The newly announced shipping sector joint venture between the Nigerian National Petroleum Company Limited (NNPCL), Caverton Offshore Support Group, and international maritime firm Stenabulk, is made possible by President Bola Tinubu’s drive for industry reform.
Speaking during a strategic engagement with the partners, minister of state Petroleum Resources (Oil), Senator Heineken Lokpobiri, who made this known, described the joint venture as a model for the kind of collaboration required to deepen local content, improve shipping operations, and promote long-term economic growth.
He said that harmonising various components of the oil and gas industry was critical to ensuring profitability and national benefit. “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,” he stated.
The minister hailed the inclusion of indigenous firm Caverton in the partnership, calling it a demonstration of the federal government’s commitment to inclusive economic participation. “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 said.
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.
He noted 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. “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.”
Caverton’s chief operating officer, Olabode Makanjuola, affirmed the company’s readiness to deliver results under the new arrangement. He stated that the venture would highlight the strength of local expertise in meeting international standards.
“Caverton brings a strong understanding of local operations and a firm commitment to demonstrating that indigenous capacity can deliver world-class results,” he said.
On his part, general manager of Stenabulk, Fredrik Eriksson, echoed the optimism, describing the partnership as an opportunity to combine international shipping knowledge with domestic operational efficiency. “We are excited to collaborate with Caverton and NNPC to bring innovation and efficiency to the sector,” Eriksson said.
Senator Lokpobiri lauded NNPCL for leading efforts to reform the sector and said the venture was proof of President Tinubu’s vision for transforming the energy industry. “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,” he concluded.
