OGFZA CEO: Nigeria’s IOCs Shift Focus to Deeper Waters, Sustainable Energy

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Mr. Bamanga Jada, the Chief Executive Officer of the Oil and Gas Free Zones Authority (OGFZA), has addressed misconceptions surrounding the departure of international oil companies (IOCs) from Nigeria.

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Contrary to media reports, Jada clarified that rather than leaving the country, IOCs are strategically divesting into deeper waters and selling off offshore operations. He emphasized that these companies have a longstanding presence in Nigeria, spanning decades, during which they have played a significant role in developing local capacity and transferring technology to Nigerians.

During a televised interview in Lagos, Jada highlighted that IOCs are shifting their focus towards cleaner and more sustainable energy sources, particularly gas exploration in deeper waters within Nigeria’s oil and gas industry. He noted that companies like Shell are reducing investments in hydrocarbons to prioritize environmental concerns, aligning with global efforts to mitigate emissions and promote environmentally friendly energy sources.

Moreover, Jada expressed confidence in Nigeria’s ability to manage onshore downstream petroleum operations, emphasizing the government’s commitment to enhancing the ease of doing business. He cited ongoing discussions with key government officials to improve the efficiency of special economic zones, aiming to attract more investment and bolster infrastructure development.

In terms of specific investments, Jada mentioned that major companies like Shell and Total are actively involved in transitioning to cleaner energy solutions. These companies have pledged substantial investments in gas production, signaling their endorsement of the government’s economic policies and commitment to sustainable development initiatives.

Overall, Jada’s remarks underscored the continued presence and investment of IOCs in Nigeria’s energy sector, highlighting a strategic shift towards cleaner energy sources and technology transfer to support the country’s economic growth agenda.


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