The Independent Petroleum Producers Group (IPPG) on Wednesday asked the Federal Government to swiftly bring to closure all processes involving various pending and ongoing oil divestment plans in the country’s oil and gas sector.
The Chairman of the IPPG, Abdulrazaq Isa, made the call in a goodwill message he presented at the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja.7
Isa gave the opening keynote stater during the panel session for Nigerian Petroleum Producers Forum on the theme: “Innovation, Collaboration and Resilience: Empowering Independent Producers in the Dynamic Energy Era.”
Reflecting on the ongoing divestments by three International Oil Companies (IOCs) in the country, namely, Shell Petroleum Development Company Limited, Chevron Nigeria Limited and Total Energies Limited, Isa highlighting the monumental shift towards indigenous participation and the control in the country’s petroleum sector.
He underscored the potential for increased empowerment, economic growth, and sustainable resource management as indigenous operators assume greater responsibility in the development of the sector.
Isa urged the Federal Government to expedite the conclusion and closure of all divestment processes, citing the urgent need for the government to intervene by facilitatingh a seamless transition.
While commending the industry regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for its robust framework guiding the divestment process, hecalled for enhanced cooperation and support from relevant stakeholders.
The IPPG Chairman’s statement emphasized the pivotal role of independent Nigeria’s petroleum resources in driving economic stability and growth, reaffirming IPPG’s commitment to collaborating with the government to address industry challenges and attract investments for sustained growth.
“Nigeria’s petroleum resources are key to economic stability and growth. We, therefore, call for government’s cooperation to ensure swift closure of divestment processes for sustained industry development,” Isa said.
While expressing gratitude to President Bola Tinubu for his unwavering commitment to progressive reforms within the nation’s energy sector, Isa said spearheading initiatives that have led to a promising uptick in crude oil and natural gas production, signaling a positive trajectory for the industry.
The Chairman also acknowledgment the Ministers of State, Petroleum Resources (Oil & Gas), Heineken Lokpobiri, and his counterpart in Gas, Power Ekperikpe Ekpo, for their proactive stewardship in executing the President’s vision for the oil and gas industry and for convening the esteemed summit, which serves as a pivotal platform for collaboration and problem-solving.
On the theme of the summit, “Navigating the New Energy World Order: Security, Transition, and Finance,” Isa underscored the imperative of robust debates and perspectives to drive progressive change within the energy industry amidst a backdrop of unprecedented disruption and transformation.
Abdulrazaq Isa also used the opportunity to advocate for Nigeria to host the headquarters of the Africa Energy Bank, emphasizing the nation’s position as a leading oil producer in the continent with extensive indigenous participation and expertise.
The IPPG, which is a leading association representing indigenous operators in Nigeria’s petroleum industry committed to advancing the interests of its members and contributing to the sustainable development of Nigeria’s energy sector.
