In this article, petroleum producers express concern on Nigeria’s oil production which is declining and seeks for urgent reversal.
The Independent Petroleum Producers Group (IPPG) has expressed worries over Nigeria’s oil production decline, saying there is an urgent need to reverse it and strive towards national production goals.
Recall that Nigeria lost its status as the most increased crude oil production member of the Organization of Petroleum Exporting Countries (OPEC) for February 2024, according to the Monthly Oil Market Report.
IPPG is a leading association representing indigenous operators in Nigeria’s petroleum industry committed to advancing the interests of its members and contributing to the sustainable development of Nigeria’s energy sector.
IPPG has sought for action to meet four million barrels of oil per day (bpd) and 13 billion cubic feet (BCF) of gas per day aspiration of the country as they led dialogue on Nigerian Energy Landscape at the just concluded Nigeria International Energy Summit (NIES 2024).
READ: Nigeria’s Crude Oil Production for February Drops By 7.94%
In a statement issued by the President of the group, Mr. Abdulrazaq Isa said all stakeholders must synergize for collaborative and concerted efforts to reverse the crude oil production decline. He articulated a compelling vision for Nigerian independents to reclaim pre-2006 production levels, particularly in onshore and shallow water areas, through robust growth initiatives. He emphasized the imperative of expediting IOC divestment transactions to maximize national interests and optimize value.
“Innovation, collaboration, and resilience are the pillars upon which Nigerian Independents stand to shape our nation’s energy destiny. As we navigate through global shifts and domestic aspirations, it is imperative for us to unite, innovate, and collaborate tirelessly,” said Abdulrazaq Isa.
Under the sub-theme “Innovation, Collaboration, and Resilience: Empowering Independent Producers in the Dynamic Energy Era,” Isa emphasized the urgent need to reverse production declines and strive towards national production goals of 4 million barrels of oil per day (bpd) and 13 billion cubic feet (BCF) of gas per day. He underscored the significance of recent International Oil Company (IOC) divestments by ExxonMobil, ENI, and Shell, identifying these transactions as pivotal opportunities for Nigeria’s oil and gas industry transformation.
READ: PETROLEUM REFINING PROCESSES
He was quoted to have spoken at the Nigerian Petroleum Producers Forum panel session during the recent Nigeria International Energy Summit (NIES 2024). He highlighted the indispensable role of Nigerian Independents in shaping the nation’s energy future amidst global and domestic shifts. The statement noted that the IPPG set the path for charting a sustainable future for independent petroleum producers while leading the dialogue on Nigerian Energy Landscape at the just concluded NIES 2024.
He also highlighted the indispensable role of Nigerian Independents in shaping the nation’s energy future amidst global and domestic shifts. Isa said: “Innovation, collaboration, and resilience are the pillars upon which Nigerian Independents stand to shape our nation’s energy destiny. As we navigate through global shifts and domestic aspirations, it is imperative for us to unite, innovate, and collaborate tirelessly.” The statement explained that the panel session, curated to explore strategies empowering Nigerian Independents amidst industry complexities, aimed to identify policy interventions fostering sustainable growth.
Furthermore, Isa articulated a compelling vision for Nigerian Independents to reclaim pre-2006 production levels, particularly in onshore and shallow water areas, through robust growth initiatives. He emphasized the imperative of expediting IOC divestment transactions to maximize national interests and optimize value. ‘It’s time to empower Nigerian Independents, fortify the industry, and chart a sustainable energy future for Nigeria,’ the IPPG chairman said.
The panel session, curated to explore strategies empowering Nigerian Independents amidst industry complexities, aimed to identify policy interventions fostering sustainable growth.