President Bola Ahmed Tinubu has issued a stern warning to marginal oil field licence holders who lack the capacity to operate, urging them to leave the sector rather than waste valuable time and resources.
The President made this declaration on Wednesday during the commissioning of Green Energy International Limited’s (GEIL) $400 million crude oil export terminal in Otakikpo, Rivers State. Tinubu was represented at the event by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
In his remarks, Tinubu emphasised the need for serious commitment from marginal field operators, stating that those who cannot meet the minimum work obligations set by regulatory authorities should consider leaving the industry.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licences,” he said. “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.”
The President stressed that the oil and gas industry is critical to Nigeria’s economic development and must not be hampered by non-performing operators.
Speaking on the significance of the newly commissioned terminal, Tinubu described GEIL’s $400 million investment as a major milestone for the oil and gas sector. He noted that the facility, located in the Niger Delta region, is poised to unlock billions of barrels in crude oil reserves and significantly boost Nigeria’s export capacity.
“The 750,000-barrel crude oil export terminal, which is expandable to 3 million barrels, will help address the persistent challenge of crude evacuation in our oil industry,” Tinubu said.
He commended GEIL for its commitment to indigenous participation and infrastructure development, adding that such investments are vital to achieving the government’s energy goals and ensuring the country maintains its relevance in the global oil market.
The commissioning of the Otakikpo terminal marks a step forward in the government’s strategy to enhance crude oil production, reduce losses due to evacuation bottlenecks, and strengthen the role of local players in the upstream oil sector.
