Major oil companies, such as Exxon Mobil, Shell, TotalEnergies, and Eni, have sought to exit Nigeria’s onshore oil to focus on deepwater drilling over security concerns, including sabotage and theft in the Niger Delta region but were delayed by government authorities over responsibility for oil spillage clean up.

This announcement was disclosed on Friday at a meeting with the oil companies in Abuja and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Chief of NUPRC, Gbenga Komolafe, offered a short-term option with faster approval if the companies commit to cleaning up spills and compensating communities.

Komolafe further maintained that if the major oil companies agree to take the option, they will sign the undertaking knowing they have obligations to fulfil.

However, Komolafe also offered a second long-term option, which involved waiting for NURPC to identify and assign all liabilities, potentially delaying the final approval until August.

Essentially, NUPRC seeks to ensure a balanced yet faster exit for the major oil companies, including protecting the environment, meeting local community demands, and ensuring the long-term capacity of the oil assets.

While the companies review the options regarding cleanup costs, NURPC is responsible for determining what the departure of 26 oil blocks means for Nigeria’s source of revenue.

We aim to ensure that the companies that take over these blocks have the necessary financial resources and possess the technical expertise required to responsibly manage the blocks throughout their lifecycle in accordance with good asset stewardship practices, Komolafe said.

According to NURPC, these oil blocks hold an estimated reserve of 13.76 billion barrels of oil, 2.70 billion barrels of condensate, and about 90,717 billion cubic feet of gas.

https://westafricaweekly.com/exxon-shell-totalenergies-and-eni-seek-to-exit-nigeria-over-security-and-theft-concerns/

Nigeria what is happening to our Country! Its inflation that is disturbing me now not oil companies

All because a well known crook enter government with a stolen mandate. Make una continue to look for investors

They should go



We have Alakija, Otedola and other Yoruba billionaires in the oil sector that will replace them

Seriously? I hope this is not true

christejames:
They should go



We have Alakija, Otedola and other Yoruba billionaires in the oil sector that will replace them

my dear how old are you please...

Yes very good they have taken enough we can now use it to build our economy

AqualinaXYZ:
See as everyone is watching while Unity begging Yorubas are busy destroying the country




When I knew the Yorubas wasn’t a thing was when they left Osinbajo that was the best bet and supported this urine dispensing frogged eyes cocaine sniffing bed wetting thief from Irigbaji to be their favorite candidate





When I talk they’ll say I’m being tribalistic but trust me if Osinbajo was at the ballot most obidients today will vote Osinbajo and against Obi




Shebi you see how this certificate forger is destroying our country before our very own eyes




Wike that’s supposed to be calling for disintegration of Rivers state out of Nigeria is busy ass licking a thief he doesn’t love deep down




See our precious oil and blessed natural resources is been mismanaged by a criminal who’s entire region doesn’t have a drop of oil

It would have been better you kept silent that expose your ignorance here.

Who won the APC presidential primaries? Bola Tinubu. Who gave him those vote? The delegates.

During the presidential elections, whose name appeared at the polling stations-was it Osinbajo?

Yorubas would have voted for Osinbajo if he was the presidential flag bearer but he wasn't

grandstar:


It would have been better you kept silent that expose your ignorance here.

Who won the APC presidential primaries? Bola Tinubu. Who gave him those vote? The delegates.

During the presidential elections, whose name appeared at the polling stations-was it Osinbajo?

Yorubas would have voted for Osinbajo if he was the presidential flag bearer but he wasn't

this your comment shows you are the ignorant one, tinubu paid delegates thousands of dollars ranging from 15-25k during the primary election just to secure the flag

Same osibanjo you guys called omo ale(bastarddd)for daring to run for presidency against tinubu


You people have short memory or just plain ignorant ??

Gadafii:
this your comment shows you are the ignorant one, tinubu paid delegates thousands of dollars ranging from 15-25k during the primary election just to secure the flag

Same osibanjo you guys called omo ale(bastarddd)for daring to run for presidency against tinubu


You people have short memory or just plain ignorant ??

If you knew the delegates the presidential candidate through the primaries, why collectively blame all Yoruba's?

If Osinbajo's name was on the ballot box, I am sure Yoruba's would be more eagerly vote for him than Tinubu. I also know many igbos would vote for him as well.

Your focus to collectively blame all Yoruba is prejudicial.

He wasn't on the ballot box.

Though I agree that Tinubu is a disaster but we should blame any tribe for it rather as citizens who are victims of bad leaders should come take and vote right in next election

grandstar:


If you knew the delegates the presidential candidate through the primaries, why collectively blame all Yoruba's?

If Osinbajo's name was on the ballot box, I am sure Yoruba's would be more eagerly vote for him than Tinubu. I also know many igbos would vote for him as well.

Your focus to collectively blame all Yoruba is prejudicial.

He wasn't on the ballot box.

kenny714433:
Seriously? I hope this is not true

they have been selling off this onshore assets since Buhari time. They want to focus on offshore which is safer and no oil theft or community wahala

ednut1:
they have been selling off this onshore assets since Buhari time. They want to focus on offshore which is safer and no oil theft or community wahala

Seplat bought many of the fields!