Wednesday, August 31, 2011

Alison-Madueke Blames International Oil Companies, Contractors for Capital Flight

This Day
30 August 2011

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has expressed concern that after many decades of oil exploration and production in Nigeria, contractors and multinational oil companies, (International Oil Companies) that had done business worth several hundred millions of dollars in Nigeria, had not left appreciable footprint in the petroleum industry.

She said, instead these operators place more emphasis on speedy achievement of first oil and generation of revenue without paying attention to actions that add value to the economy.

Speaking at the just-concluded annual conference by National Association of Energy Correspondents (NAEC) in Lagos, the Minister lamented that major operators in the industry relied on the importation of goods and services from abroad without making provisions to develop sustainable capabilities within Nigeria that would support life cycle operations in Nigeria.

She said: "Instead the trend has been to look to foreign countries for procurement of equipment, spares and technology in support of their operations in Nigeria and Gulf of Guinea region".

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