Oil & Energy
Huge Divestment By IOCs, Opportunity For Local Investors – Alison-Madueke
International Oil Com
panies (IOCs) operating in the country may divest about N2 trilion worth of oil blocks by the end of this year, says the Petroleum Minister, Mrs Diezani Alison-Madueke.
The Minister revealed that some of the oil companies have either sold off or were in the process of selling up to 28 oil blocks since 2010.
She said the oil blocks account for about 2.2 billion barrels of crude worth about N840 billion.
The Minister who made the disclosure at the Offshore technology Conference (OTC) in Houston, Texas however allayed fears that the unfolding situation could lead to crisis in the country.
Represented at the event by the GMD of Nigeria National Petroleum Corporation, Mr. Andrew Yakubu, the Minister said the divestment in the upstream sector of the oil industry by IOCs such as Shell, Total, Agip, Chevron and Conocophilips have continued to create an opportunity for participation in the industry by Nigerian Private sector.
“The divestment campaign was highly competitive and attracted interest from a number of indigenous and foreign companies”, she said.
She noted that at the end, the total number of blocks that are likely to be divested was extimated to exceed 20 with not less than four billions of oil equivalent and a monetary value about $11.5 billion.
She, however stated that Nigeria’s oil production had remained steady at about two million barrels of global production.
She also said that gas production has increased from 2.4 billion cubic feet per day in 2009 to about 8.0 billion cubic feet per day at present, representing about 1.1 per cent of global gas production.
Alison-Madueke explained that reason for the divestment by the IOCs is that they are moving into more challenging frontiers in the deep offshore while leaving the onshore which they consider less profitable.
She also added that some of the IOCs had been sitting on oil blocks and have allowed the acreage to go fallow for years without significant development.
The Minister assured that the IOCs remain very much present in Nigeria as Shell still retains ownership of 34 onshore blocks, while Total Exxon Mobile and Chevron are still committing large amounts of capital to assets offshore Nigeria.
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Oil & Energy
Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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