Federal Govt Says PIA Will Not Stop IOCs Divestment

Since the law was signed in August 2021, by President Muhammadu Buhari, after the bill dragged at the National Assembly for over two decades, operators in the oil sector including government officials have been optimistic that the Act would attract enormous gains to the industry.

However, IOCs operating in Nigeria have been divesting their assets from Nigeria before and after the PIA became law, as the RMAFC explained, the Act might not halt the divestments by the international oil firms. The commission made the disclosure in its report on the PIA 2021 stating its Impact on Federation Revenue

The five major IOCs operating in Nigeria which have been divesting their assets include Shell Producing Development Company, TotalEnergies, Chevron, ExxonMobil and Eni. Recall that in the past 11 years, IOCs operating in Nigeria had divested a total of 26 Oil Mining Licences in the Niger Delta with more set to be sold.

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