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Petroleum Minister Dismisses Claims of IOCs Exit, Clarifies Industry Shifts

Nigeria’s Petroleum Minister Heineken Lokpobiri addresses IOC divestment concerns, emphasizing strategy shifts towards offshore investments
IOCs petroleum

Nigeria’s Petroleum Minister, Heineken Lokpobiri, has refuted reports claiming International Oil Companies (IOCs) are pulling out of Nigeria, clarifying instead that these companies are merely shifting focus towards offshore ventures due to operational dynamics.

Speaking at African Energy Week in Cape Town, South Africa, Minister Lokpobiri emphasized that divestments reflect strategic repositioning rather than an exit from the Nigerian market. He noted, “No company is leaving Nigeria. They are opting for deep offshore operations to avoid challenges posed by some host communities.”

Nigerian IOCs Companies

With IOCs shifting towards offshore ventures, local companies now have the opportunity to take the lead in onshore and shallow water operations, fostering growth in Nigeria’s indigenous oil sector. Lokpobiri assured that Nigeria would continue benefiting from taxes and royalties, emphasizing, “We have nothing to lose. This divestment empowers our local industry to showcase their skills and strengthen the sector.”

The petroleum industry has indeed seen increased opportunities for Nigerian companies as IOCs realign their focus, with local firms stepping up to maintain production and revenue streams.

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