The Federal Government has explained why multinational oil majors are leaving Nigeria, blaming the intermediaries in the oil industry. Minister of State for Petroleum Resources, Heineken Lokpobiri, disclosed this while launching the Petroleum Technology Association of Nigeria’s Sub-Saharan Africa International Petroleum Conference.
According to Lokpobiri, the presence of too many middlemen in the sector has severely impacted operations, leading to the departure of major oil service giants such as Schlumberger, Halliburton, and McDermott.
“We have made mistakes. And I’m saying this specifically so that all African countries here today will not make the mistake that Nigeria made,” the minister stated.
He continued to explain that when he came into office, the stark reality dawned on him that the majority of multinational oil service players had shipped out their bags and left, leaving behind an industry monopoly.
“The other big boys—Schlumberger, Halliburton, McDermott—they’ve all departed. Saipem alone from the Italian remains.
The majority of you who are in PETAN started your career in such companies and you developed your capability there,” he added.
