IPPG Call For Swift Action On Oil Sector Divestment

Independent Petroleum Producers Group has called for swift action 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, 2024, held in Abuja, the Chairman of the IPPG, Abdulrazaq Isa, reflected on the ongoing divestments by International Oil Companies 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, and urged expedited conclusion and closure of the divestment processes while citing the urgent need for government intervention to facilitate a seamless transition.

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.

While expressing his profound gratitude to President Tinubu 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, signalling a positive trajectory for the industry.

The summit was themed, ‘Navigating the New Energy World Order: Security, Transition, and Finance’.