The Chief Executive Officer of Waltersmith Petroman Oil Ltd., called for enhanced security across the Niger Delta to foster a stable operating environment, reduce asset vandalism and curb unrest.
Freeman Chukwuka Ibekwe – Abuja
Nigeria should not be importing crude oil to meet domestic refinery feedstock needs, says the Independent Petroleum Producers Group (IPPG).
Its Chairman, Mr Abdulrazaq Isa, said this at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme, “Making Nigeria a Net Exporter of Petroleum Products.”
Isa emphasised the importance of addressing under-investment and unlocking additional crude oil and gas production to secure Nigeria’s energy future.
He, therefore, urged the government to expedite all pending divestment transactions involving International Oil Companies (IOCs) to maximise national benefits.
Isa, who is also the Chief Eexutive Officer of Waltersmith Petroman Oil Ltd., called for enhanced security across the Niger Delta to foster a stable operating environment, reduce asset vandalism and curb unrest.
He highlighted the need to upgrade and expand the industry’s infrastructure to improve efficiency and ensure reliable product supply to both domestic and export markets.
“Addressing these issues could unlock an incremental production of 500,000 barrels of oil per day and 1.5 MMscf of gas daily in the short to medium term,” he stated.
Isa stressed that the country’s domestic crude oil refining and petrochemical capacity must be sustained through local production.
This, he noted, would help to transform the country into a net exporter of refined products, supporting industrialisation and enhancing foreign exchange earnings.
The IPPG chairman explained that Nigeria’s emergence as a net exporter would require collaboration among industry stakeholders, including policymakers, regulators and Exploration and Production (E&P) and refinery operators.
He added that the rapidly evolving global energy landscape necessitated Nigeria positioning itself to take advantage of new opportunities.
“Today’s summit is a pivotal step towards developing strategies that ensure our refining sector is competitive and resilient,” he added.
Isa noted that IPPG members play a vital role in achieving Nigeria’s refining ambitions and committed to fostering industry growth.
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