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IOCs Divestment: Navigating Regulations, Unlocking Growth for Local Oil Companies

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OIL INDUSTRY,DIVESTMENT,NIGERIA

The divestment of International Oil Companies (IOCs) from Nigeria presents both challenges and opportunities for the country's energy sector. While it signifies a potential shift in power towards local companies, it also necessitates careful navigation of regulatory frameworks and strategic investments to ensure a prosperous future.

IOCs divestment: Navigating regulations, unlocking growth for local oil companies, By Akpandem JamesSaraki at 62: As Different as it is the same, By Yusuph OlaniyonuDespite UNICEF’s endorsement, Nigeria’s only open defecation-free state struggles with human faecesBeneath the Surface: The Dark World of Illicit Tin Mining in PlateauEditorialIOCs divestment: Navigating regulations, unlocking growth for local oil companies, By Akpandem JamesSaraki at 62: As Different as it is the same, By Yusuph...

The flip side is that such divestments could provide indigenous firms an opportunity to expand their operations and tap into valuable resources previously controlled by IOCs. This transition could unlock substantial reserves and release more than 500 million barrels of oil and three trillion cubic feet of gas if managed effectively.

As of 19 December, the Federal Government had approved the TotalEnergies/Chappal deal , ExxonMobil’s sale of Mobil Producing Nigeria Unlimited to Seplat Energy , Eni’s divestment of Nigerian Agip Oil Company to Oando Plc , and Equinor Nigeria Energy’s divestment to Project Odinmin Investments . The latest is Shell’s $2.4 billion onshore asset sale to Renaissance Africa Energy.

One of the most contentious aspects of oil operations has been host community issues. The status of Host Community Trust Fund obligations is assessed to ensure the successor entity has robust social inclusion programmes in line with the Petroleum Industry Act , 2021. Compliance with decarbonisation plans and adherence to environmental, social and governance principles are also evaluated. Also, a robust mechanism is implemented to prevent labour disputes during and after the divestment process.

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