IPPG calls for swift action on oil sector divestments

The IPPG has called for swift actions on various pending and ongoing oil sector divestments in the country.In a goodwill message at the 7th edition of the Nigeria International Energy Summit (NIES 2024), held in Abuja, Mr. Abdulrazaq Isa, OFR, Chairman of the Independent Petroleum Producers Group (IPPG), reflected on the ongoing divestments by International Oil Companies (IOCs) in Nigeria, highlighting the monumental shift towards indigenous participation and control in the country’s energy sector. He emphasized the potential for increased empowerment, economic growth, and sustainable resource management as indigenous operators assume greater responsibility.

Isa urged expedited conclusion and closure of the divestment processes, citing the urgent need for government intervention to facilitate a seamless transition. He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its robust framework guiding the divestment process and called for enhanced cooperation and support from relevant stakeholders.

The IPPG Chairman’s goodwill message 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 government’s cooperation to ensure swift closure of divestment processes for sustained industry development,” Isa said.

While expressing his profound gratitude to His Excellency, President Bola Ahmed Tinubu GCFR, President and Commander-in-Chief of the Federal Republic of Nigeria, for his unwavering commitment to progressive reforms within the nation’s energy sector, Isa commended the President for spearheading initiatives that have led to a promising uptick in crude oil and natural gas production, signaling a positive trajectory for the industry.

The Chairman also extended special acknowledgment to the Honourable Ministers of State, Petroleum Resources (Oil & Gas), Sen. Heineken Lokpobiri, and Rt. Hon. Ekperikpe Ekpo, for their proactive stewardship in executing the President’s vision for the oil and gas industry and for convening the esteemed summit, which serves as a pivotal platform for collaboration and problem-solving.

On the theme of the summit, “Navigating the New Energy World Order: Security, Transition, and Finance,” Isa underscored the imperative of robust debates and perspectives to drive progressive change within the energy industry amidst a backdrop of unprecedented disruption and transformation.

Mr. Abdulrazaq Isa also used the opportunity to advocate for Nigeria to host the headquarters of the Africa Energy Bank, emphasizing the nation’s position as a leading oil producer in the continent with extensive indigenous participation and expertise.

The Independent Petroleum Producers Group (IPPG) is a leading association representing indigenous operators in Nigeria’s petroleum industry committed to advancing the interests of its members and contributing to the sustainable development of Nigeria’s energy sector.