NNPC plans policy guidelines for divesting IOC partners

The Nigerian National Petroleum Corporation has said it would outline policies to guide partners (International Oil Companies) of the corporation who wish to divest from joint ventures or the Nigerian oil and gas industry.

Shell had said in May that its onshore oil portfolio in Nigeria was ‘no longer compatible’ with its strategic ambitions.

“We have reduced the total number of licences in onshore Nigeria by half. But unfortunately, our remaining onshore operations continue to be subject to sabotage and theft,” Chief Executive Officer, Ben van Beurden, told investors at the company’s AGM.

Early this year, Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited concluded the sale of their combined 45 per cent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited.

The Group Managing Director, NNPC, said on Monday that Nigeria, as a key player in global energy security, was addressing its challenges, mainly fiscal, security and cost competitiveness, to stimulate investments in the oil and gas industry.

Kyari said this in Lagos while delivering an address at the opening ceremony of the Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers.

He said, “NNPC, as national oil company, is leading multiple initiatives to address this and other issues.

“As we celebrate the passage of the PIB, we have moved our focus to improving security architecture through collaboration with major stakeholders.”

According to him, the Nigerian Upstream Cost Optimisation Programme is working with operators and service contractors to challenge cost of operations and increase profitability and growth in the industry.

Kyari said, “On the other hand, we are seeing a wave of divestment by oil majors operating in Nigeria. NNPC as a national oil company cannot stop partners from divesting their interest, even though it creates challenge for us in ensuring that we get right and competent investors to take position and add value to the assets.

Check Also

I Was Raped, Impregnated By My Uncle At 15 – Toyin Lawani

Celebrity designer Toyin Lawani has alleged an uncle raped her at 15. The CEO of …

Buhari Approves Seplat’s acquisition Of Exxon Mobil Shares

PRESIDENT BUHARI SIGNS EXECUTIVE ORDER 11 PIC AA. President Muhammadu Buhari signs Executive Order Eleven …

India To Restrict Sale of Chinese Smartphones To Boost Local Brand

India seeks to restrict Chinese smartphone makers from selling devices cheaper than 12,000 rupees ($150) …

Leave a Reply

Your email address will not be published.