Oil And Gas, Quickest Way For Nigeria To Overcome Economic Hardship – Minister.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has emphasized that Nigeria’s quickest path to overcoming current economic challenges lies in the exploration and production of oil and gas. Lokpobiri stated that the government is actively involved in policy development aimed at maximizing the utilization of all available oil and gas reserves in the country.
During a visit to members of the Petroleum Technology Association of Nigeria (PETAN) in Lagos, Lokpobiri underscored the federal government’s readiness to collaborate with PETAN to boost Nigeria’s oil production and revenue.
Highlighting the importance of utilizing idle oil wells, Lokpobiri remarked, “No country leaves their wells idle. In Nigeria, many seismic activities have been conducted, and we have numerous oil wells that are yet to be utilized.” He emphasized the significance of tapping into these resources, especially considering the transition to cleaner energy worldwide.
“Our policy direction aims to explore options for utilizing these idle wells effectively,” Lokpobiri continued. “Some of these wells have been drilled and capped since the 1970s, presenting low-hanging fruits for increased production.”
Lokpobiri stressed that increasing oil production is crucial for the growth of Nigeria’s midstream and downstream sectors. He expressed his belief in collaboration between the government and PETAN to seize opportunities in the industry for the nation’s economic prosperity and development.
The Chairman of PETAN, Engr. Wole Ogunsanya, reiterated the association’s commitment to supporting the Minister and President Tinubu’s efforts to boost oil production and develop the energy sector. He also urged the government to consider granting incentives to stakeholders to enhance output and economic benefits for the industry and the nation as a whole.
“Honorable Minister, we appreciate your leadership and assure you of our alignment with the president’s vision,” Ogunsanya stated. “As we have consistently emphasized, the nation must demonstrate its indigenous capacity to explore and drill oil independently.”
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Ogunsanya affirmed PETAN members’ readiness to contribute to the development of the Nigerian oil and gas sector, emphasizing their willingness to collaborate for the industry’s growth and the nation’s prosperity.
