Major oil companies can exit Nigeria's onshore oil quicker if they take responsibility for spills.
File Image: Nigeria's first oil well that was built in 1956 sits under an uncompleted building in Oloibiri, Bayelsa State, Nigeria February 9, 2024.Major oil companies such as Exxon Mobil and Shell that aim to exit Nigeria’s onshore oil can get quicker approval to do so if they take responsibility for spills rather than wait for authorities to apportion blame, the regulator said yesterday.
“We have the undertaking here. The consent here though fixed for June, could be much shorter,” he said. NURPC is seeking to balance a faster exit for oil majors with protecting the environment, local communities, and the long-term viability of the assets.Analysts say the accelerated option could cost oil majors millions of dollars for cleanups and reparations.
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