The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that the joint venture between the Nigerian National Petroleum Corporation (NNPC), Caverton Offshore Support Group, and Stenabulk will ensure revenue retention within Nigeria.
He expressed satisfaction with Caverton, an indigenous firm, in the partnership.
Lokpobiri said, “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 described the JVC as a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth through strategic industry alignment.
The minister spoke during a strategic engagement with the JV partners, according to his Special Adviser on Media and Communication, Nneamaka Okafor in press statement yesterday.
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Lokpobiri emphasised the importance of cross-sector collaboration in achieving national profitability goals.
“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,” said the minister.
He noted that the JV represents a practical example of the government’s local content aspirations becoming reality.
He commended NNPCL for their role in driving progress in the sector, and President Bola Ahmed Tinubu’s foresight and leadership, noting that such reforms and partnerships are already yielding measurable progress.
The minister said, “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.”
Meanwhile, Caverton Offshore Support Group, Chief Operating Officer, Mr. Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture.
He said, “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.”
Echoing the enthusiasm, Stenabulk, General Manager, 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.”