Lobbe was one of the best big-men in the business this year, ranked fourth in the League for both hit-outs (761) and tackles (157).
The 25-year-old, who is in Dubai for a training camp, told the Power's website his decision to recommit at Alberton was easily made.
"It was easy [to sign]; I love playing for this footy club, we've got some great people here, and great people leading the club," Lobbe said.
"I've got some great mates here and we're all committed to getting better."
Lobbe will partner up with Patrick Ryder in 2015, with Ryder insisting they could become the most damaging ruck duo in the AFL.
But after a season when he rucked almost entirely on his own, Ryder's arrival will likely see Lobbe rotated through attack.
He said he and Ryder would offer Port great versatility.
"I'll be working a lot on my forward line work this year, to be versatile so I can play ruck and forward as well," he said.
"Being able to have two ruckmen gives you the opportunity to be more flexible, and I'm looking forward to getting stuck into it."
