Nigerian govt refutes claims on exit of international oil firms

The Federal Government said on Tuesday that none of the International Oil Companies (IOCs) operating in Nigeria has left contrary to insinuations in some quarters.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the clarifications during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at the Presidential Banquet Hall in Abuja.

He said the IOCs only shifted their portfolio and investments offshore.

The minister added that the divestments by some of the oil companies would benefit the country as they would be making further investments in the deep offshore.

The investments, according to Lokpobiri, will create room for indigenous companies to develop capacity within the onshore and shallow waters space.

He said: “I want to use this opportunity to assure everyone that no IOC is leaving Nigeria. They are only going deep offshore.

“It is imperative to note that we are strategically managing the divestment processes.

“Our commitment to enhancing our crude oil reserves and production is unwavering, and we are actively exploring innovative solutions to attract investment, optimise operations, and foster sustainable growth.

“We are open for business and ready to welcome your investments.”

Lokpobiri noted that the transition to cleaner and more sustainable energy sources in the country was inevitable.

“We are actively pursuing initiatives to position Nigeria as a leader in this energy transition.

“As we navigate this change, Nigeria recognises the need to strike a balance between meeting our growing energy demand and reducing our carbon footprint.

“The diversification of our energy mix, investments in renewable energy, and the adoption of cleaner technologies are all integral components of our strategy,” he added.

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