By Munachimso Obienyi
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has revealed that more international oil companies operating in Nigeria are going to divest from onshore oil and gas assets due to poor earnings caused by the massive crude oil theft across the country.
It also pointed out that this would lead to job losses in the oil sector, but called on indigenous oil companies to take advantage of this to recruit professionals and grow in-country capacity.
The NUPRC disclosed this at the Energy and Labour Summit of the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja.
“Fundamentally, it is important to note that within the next few years, most IOCs shall divest from onshore oil and gas assets due to poor return on investment as a result of crude oil theft, and this may pose threat to job security,” the Chief Executive, NUPRC, Gbenga Komolafe, stated.
He further said, “However, it is expected that indigenous players would leverage on this to recruit experienced professionals who will in turn grow local capacity.
