IPPG Calls For Speedy Actions On Oil Sector Divestments


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…As NNPC Ltd Clarifies Involvement

The Independent Petroleum Producers Group (IPPG) has called for accelerated actions on all pending and ongoing divestments in the Nigerian oil and gas sector.

IPPG Chairman, Mr. Abdulrazaq Isa made the call in his goodwill message at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja.

He reflected on the ongoing divestments by International Oil Companies (IOCs) in Nigeria, highlighting the monumental shift towards indigenous participation and control in the country’s energy sector.

He emphasized the potential for increased empowerment, economic growth, and sustainable resource management as indigenous operators assume greater responsibility.

Isa urged expedited conclusion and closure of the divestment processes, citing the urgent need for government intervention to facilitate a seamless transition.

He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its robust framework guiding the divestment process and called for enhanced cooperation and support from relevant stakeholders.

The IPPG Chairman’s goodwill message emphasized the pivotal role of Nigeria’s petroleum resources in driving economic stability and growth, reaffirming IPPG’s commitment to collaborating with the government to address industry challenges and attract investments for sustained growth.

“Nigeria’s petroleum resources are key to economic stability and growth. We, therefore, call for government’s cooperation to ensure swift closure of divestment processes for sustained industry development,” Isa said.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC Ltd), has clarified thst as the largest partner to all the oil-producing companies in Nigeria, its role in the divestment of the International Oil Companies (IOCs) from onshore and shallow water assets in the country was that of a facilitator and not an obstacle.

The Group Chief Executive Officer, Mr. Mele Kyari, made the clarification in his remarks at the opening ceremony of the 7th edition of the NIES 2024 in Abuja.

He explained that by virtue of its statutory mandate as the enabler of national energy security, NNPC Ltd.’s role was to ensure optimal and sustainable production from the divested assets to guarantee energy security for the benefit of Nigerians.

Kyari also disclosed the company’s willingness to invest in the proposed African Energy Bank as a way of ensuring sustainable funding for energy projects in Africa to guarantee energy security.


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