NNPC projects policy guidelines for divesting IOC partners
Written by crest887fm on August 3, 2021
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.
Chief Executive Officer, Ben van Beurden, told investors at the company’s AGM, that it has reduced the total number of licences in onshore Nigeria by half.
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.