The Petroleum Technology Association of Nigeria yesterday said Tony Elumelu’s acquisition of Shell’s OML 17 was a bold strategic move for the oil and gas industry in the country.He said the bold move to acquire OML 17 “is certainly strategic from the industry perspective.”
“With this context investment in idle assets becomes an essential path to generating near team growth in an industry that has flat-lined over the last five years. Rather than seek credible companies locally, he said there “is a tendency to circumvent the provisions of the Local Content Act through MOUs with fronts and briefcase operators.
He said Elumelu, a Delta-born billionaire, “has always been in the forefront of Nigeria and Africa first. These are interesting times.”
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