Breaking News
Translate

Nigeria’s unclear oil and gas policy a discouragement to IOCs — Tein George

By Egufe YAFUGBORHI
OIL services investor, Tein George, has said the absence of a clear national oil and gas policy in Nigeria was responsibile for perceived reluctance by International Oil Companies (IOC) to expand their investments in the country.

Oil

George, Chairman Aveon Offshore, said this in Port Harcourt, Rivers state, where the firm unveiled the Egina Offshore Loading Terminal (OLT) Buoy, a key component to drive the Egina ultra-deep offshore field belonging to Total in Nigeria.

He said, “I have been active in the oil and gas industry for over thirty years. I will soon retire, and it is sad to say I have no clear idea of what the national oil and gas policy is. This is something government must address.

“This is why IOCs are reluctant on investment expansion in the industry. If they are concerned that the fiscal regime governing their operations is opaque, how do government and regulators expect them to invest in refineries and expand their investments” He urged government to redress this challenge by addressing it in the portion of the pending Petroleum Industry Governance Bill to drive new projects in the industry.

“The IOCs should be given room to consider the commerciality of a clear oil and gas policy to guard investors on expansion. People say IOCs do not support the Petroleum Industry Bill. Why would they if they have no clear understanding of the policies?” he asked. The Egina OLT Buoy, built locally by Aveon in concert with APL/NOV was commissioned by Executive Secretary of the Nigerian Content Development and Monitoring Board, Simbi Wabote who rated it, “one of the greatest feat by an indigenous firm in Nigeria”.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.