Federal Govt To Scrutinise New Investors In Divested Oil Assets –Sylva - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
December 9, 2021
Recall that Shell and ExxonMobil have indicated their interests to divest from onshore and shallow water assets in the country.
Speaking at separate business meetings with top managements of Chevron and Schlumberger at their headquarters, in Houston, Texas, United States, Minister of State Petroleum Resources Timipre Sylva said the federal government will carryout due diligence in the selection and eventual approval of any company that will take over the assets from which these companies intend to divestment.
He stated that the previous practice where companies are just allowed to purchase strategic assets without verifying their capacity to operate such assets would no longer be tolerated.
He told Chevron and Schlumberger teams that government would create the enabling environment for them to increase their investments in Nigeria adding that with the passage of the Petroleum Industry Act PIA Nigeria would increase the incentives for investments in the oil and gas sector of the economy.