By Adedapo Adesanya
President Bola Tinubu is anticipating enhanced crude oil and gas production in the country based on the Petroleum Industry Act (PIA), signed by his predecessor, Mr Muhammadu Buhari, to catalyse a transformative shift in the sector.
This was disclosed by the Minister of State for Petroleum Resources in charge of oil, Mr Heineken Lokpobiri, who noted that the federal government remained ready to fast-track the processes for continued drilling by international oil companies operating in the country.
The Minister, who was speaking when he met with the Managing Director of TotalEnergies EP Nigeria Limited, Mr Matthieu Bouyer, said he was currently engaging with industry players to push toward an enhanced crude oil production capacity in the country.
He assured that the government would continue to partner with IOCs for increased oil production and remains committed to a thriving petroleum sector that will be beneficial to all stakeholders.
He said: “In line with our objective of ramping up crude production, I have engaged with key industry players and a critical point emerged — the collaborative push towards enhanced crude production and I have actively engaged stakeholders to bolster our efforts.
“During these discussions, I conveyed President Tinubu’s anticipation for dialogues centred on productivity enhancement especially as the Petroleum Industry Act has catalyzed a transformative shift in our sector, aligning interests across the board.
“A confidential exchange with TotalEnergies solidified their commitment to drill, and I assured you of our readiness to fast-track all processes.
“Our commitment is resolute, aiming for swift implementation and aligning efforts with national goals. As we traverse this collaborative journey, the shared vision is clear – a thriving oil sector benefiting all stakeholders.
“Looking ahead into 2024, our focus extends to forging partnerships with various International Oil Companies (IOCs), aligning with our vision for increased crude production.”
The PIA (2021) with its enhanced legal and regulatory frameworks seeks to encourage new investors and investments in the oil sector.
As the country faces challenges of declining oil production from mature fields, the PIA aims to enhance the sector’s attractiveness for foreign investment, ensuring a market-driven regulatory environment that will accelerate the country’s industry developments.
PIA comprises a complete overhaul of the administrative, regulatory, and fiscal regime in Nigeria’s energy sector, restructuring key petroleum institutions to streamline processes and drive the country’s oil and gas industry expansion.
