President Bola Ahmed Tinubu has warned marginal oil field licence holders in Nigeria without capacity to look for something else to do instead of wasting their time in the country’s oil and gas industry.
He made this known during the commissioning of the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, on Wednesday.
Tinubu, represented by Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, noted that marginal oil field licence holders must meet all obligations expected of them.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licences. If you don’t have the capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,” he stated.
Tinubu earlier stated that GEIL’s $400 million crude oil export terminal in the Niger Delta Region would unlock billions of barrels of reserves and create value for the economy.
According to him, the 750,000-barrel facility, expandable to 3 million barrels, will help ameliorate the evacuation of crude oil challenge in the country’s oil sector.
