IOC’s divestment: We facilitate, not hinder process – NNPCL

The Nigerian National Petroleum Company Limited, as the largest partner to all the oil-producing companies in Nigeria, has assured that its role in the divestment of the international oil companies from onshore and shallow water assets in the country is that of a facilitator, and not an obstacle.

The Group Chief Executive Officer, Mr Mele Kyari, made the clarification at the opening ceremony of the 7th edition of the Nigerian International Energy Summit 2024 (NIES 2024), held at the State House, Abuja, yesterday.

Kyari who was responding to comments by Chairman of independent producers group, Abdulrazaq Isa, who in his address to the Summit said the delay in approving the divestment is detrimental to both the buyers and the sellers, making the asset redundant.

In recent times, there had been concerns about the divestments of oil and gas assets by some international oil companies.

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In August 2021, Shell launched divestment of its 30 per cent stake in Shell Petroleum Development Company of Nigeria Limited subsidiary.

Also, Seplat Energy Plc announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware, for $1.28bn.