Petroleum Producers Call For Swift Action On Oil Sector Divestment

The Independent Petroleum Producers Group (IPPG) has called for swift action on various pending and ongoing oil sector divestments in the country.

In a goodwill message at the 7th edition of the Nigeria International Energy Summit (NIES 2024), held in Abuja, the Chairman of the IPPG, Abdulrazaq Isa, 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 emphasised the potential for increased empowerment, economic growth, and sustainable resource management as indigenous operators assume greater responsibility, and urged expedited conclusion and closure of the divestment processes while citing the urgent need for government intervention to facilitate a seamless transition.

The IPPG Chairman’s goodwill message emphasised 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 the government’s cooperation to ensure swift closure of divestment processes for sustained industry development,” Isa said.

While expressing his profound gratitude to President Tinubu for his unwavering commitment to progressive reforms within the nation’s energy sector, Isa commended the President for spearheading initiatives that have led to a promising uptick in crude oil and natural gas production, signalling a positive trajectory for the industry.

The Chairman also extended special acknowledgement to the Honourable Ministers of State, Petroleum Resources (Oil & Gas), Sen. Heineken Lokpobiri, and Rt. Hon. Ekperikpe Ekpo, for their proactive stewardship in executing the President’s vision for the oil and gas industry and for convening the esteemed summit, which serves as a pivotal platform for collaboration and problem-solving.

The summit was themed, ‘Navigating the New Energy World Order: Security, Transition, and Finance’.