Peter Uzoho
The Minister of State for Petroleum Sources (Oil), Heineken Lokpobiri, has expressed the federal authorities’s readiness to collaborate with oilfield service corporations beneath the umbrella of Petroleum Know-how Affiliation of Nigeria (PETAN) in a bid to develop the nation’s oil and fuel sources for elevated manufacturing and income era.
The minister gave the reassurance when he visited members of PETAN in Lagos, the place they’d far-reaching interplay concerning the state of the oil sector, particularly on methods to deal with waning funding and manufacturing decline.
Lokpobiri, affirmed that the federal authorities was placing up measures to revive oil manufacturing, saying there was want for the ministry and PETAN to work collectively to maximise all obtainable alternatives that might assist improve manufacturing within the nation.
He famous that the quickest method for the nation to beat the present financial hardship was via the exploration and manufacturing of oil and fuel.
He added, subsequently, that the federal government was actively engaged in coverage evolution, geared toward maximising the utilisation of all obtainable oil and fuel wells within the nation.
Lokpobiri said, “No nation leaves their effectively idle, in Nigeria so many seismic actions have been carried out and we now have loads of oil wells which are but to be utilized.
“Think about, one of many OML’s has about 150 idle wells. There isn’t any method we are able to improve manufacturing if these wells proceed to be idle. The wells are already drilled and capped since Nineteen Seventies. These are low-hanging fruits.
“A part of our coverage course is to see how we are able to farm out a few of these idle wells for correct utilisation. Now that the world is transiting to cleaner power, the nation should use the obtainable time to maximise the utilisation of the wells to extend manufacturing.
‘’Besides we improve our manufacturing, our midstream and downstream will proceed to undergo. So, I consider that I and PETAN have to work collectively in order that we are able to maximise the alternatives the trade can avail us, for the financial prosperity and growth of the nation.’’
The minister mentioned he had made a robust dedication to work with PETAN and different Nigerians within the oil and fuel sector, who’ve proven confirmed capability to make sure the expansion of the sector.
He expressed conviction that the answer to Nigeria’s power poverty was with each stakeholder, stressing that no one or nation would come to salvage the nation’s oil and fuel trade besides Nigerians.
The minister mentioned if Nigerians had been allowed to play on the fascinating degree, there can be loads of enchancment within the petroleum sector.
He additionally identified that the essence of the Native Content material legislation was to allow Nigerians to construct robust capability to have the ability to play aspect by aspect with their worldwide counterparts.
Lokpobiri famous that Nigeria has not depleted her oil reserve, saying slightly, with the elevated reserve that was introduced a number of days in the past by the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), it was expedient that the Nigerian authorities will do all it might to drill extra wells.
The NUPRC had introduced an increase in Nigeria’s hydrocarbon reserves as of January 1, 2024, with the nation’s crude oil reserve leaping by 1.087 billion barrels and fuel reserves surging by as a lot as 2.573 trillion Cubic Ft (TCF).
From the NUPRC’s statutory declaration, Nigeria now boasts of 37.5 billion crude oil reserves, whereas its complete fuel sources as of the start of this yr, now stands at 209.26 TCF.
The minister mentioned the President Bola Tinubu-led administration is doing all it might to take the nation to a greater financial standing among the many comity of the nations.
He affirmed that one of many cardinal factors of the president was to deal with the nation’s power poverty, noting that because the world is transiting, the nation should handle its challenges to allow the nation transit as effectively.
Earlier in his remarks, the Chairman of PETAN and Chief Government Officer of Geoplex Drillteq Restricted, Mr. Wole Ogunsanya, reiterated the affiliation’s dedication to supporting the minister and all of the efforts of President Tinubu towards rising oil manufacturing and growth of the power sector.
He additionally referred to as on the federal government to see the way it might grant incentives to stakeholders in a bid to make sure higher output and financial profit for the trade and the nation at giant.
Ogunsanya mentioned, ‘’Honorable Minister, we thanks and guarantee you that we’ll proceed to align ourself with the imaginative and prescient of the president. And as we now have frequently mentioned, the nation should present its indigenous capability to discover and drill oil 100%.”
He affirmed his PETAN members’ readiness to assist in the event of the Nigerian oil and fuel sector.
Additionally talking, the Publicity Secretary of PETAN, Dr. Harmless Akuvue, assured the minister of the affiliation’s dedication to assist the federal authorities in its efforts to revamp the petroleum sector for exponential development.