IOCs made oil blocks dormant – NNPC

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Group Managing Director, NNPC, Mr. Andrew YakubuThe Nigerian National Petroleum Corporation has said that international oil companies operating in the country have been sitting on oil blocks and have allowed the acreages to go fallow for years without significant development.
The corporation stated that the recent spate of divestments from certain onshore oil blocks by some of the IOCs would not lead to crisis in the nation’s oil and gas industry.
The Group Managing Director, NNPC, Mr. Andrew Yakubu, said the divestments were not only healthy for the oil and gas industry in the country, but would also go a long way in promoting effective indigenous participation in core upstream activities.
Yakubu spoke on the sidelines of the ongoing World Energy Congress in Daegu, South Korea, according to a statement made available to our correspondent in Abuja on Wednesday by the corporation.
He was quoted as saying, “These are not withdrawals in the real sense of withdrawals. The fact is that a number of these IOCs are moving into more challenging frontiers in the deep offshore and are leaving the onshore blocks, which they consider less challenging.
“So, it is only fair for them to release these blocks so …

Source: The Punch – Nigeria’s Most Widely Read Newspaper

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