The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that the shipping operations Joint Venture (JV) between the Nigerian National Petroleum Corporation (NNPC), Caverton Offshore Support Group, and Stenabulk will ensure in-country revenue retention.
While lauding the deal, the minister described it as a bold step towards enhancing shipping operations in the country, strengthening local content, and driving economic growth through strategic industry alignment.
THISDAY learnt that the joint venture will enhance maritime transportation in the oil sector in Nigeria and the broader West African region, serving logistics requirements, with an emphasis on cost-effectiveness, safety, and sustainability.
The Special Adviser on Media and Communication to the Minister, Nneamaka Okafor, in a statement in Abuja, noted that the minister spoke during a strategic engagement with the JV partners, where he 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,” the minister stated, noting that the JV represents a practical example of the government’s local content aspirations becoming reality.
He expressed satisfaction with Caverton, an indigenous firm, in the partnership, saying that it ensures national participation, which strongly aligns with Nigeria’s local content policy.
“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.
Lokpobiri commended the NNPC for its role in driving progress in the sector as well as President Bola Tinubu’s foresight and leadership, noting that such reforms and partnerships are already yielding measurable progress.
“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,” the minister stressed.
In his remarks, 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.
Echoing the enthusiasm, 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,” Eriksson emphasised.
Emmanuel Addeh
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 Lokpobiri has said the NNPC/Caverton/Stenabulk JV will boost local content, enhance oil logistics, and retain revenue within Nigeria</p>
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