Independent Oil Firms Seek Action To Meet 4m Daily Oil Production

The Independent Petroleum Producers Group (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).

In a keynote address delivered by the chairman of the Independent Petroleum Producers Group (IPPG), Abdulrazaq Isa, at the Nigerian Petroleum Producers Forum panel session during the NIES 2024, highlighted the indispensable role of Nigerian Independents in shaping the nation’s energy future amidst global and domestic shifts.

“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 emphasised 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.

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 emphasised the imperative of expediting IOC divestment transactions to maximise national interests and optimise value. ‘It’s time to empower Nigerian Independents, fortify the industry, and chart a sustainable energy future for Nigeria,’ the IPPG chairman said.

RELATED

Firm Launches Drive To Strengthen Enterprise Risk Management Practices Across Africa

7 hours ago

FIRS Hosts Tax Clinic For Emerging Taxpayers In Lagos

11 hours ago

The panel session, curated to explore strategies empowering Nigerian Independents amidst industry complexities, aimed to identify policy interventions fostering sustainable growth.

Key areas of focus included sustainable financing frameworks for IOC divestments, enhanced security to mitigate disruptions, technology transfer facilitation, and ensuring asset integrity.

While acknowledging the expertise of the panellists and anticipating robust contributions to addressing critical industry challenges, Isa urged active participation in the session to collectively chart a path forward, empowering Nigerian Independents, fortifying the industry, and contributing to Nigeria’s sustainable energy future.

Members of the panel include;  Executive Director Oando Plc/ COO Oando Energy Resources, Dr. Ainojie Alex Irune; CEO, Exxonmobil Nigeria, Shane Harris;  executive vice president (E & P), NNPC Limited, Oritsemeyiwa Eyesan; CEO, TotalEnergies, Matthieu Bouyer;  managing director, First E&P Development Co Ltd, Demola Adeyemi-Bero; managing director, SNEPCo, Elohor Aiboni; and CEO, Aradel Holdings Plc, Adegbite Falade.

The Independent Petroleum Producers Group (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.