Oil, Gas Reforms Will Make Nigeria’s Petroleum Sector Globally Competitive, Says Tinubu

President Bola Tinubu said the three Executive Orders he signed on oil and gas reforms will make Nigeria's petroleum sector competitive worldwide.

During a meeting with a delegation from ExxonMobil Upstream Company, the president stressed that these reforms would prevent any oil company from facing unnecessary difficulties in the country. The delegation was led by ExxonMobil Upstream Company's President Liam Mallon.

The three Executive Orders that became effective from Feb. 28 onwards include Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, Presidential Directive on Local Content Compliance Requirements and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines.

Tinubu pledged to the ExxonMobil delegation that his administration was committed to solving the divestment problems between the company and Seplat Energy, which were currently in legal disputes.

"We have been pushing for closure on divestment issues, and I believe the other party, Seplat, is open to this," he said, as per the official statement shared on the State House website.

The president praised the company for showing commitment to environmental protection in Nigeria, adding that it helps to reduce gas flaring in the country.

"Nigeria is going through a lot of reforms, and we have been navigating the leadership quarters carefully to ensure that we achieve a win-win situation for all parties and attract more investments," he said.

"We are close enough to be fair and blunt with you, and we are not afraid to hear from you on better options and recommendations for the growth of the industry in Nigeria."

The meeting was also attended by the Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri and the Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo. Both of them discussed issues such as divestment, decommissioning and abandonment as regards the company.

"Mr. President has given a clear directive to the NNPC GCEO and I to resolve the issue of divestment, and we are doing whatever we can to achieve that," Lokpobiri said.

"The reforms driven by the three Executive Orders will ensure that companies operating in Nigeria have the best environment to continue making their investments and that no company will seek to leave Nigeria."

Mallon thanked the Nigerian government for the support of the company, pledging long-term commitment to the country's energy sector.