NNPCL, Caverton, Stenabulk JV will ensure revenue retention in Nigeria — Lokpobiri

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has expressed strong support for the newly established joint venture between the Nigerian National Petroleum Corporation Limited (NNPC), Caverton Offshore Support Group, and international shipping firm Stenabulk, describing it as a strategic move to retain oil and gas revenues within Nigeria.Speaking during a strategic engagement with the joint venture partners, Lokpobiri commended Caverton’s involvement, stressing the importance of Nigerian ownership in critical energy infrastructure.“I am pleased to see a Nigerian company playing a central role in this significant collaboration.

It reflects our commitment to inclusive economic development and underscores national involvement, which is firmly in line with our Local Content policy. This initiative will stimulate the economy by ensuring that much-needed revenues are retained within our borders,” he stated.The minister described the venture as a decisive step towards improving Nigeria’s maritime logistics capacity, enhancing domestic content in the energy sector, and aligning industry players towards a common goal of economic growth.



In a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, Lokpobiri noted the critical role of synergy between sectors in achieving sustainable profitability.“To realise the full potential of our energy sector and deliver lasting national value, collaboration across all segments of the industry is essential. Alignment and mutual reinforcement between stakeholders are key to our shared success,” he said.

He also presented the joint venture as a concrete example of government policy translating into tangible results, adding that it reflects the administration’s broader ambition to deepen local participation in strategic industries.Lokpobiri applauded the NNPC’s leadership in fostering productive partnerships and acknowledged President Bola Ahmed Tinubu’s reform agenda, noting that such initiatives are already contributing to measurable improvements in the sector.“This joint venture is a clear manifestation of the President’s vision for Nigeria’s energy sector.

It demonstrates the kind of result-oriented collaboration that will not only revitalise the industry but also bolster Nigeria’s standing in the global energy market,” he said.Echoing this sentiment, Caverton Offshore Support Group’s Chief Operating Officer, Mr Olabode Makanjuola, reaffirmed the company’s dedication to the venture’s success.“We are honoured to be part of this initiative.

Caverton offers deep local expertise and a firm commitment to showing that Nigerian companies can consistently deliver at an international standard,” he said.From the international side, Stenabulk’s General Manager, Mr Fredrik Eriksson, also praised the partnership, calling it a rare opportunity to blend global maritime expertise with Nigerian operational insight.“We are thrilled to collaborate with Caverton and NNPC.

This venture allows us to combine global innovation with local knowledge to improve efficiency and drive progress in Nigeria’s shipping and logistics sector,” Eriksson said.The post NNPCL, Caverton, Stenabulk JV will ensure revenue retention in Nigeria — Lokpobiri appeared first on Nigerian NewsDirect..