PETAN: Elemelu’s OML 17 Acquisition, a Strategic Move

  • 📰 THISDAY LIVE
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

Chris Paul The Petroleum Technology Association of Nigeria (PETAN) yesterday said Tony Elumelu’s acquisition of Shell’s OML 17 was a bold strategic move for the oil and gas industry in …

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in US

United States United States Latest News, United States United States Headlines