Heritage Oil, Others Relocate to Delta

Heritage Oil
  • Heritage Oil, Others Relocate to Delta

Heritage Oil Limited and some major oil companies have indicated interest to relocate their headquarters to Delta State, the Commissioner for Oil and Gas in the state, Mr. Mofe Pirah disclosed.

Pirah told journalists in Asaba that the move was a welcome development considering the fact that militant groups like the Niger Delta Avengers (NDA) have repeatedly vandalised oil pipelines while the Niger Delta Greenland Justice Mandate (NDGJM) had repeatedly warned oil companies to leave the region, failing which they would have their facilities totally grounded.

An elated Pirah explained that Heritage Oil, the new operator of OML 30, which was previously operated by the Nigerian Petroleum Development Company (NPDC) has agreed to locate their operational headquarters within the state.

He said: “This is a major achievement considering the fact that proceeds from the acreage, which traverses 111 communities across 10 LGAs that had always gone to Edo State where NPDC have their headquarters.

“We also have understanding with the Nigerian Content Development and Monitoring Board (NCDMB), to site an industrial cluster within Koko, the headquarter of Warri North Local Government Area.”

Sounding optimistic, Pirah maintained that the move will no doubt trigger an accelerated development of the environment as local skills necessary in the oil and gas sector will be developed and the people will have a higher opportunity to deepen their engagement in the industry.

He however lamented that most investors in oil and gas are moving out of the region due to vandalism of facilities by militants, a situation that had reduced revenue accruing to the state due to shortfall in oil production.

According to the Commissioner, over 80 per cent of pipeline vandalism in theoil rich Niger Delta region happen in Delta State, adding that the migration of oil companies has also significantly affected the Internally Generated Revenue (IGR) of the state.

“Investors are moving out of the state in droves as a result of youths’ restiveness and their absence, coupled with a lack of job opportunities for the youths have further compounded security issues within our communities,” he said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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