“Nigeria’s Oil & Gas Sector Poised for Transformation: Major Players to Divest 26 Blocks, Overhauling Production Landscape
In a seismic shift for Nigeria’s energy industry, prominent players including Nigerian Agip Oil Company, ExxonMobil, Equinor, and Shell have announced plans to divest from a significant portfolio of 26 oil blocks. These blocks, boasting an impressive average daily production capacity of 346,290 barrels, constitute a substantial chunk of the nation’s oil output, promising a reconfiguration of the country’s energy landscape.
The revelation came to light during a high-profile industry dialogue on divestment held in the heart of Nigeria’s capital, Abuja, last Friday. Gbenga Komolafe, the esteemed CEO of the Nigerian Upstream Petroleum Regulatory Commission, delivered the news, underscoring the strategic imperative driving this bold move.
Komolafe further elaborated that the Commission, aligning with directives from the highest echelons of government, has meticulously crafted a comprehensive divestment framework. This framework, consisting of seven cardinal pillars, stands as a testament to Nigeria’s commitment to navigating this pivotal moment in its oil and gas sector evolution. It aims to not only facilitate a smooth transition but also ensure adherence to existing petroleum laws, fostering a transparent and accountable divestment process.”
Photo Credit : BusinessDay NG
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