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NNPC gives IOCs conditions for divestment from Nigeria

The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, has said international oil companies (IOCs) that divest from Nigeria’s upstream sector should address issues of abandonment and decommissioning of oil assets. Kyari said this Monday in Abuja at the opening session of the fifth edition of the Nigerian International Energy Summit. The comment by the NNPC boss came about six months after he had highlighted key guidelines that would guide the evaluation of would-be replacement of divesting partner in the oil and gas industry. Kyari, had, in August last year, while speaking at the Nigeria annual International Conference and Exhibition, said learning from previous experiences, the NNPC had developed requisite divestment policy that would provide clear guidelines and criteria for divestment of partners’ interest in all its joint ventures and production-sharing contracts. To ensure that the NNPC sustains a prosperous business environment for Nigeria, he had said the national oil company would pay particular attention to abandonment and relinquishment costs; severance of operator staff; third party contract liabilities; and competency of the buyer.

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