By Bassey Udo
Achieving first oil from Ikike field operated by TotalEnergies is evidence the Petroleum Industry Act (PIA) enacted in 2021 has started yielding positive fruits, Minister of State for Petroleum Resources, Timipre Sylva, has said.
The Minister stated this in Port Harcourt on Thursday the event to commemorate the achievement of first oil milestone in the development of the oil field.
Sylva was represented by the Director overseeing the Office of the Permanent Secretary, Ministry of Petroleum Resources, Kamoru Busari, who congratulated TotalEnergies for the achievement of the 50,000 barrels per day production startup in the Ikike field development project, amid the quest for energy transition and defunding of hydrocarbon projects by major oil companies.
He assured TotalEnergies of the support of the Ministry of Petroleum Resources to do more in monetizing the Nigerian abundant oil and gas resources for the benefit of Nigerians within the transition to net-zero window between now and 2060 pledged by Nigeria.
The project, he said, would encourage other operators, both Indigenous oil companies and international oil companies to emulate TotalEnergies in partnering with Nigeria to achieve a just energy transition and liberate Nigerians from energy poverty.
One of the major mandates of the Ministry of Petroleum Resources, the Minister said, was to increase crude oil production from the current 2.3 million BPD to 3 million BPD production ceiling by the Organization of Petroleum Exporting Countries (OPEC).
He said the 50,000 BPD milestone would contribute significantly in achieving this mandate, adding in this regard, TotalEnergies would be contributing its quota as a major player in the industry.
The Minister said the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari was a demonstration of the government’s resolve to promote growth and investments in the oil and gas sector of the economy.
“I feel greatly honoured to be invited to this ceremony and want to also congratulate and thank TotalEnergies EP Nigeria Limited for the gigantic milestone achievement (Start up of the Ikike field development project – 50,000 bpd in the mist of the Energy transition clamour and defunding of Hydrocarbon projects by major Oil companies.
“I have no doubt that this achievement is one of the clear signals that Petroleum Industry Act 2021, has started yielding positive results. We wish to identify with TotalEnergies in this milestone achievement as a partner in just energy transition, which is what the Honourable Minister of State, Nigeria Government and Africa has been clamouring for,” the Minister said.