already yielding measurable results.

Lokpobiri noted that the Joint Venture between the NNPC, Caverton Offshore Support Group, and Stenabulk is a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth through strategic industry alignment.

The Minister, who stated this during a strategic engagement with the JV partners, emphasized the importance of cross-sector collaboration in achieving national profitability goals.

According to a statement from his media aide, Nneamaka Okafor, the minister stated: “For us to maximize expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another”.

He noted that the JV represents a practical example of the government’s local content aspirations becoming reality and 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 – something that strongly aligns with our Local Content policy. This initiative will boost the economy by ensuring revenue retention within our borders.”

He added: “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.”

On his part, Chief Operating Officer of Caverton Offshore Support Group, Mr. Olabode Makanjuola, reiterated 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.”

Also speaking, 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.”