Yes they are leaving! NNPC confirms foreign oil companies are selling off assets

The Nigerian National Petroleum Company (NNPC) Limited on Monday confirmed that International oil companies are diversifying and leaving Nigeria.

The NNPC’s Group Managing Director, Mele Kyari, disclosed this in Abuja at the ongoing Nigeria International Energy Summit 2022 with the theme, “Revitalising the Industry: Future Fuels and Energy transition.”

According to him the exit of International Oil Companies from Nigeria was not because of bad policies, but due to the global push for energy transition and net carbon zero target.

His words: “Companies are divesting. They are leaving our country literally, that’s the best way to put it. But they are not leaving because opportunities are not there.

“It is because companies are shifting their portfolios where they can add value, and not just that, where they can also add to the journey towards net carbon zero production. We understand this very perfectly.

“But we can’t afford not to realise that this country must benefit from the realities of today.”

Ripples Nigeria had earlier reported on the wave of divestment by foreign players in Nigeria’s oil market and how Nigerian billionaires are buying up their assets.

Read also: Over 75 oil companies owing Nigeria N2.66tn – What this means for Buhari’s govt

Oil companies listed to have existed or put up their oil assets for sale are Exxon Mobil Corporation (ExxonMobil), Royal Dutch Shell, Chevron, Agip, Texaco and Total.

While the Nigerian-owned oil companies buying the companies are spearheaded by Tony Elumelu, (TNOG Oil and Gas Ltd), others include Sayyu I. Dantata (MRS Holdings), ABC Orjiako (Seplat) and Michael Adenuga (Conoil Plc).

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