By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: Divestments Will Make Refineries Work Again,  Boost Oil Production, Employment -Wabote
Share
Sign In
Notification Show More
Latest News
Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors
Business Environment Metro News
Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate
Business Metro News
Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials
Business Metro News
ELRA grants penalty waiver for early 2025 lease registrations
Business News
Children’s Day Celebration: Mayor of Orumba North Fetes children, tasks them on education
Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Oil & Gas > Divestments Will Make Refineries Work Again,  Boost Oil Production, Employment -Wabote
NewsOil & Gas

Divestments Will Make Refineries Work Again,  Boost Oil Production, Employment -Wabote

Publisher
By Publisher Published October 12, 2023
Share
4 Min Read
SHARE

 

The Nigerian oil and gas industry is poised for a boost in crude oil production, employment creation, and capital injection with the planned divestment of some assets by select international oil and gas companies and concomitant acquisition by Nigerian operating companies, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote said on Wednesday.

The Executive Secretary painted this picture while delivering the keynote address on Divestments in oil and gas: the challenges, the opportunities, and the implications to the industry in Nigeria at the 2023 Petroleum and Natural Gas Senior Staff Association (PENGASSAN) Energy and Labour Summit in Abuja.

- Advertisement -
Ad image

Quoting the AfricaReport magazine, he stated that about 26 oil mining licenses have been divested or acquired by oil and gas companies in the Niger Delta Basin area of Nigeria in the past decade.

Some of the divestments currently on the cards include the plan by Shell and ExxonMobil to sell oil and gas assets worth billions of dollars, in addition to Eni’s announcement in September of an agreement with Oando PLC for the sale of NAOC interests in six (6) onshore blocks and Okpai gas power plant in, Delta State.

He emphasized that divestments of oil assets are not necessarily negative, rather they present an avenue for the local capacities and capabilities that have been developed through local content implementation to be brought to bear in the upstream sector.

Wabote outlined several opportunities that would accrue from divestments, such as the injection of new capital, the rejuvenation of divested assets, and an increase in crude oil production through the investment in technologies by the acquiring firms.

Other direct benefits are the creation of direct and indirect employment opportunities by the indigenous companies and their service providers.

He reiterated that the divestments confirm that Nigerians and indigenous companies have come of age and have acquired the technical, managerial, and financial capabilities to play in the “big league”.

He added that “the involvement of our financial institutions on the transactions represents means of efficient capital deployment and capacity building on loans syndication on an international scale. This is also applicable to legal services, insurance, government relations, employee relations, community liaison, and others.”

Aside from the opportunities, the NCDMB boss equally highlighted challenges encountered in the divestment exercises.

These revolved around the time required to get necessary regulatory approvals as well as the substantial interests from various groups covering political, legal, communities, and labour.

Among other challenges are the potential for the disruption of oil and gas production, job losses, as well as “access to latest technology especially if the new investors lack the technical expertise or have no support from original equipment manufacturers.” There are also issues around how “to manage legacy issues or liabilities related to the environment, communities, and other social commitments and pressure on new investors to recoup investments on time to offset loans and address other financial requirements.”

The NCDMB boss assured that the Board would continue to partner with industry stakeholders to institute regulations that would ensure that the increasing footprints and stakes of indigenous oil and gas production companies would not lead to a reduction in Nigerian content compliance.

He promised that the Board would continue to partner with PENGASSAN to shape a future where Nigeria’s energy industry not only survives but thrives in the face of change.

Like this:

Like Loading...

Related

You Might Also Like

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors

Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate

Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials

ELRA grants penalty waiver for early 2025 lease registrations

Children’s Day Celebration: Mayor of Orumba North Fetes children, tasks them on education

TAGGED: divestments, NCDMB, Oil and gas assets, refineries, Simbi Wabote

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher October 12, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Police apprehend boy for burying brother alive in Kogi
Next Article CSR: Norrenberger Unveils N500 Million Entrepreneurship Fund For Corps Members
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors
Business Environment Metro News June 1, 2025
Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate
Business Metro News June 1, 2025
Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials
Business Metro News June 1, 2025
ELRA grants penalty waiver for early 2025 lease registrations
Business News June 1, 2025

You Might also Like

BusinessEnvironmentMetroNews

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors

June 1, 2025
BusinessMetroNews

Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate

June 1, 2025
BusinessMetroNews

Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials

June 1, 2025
BusinessNews

ELRA grants penalty waiver for early 2025 lease registrations

June 1, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d