The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engineer Gbenga Komolafe has stated that the latest deals in the petroleum sector are proof that International Oil Companies are not exiting Nigeria but are merely rebalancing their portfolios.
Komolafe stated this when representatives of Barclays Bank Plc visited the corporate headquarters of the NUPRC in Abuja recently.
Speaking, he said, “There have been misconceptions in the public that IOCs are leaving Nigeria because of the recent divestments in the sector. But this is not true. What has been happening is that IOCs have been rebalancing their portfolios.”
“IOCs participated in the last bid rounds. The recent signing of the production sharing contract between NNPC and TotalEnergies is another evidence that Nigeria remains an investment hub,” he said.
In his remarks, the Director, Private Banking at Barclays Bank, Karitkeya Rai, said the London-based bank was open to financing oil and gas projects in Nigeria.