Divestments by foreign companies presents opportunities for strategic partnerships, capacity building of indigenous players – FG
The Federal Government through the Minister of Petroleum Resources (Oil), Heineken Lokpobiri has argued that divestments by foreign companies in the oil and gas industry presents opportunities for strategic partnerships and capacity building of indigenous players.
The country has recorded International oil companies divesting i from Nigerian crude oil and gas, selling off their assets and seeking other revenue streams. Nigeria currently has five international oil companies still operating in the country: Shell Producing Development Company, Chevron, TotalEnergies, ExxonMobil and Eni.
Represented by the Permanent Secretary of the Ministry, Amb.Gabriel Aduda at the 12th Practical Nigerian Content Forum hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenogoa, he urged stakeholders to remain calm and not be alarmed by divestments hitting the oil and gas industry.
According to him, divestments come along with opportunities and this opportunities must be given attention.
“We recognize that divestment presents various challenges but also presents opportunities for local capacity building and technology transfer.” He said.
The Minister urged the industry to embrace challenges posed by divestments to promote diversification.
He identified that the stakeholders must forge ahead with a vision where the oil and gas industry serves as a catalyst for socio economic development.
The Minister also reiterated the commitment of the Government to foster local content development.
He reiterated the commitment of the FG to promoting decarbonization, cleaner and sustainable energy practices.
The Minister revealed that the government is investing heavily in technology and fostering innovation to reducing emissions.
“To achieve this goals, collaboration amongst local players and communities is paramount to promote clearer energy initiatives and investments.” The Minister stated.
