Bayelsa government woos investors with OPL 240 oil field

Bayelsa State Governor, Douye Diri, has declared that the state government is open to negotiations with interested investors on developing its OPL 240 Oil Field.

He stated this during a visit of the management of First Exploration and Production Company, led by former Minster of State for Petroleum Resources, Odein Ajumogobia, to Government House, Yenagoa.

Diri said the state government, which owns the operating licence for OPL 240, was still searching for the right investors to draw up a Memorandum of Understanding (MoU) on the asset.

In a statement issued by his Chief Press Secretary (CPS), Daniel Alabrah, the governor cautioned First Exploration and Production Company against siting their headquarters outside their operational base like other multinational oil companies.

He said having its headquarters in the state would generate other direct investments in the immediate environment, especially as an indigenous company.

The state helmsman assured management of the company that his government was willing to partner and provide a friendly environment to operate.

Diri stressed that the state government, under his watch, was ready and willing to work with the firm, security agencies and other stakeholders to ensure peace for investors in their area of operations.

“The OPL 240 Oil Field matter has been on the table even before my government. I’m sure you would have read about the Atala Oil Field and the purported revocation by the Federal Government. We do not want OPL 240 to suffer a similar fate,” he said.

While commending the company for some of its intervention projects in its host communities, Diri canvassed synergy with the state government for optimum results.

He said the state government had decided to be witnesses to any Global Memorandum of Understanding (GMoU) with communities, especially in the support and development of enterprises.

Diri, who suggested that the company should add agriculture to its corporate social responsibility (CSR) for the state, recalled remarks of a Federal Government agency about the state being bankrupt, arguing that such comments could only be true because the state’s resources were being shared at the centre with a little percentage given to the goose that laid the golden egg.

Speaking Ajumogobia, said the company started operating offshore in the state in 2020, but that it was established in 2011.

He said the visit was to introduce the company to Diri and the state government, as well as express commitment towards improving the living standards of its host communities.

Ajumogobia highlighted some of the firm’s CSR initiatives to include education, health and enterprise development.