Ngeria: FG to oil firms, ramp up production to meet OPEC quota
The Minister of State for Petroleum Resources, Gas, Ekperenkpo Ekpo, has called on oil and gas stakeholders to collaborate to meet the quota approved by the Organisation of Petroleum Exporting Countries (OPEC)
Ekpo gave the appeal on Wednesday during the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa.
The minister, who was represented by the Permanent Secretary, Mr Emeka Obi, noted that the oil output of 1.4 million barrels per day as of the first quarter of 2025 fell short of the 1.8 million barrels quota approved by OPEC.
He pointed out that with the nation's oil reserve and a commitment by industry players, there is an opportunity to meet the quota.
The theme of this year's event is: 'Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development'.
The minister commended the Nigeria Content Development and Monitoring Board (NCDMB) for the fair showcasing opportunities for Nigerian companies.
He said that the growth of Nigerian content from five per cent in 2010 and 56 per cent in 2024 was a laudable achievement.
Some 1,000 companies are participating in the fair, where major oil producers showcase opportunities and projects.
Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, in he s keynote address, pointed out that driving investment and production growth in Nigeria's oil and gas industry required a multifaceted approach.
According to him, it would demand creating a favourable investment climate, developing indigenous capacity, and ensuring sustainability through environmental stewardship.
'By working together, we can shape a future where the oil and gas sector continues to be a pillar of our economy, contributing to national development and improving the quality of life for all Nigerians,' he said.
Komolafe, who was represented by the Commission's Executive Commissioner, Health, Safety, Environment and Community, said that Nigeria's oil and gas industry has long been the mainstay of our economy, contributing significantly to the nation's foreign exchange earnings, providing substantial revenue for the nation's development.
'It is crucial to acknowledge the sector's role in our economic history while recognising the urgent need to adapt and transform it to meet future challenges and opportunities,' he said
To achieve sustainable growth in the oil and gas sector, he pointed out that robust upstream investments are essential.
According to him, attracting both local and foreign investment required concerted efforts to create an enabling environment characterised by stability, transparency, and regulatory certainty.
He pointed out that investors must have confidence in the industry's legal and fiscal frameworks, confident that their investments are secured and will deliver profitable returns.
'Production growth, on the other hand, hinges on optimising our existing resources and exploring new frontiers.
'This involves adopting cutting-edge technologies and best practices to enhance efficiency and reduce operational costs. It also means investing in infrastructure development to support exploration, development and production activities,' he said
By doing so, he said the nation can maximise its production capacity and ensure a steady crude oil and gas supply to meet both domestic and international demand.
He reeled out the NUPRC's mission in promoting sustainable value creation from Nigeria's Petroleum Resources for shared prosperity, urging stakeholders not to lose sight of the need for sustainability and environmental stewardship as they focus on investment and production growth.
'The oil and gas industry has a significant environmental footprint, and it is our responsibility to mitigate its impact. This involves adopting cleaner technologies, reducing emissions, and ensuring responsible resource management.
'The NUPRC is positioned and has developed various initiatives that align with the national goals and the Petroleum Industry Act 2021. We recognise the connectivity between climate change and energy security, particularly within the context of upstream petroleum operations.
'We are committed to fostering a sustainable and resilient industry that minimises its environmental impact on our host communities, while optimising our hydrocarbon development for our collective benefit,' Komolafe said.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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