- Tinubu Warns Marginal Oil Field Operators Without Capacity to Exit Nigeria’s Oil Sector
- Tinubu emphasised that the Federal Government would no longer tolerate idle oil assets
- The 750,000-barrel facility expandable to three million barrels will significantly address the nation’s crude evacuation challenges
President Bola Ahmed Tinubu has cautioned marginal oil field licence holders in Nigeria lacking operational capacity to exit the country’s oil and gas sector rather than holding onto assets they cannot develop.
Eko Hot Blog reports that the President gave the warning on Wednesday during the commissioning of the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Tinubu emphasised that the Federal Government would no longer tolerate idle oil assets or operators failing to meet their minimum work obligations.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licences. If you don’t have the capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,” he said.
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Tinubu, who described GEIL’s new crude export terminal as a landmark achievement, said the $400 million facility would unlock billions of barrels of reserves in the Niger Delta region and stimulate economic growth.
According to him, the 750,000-barrel facility expandable to three million barrels will significantly address the nation’s crude evacuation challenges, enhance export capacity, and strengthen the local oil industry’s infrastructure.
He commended GEIL for being the first indigenous company in over 50 years to develop a crude export terminal of such magnitude, describing the project as a symbol of Nigerian innovation and resilience in the global energy space.
FURTHER READING
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- Nigeria’s Economy Boosting Under Tinubu – World Bank
- Enugu Senator Dumps Labour Party For APC
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