In 1996, the Federal Government of Nigeria backed the Petroleum (Amendment) Decree Act no. 23, under which marginal fields in OML licenses that were left unproduced for at least 10 years are required to be farmed-out to indigenous E&P companies.
Sirius Petroleum actively supports local indigenous companies in a terrain that has been traditionally dominated by International Oil Companies (IOCs). First oil was produced in 1958 in Oloibiri oilfield in Nigeria. However, there has been a slow transfer of technology and knowledge to Nigerian citizens. Sirius’ goal is to empower the domestic labor market through development of skills, technology transfer, and employment of local manpower. Sirius is a proud supporter of the Local Content Policy (promotion of indigenous participation in upstream industry), to facilitate the repositioning of Nigeria’s oil industry.
Sirius Petroleum have signed agreements with indigenous companies to work towards this goal.