Heineken Lokpobiri, the Minister of Petroleum Resources (Oil), declared that no international oil companies (IOC) is leaving Nigeria.
He made his remarks in light of previous IOC divestiture initiatives, the majority of which were centred on offshore operations.
According to Daily Trust, Shell finalised a deal in May 2024 to sell its 30% ownership in the Shell Petroleum Development Company of Nigeria (SPDC).
The divestment between ExxonMobil and Seplat, along with three other international oil corporations (IOCs), was also approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) last month.
The deal concerned Seplat Energy’s purchase of ExxonMobil’s onshore oil and gas properties in Nigeria. The acquisition is valued at $1.28 billion.
No IOC leaving Nigeria
Speaking in Cape Town, South Africa, on the fringes of African Energy Week, Lokpobiri said he had spoken with the different IOCs and none of them had expressed a desire to depart the nation.
He added that local energy firms that purchase IOCs’ onshore assets are more than competent of running these businesses efficiently.
He emphasised how local companies like Seplat and Oando Plc have been working with IOCs in these areas for years, showcasing their ability and experience.
The minister also emphasised the ongoing economic benefits to Nigeria by promising that the country would not miss out on royalties, taxes, or capital inflows as a result of these divestitures.
TimesNow.com.ng reported that despite years of decline, Chevron Corp. has increased its exploration acreage in African oil producers, such as Nigeria and Angola, where it believes there is a chance for a production resurgence.
According to Liz Schwarze, vice president of global exploration, West Africa is a region rich in hydrocarbons and has received little attention in comparison to other regions.
Bloomberg reported that Chevron is adding several blocks while some of its counterparts are leaving.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
