…Says Indigenous Private sector can compete OICs
Isaac Money -Yenagoa
Minister of State for Petroleum Resources (oil), Senator Heineken Lokpobiri, says Nigeria has the capacity to ramp up crude oil production above 2.5mbpd.
He said, this is possible provided Nigeria drive more investment into the oil sector and create a conducive operating environment for investors of which the country have been active on.
The minister made this remark at the launch of the Project 1MMBOPD Initiative, marking the 3rd anniversary of the NUPRC.
According to Lokpobiri, with Nigeria’s current production level which stands at approximately 1.7 mbpd, including condensates, and given the infrastructure and capacity available, “We have the potential to surpass this target with collaboration between government, industry leadership and the private sector as we implement the PIA to boost investor confidence and foster an environment where investments can thrive”.
He disclosed that Nigeria’s indigenous private sector can pool resources to invest in underutilized oil wells, fields and other shores, and compete with the International Oil Companies ( IOCs) who are going deep offshore.
“By prioritizing problem-solving actions and working together, we can fully realize the potential of Nigeria’s oil industry and accelerate the nation’s economic transformation,” the Minister added.