By Felicia Nwosu

As part of the efforts to fully optimise the country’s production base through development strategies and policies, the Independent Petroleum Producers Group (IPPG) said there is a need to adopt a more comprehensive approach towards upgrading the policy frameworks of the Petroleum Industry Act (PIA) and other related matters. This was disclosed by the Chairman of IPPG, Mr. Abdulrazaq Isa, in Lagos.

He said that the key priority areas include amending critical aspects of the PIA to strengthen the regulatory framework and competitiveness of the fiscal regime; enhancing security across the Niger Delta; expediting the conclusion of ongoing International Oil companies’ (IOCs) divestments; sustaining the implementation of the “Decade of Gas” policy and holistically addressing inherent inefficiencies within our industry which has driven costs to astronomical levels”.

Isa submitted that the move would attract the level of investment required to fully optimize the country’s production base with focus on some key priorities in the short to medium term.

Reiterating the IPPG’s commitment to achieving production targets by the turn of the decade, the IPPG’s boss said their arms are open for collaboration with the government and other stakeholders to optimize growth opportunities, emphasizing the importance of sustained advocacy efforts in 2024.

“Based on the vast hydrocarbon resources at our disposal and the ongoing global decarbonisation drive, achieving production targets of 4mmb/d of oil and 12 bcf/d of gas by the turn of the decade should be non-negotiable,” he said.

Also present at the event was the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who enjoined IPPG members to support President Tinubu’s quest to achieve the 2 million bpd target.

“IPPG is a critical institution for Nigeria’s energy future. We will prioritize IPPG members who have proven oil assets during the next marginal field bid rounds,” he added.

On her part, Special Adviser to the President on Energy, Mrs. Olu Verheijen, revealed that President Tinubu has approved an Import Duty Waiver to promote the utilization and supply of gas in the domestic market, covering equipment related to Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG). She shared insights from her recent stakeholder engagements.

“From my engagements with leading international and independent oil and gas companies operating in Nigeria, there are massive investment opportunities for the energy sector, estimated at $55.2 billion projected by 2030, of which $13.5 billion is expected to be invested by these companies in 12 months’ time,” she added.

His Excellency, Babajide Sanwo-Olu, the Executive Governor of Lagos State, also pledged that the state government is committed to supporting a valuable cause, especially a symbiotic one, as their progress will ultimately create positive impact and rub off on the progress of the state.