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 Nigeria.

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.

The Chairman emphasized the potential for increased empowerment, economic growth, and sustainable resource management as indigenous operators assume greater responsibility.

He urged expedited conclusion and closure of the divestment processes while citing the urgent need for government intervention to facilitate a seamless transition.

In his goodwill message, the IPPG Chairman emphasized 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.

The Chairman also extended special acknowledgement to President Tinubu for his unwavering commitment to progressive reforms within the nation’s energy sector and 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 summit was themed, ‘Navigating the New Energy World Order: Security, Transition, and Finance.’

As the oil sector in Nigeria continues to evolve, the need for swift action on the ongoing divestments is crucial to ensure a smooth transition and continued growth for the nation’s economy.