GROUP SUPPORTS SUSPENSION OF TRANSFER OF ELAND’S OML 40 STAKE TO SEPLAT

Stakeholders in the Oil and Gas Industry have expressed support for the suspension of the planned transfer of Eland’s interest in the Oil Mining Lease (OML) 40 to Seplat Petroleum Development Company, after a court in United Kingdom recently threw spanner in the works of the proposed transfer to SEPLAT, which is quoted on the London Stoke Exchange.

Nigerian oil industry stakeholders and NGO, Nigeria Oil Reformers claimed that George Maxwell faulted the plan to transfer a national oil and gas assets to the LSE-listed company without due approval of the Nigeria Petroleum Development Company (NPDC), Starcrest, which is a major local partner in the Joint Venture.

The group, in a statement on Thursday, said the plan did not enjoy approval from the LSE and Nigeria Stock Exchange, remarking that it smirks of desperation on those behind the plot.

Spokesperson of the group, who signed the document, slammed the George Maxwell-led company for demonstrating “lack of understanding of the regulatory process for the transfer of interest in oil and gas assets and change of company’s control.

He further stated that the development was in disdain of Nigeria’s right to her crude reserves as enshrined in the principles of Permanent Sovereignty over Natural Resources, which aim is to protect developing countries from external economic and political interference.

Nigeria Oil Reformers applauded the move by the NPDC, which manages Nigeria’s interest in the oil facility and original operator of the field to also indicate its capability at matching SEPLAT’s valuation of the asset.

While noting that although Eland could boast of some verifiable technical expertise, Goerge Maxwell’s management of the partner’s relationship in Nigeria could affect the company.

Phillips vowed that the NOR would continue to play its part in ensuring that the efforts of President, Muhammadu Buhari at sanitizing economic activities, especially in the oil and gas sector is not only sustained but improved upon in the interest of the investors and the generality of the citizens.