Nigeria Set to Lift Restrictions on Oil Exploration Amid Foreign Corporations’ Exit

The Federal Government has made preparations to remove all restrictions on oil sector exploration and production as a response to the withdrawal of foreign oil corporations from Nigeria.
The Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) leadership met with Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), in his office in Abuja, where he discussed this development.
Both teams paid Minister Lokpobiri an official visit as a part of his continuous interactions with the sector’s agencies, commissions, and stakeholders.
During the discussion, the minister reaffirmed his commitment to expediting the exploration and production procedures in the Nigerian energy sector.
The Federal Government is committed to eradicating any barriers that stand in the way of easy exploration and production in the nation’s energy industry, Lokpobiri promised his guests.
The IPPG and OPTS teams, which were directed by Abdulrazaq Isa, President/Group Chief Executive Officer of Waltersmith Petroman Oil Limited, and Gwueke Ajaifia, Executive Director of OPTS, were composed of senior management officials and executives from oil corporations.
The government’s action tries to solve the problems brought on by divestments by foreign oil corporations by fostering an environment that is more favourable for Nigerian oil exploration and production.

Source: allnewsng.com

EntekHub.com

All Author Posts