Nigeria’s rig owners urge FG to seek alternative funding for JV operations

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Rig owners in Nigeria have tasked the Federal Government on implementing the alternative funding stream for joint venture operations approved during a meeting of the Federal Executive Council, chaired by Prof. Yemi Osinbajo in November last year, The Guardian reports.

The operators regretted that the inability of government to execute the plan has further thrown the industry into instability, which has drastically affected the nation’s economy. This was stated in Port Harcourt, Rivers State, during the 2017 Annual Rig Owners and Operators Meeting with the Department of Petroleum Resources (DPR).

Speaking, the Chairman, International Association of Drilling Contractors, Nigeria Chapter, Ote Enaibe, said the inability of government to fulfill its share of the joint venture funding has frozen the activities of rig operators in the industry.

He said: “What is killing us in the industry is lack of alternative funding, we need that funding regime to be implemented, so that funds can be raised through it and the rigs would be operated and the economy thrives.”