IPPG pledges continued partnership for Nigeria’s oil sector growth

The Independent Petroleum Producers Group (IPPG) has said it will continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.

Abdulrazaq Isa, the chairman of the IPPG, said this during the group’s 2022 annual dinner held in Lagos recently, according to a statement.

“The Nigerian oil and gas industry has evolved over the last two years with the enactment of the Petroleum Industry Act, large IOC [international oil companies) divestment announcements, and Nigeria’s commitment to 2060 net-zero aspirations. This means that a holistic re-positioning of our industry has become necessary,” Isa said.

He commended the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Regulatory Authority for their diligent implementation of the Petroleum Industry Act (PIA) and their adopted approach of engaging all stakeholders in this regard.

“The year 2023 promises to be a very important year for our industry; not only will our dear country be witnessing a political transition come May 2023, but we shall begin to see numerous changes across the entire oil and gas value chain,” he said.

Read also: Oil majors bypass Nigeria, plan billion-dollar spree in 2023

He said the tangible effects of the PIA implementation, conclusion of the IOC divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; the implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will set the tone and direction for Nigeria’s oil and gas industry in the years to come.

According to Isa, the IPPG has an important role to play going forward and is best placed to ensure the optimal development of Nigeria’s hydrocarbon resources.

He said the indigenous producers have demonstrated financial and technical capability to develop the country’s hydrocarbon resources, with proven appetite for supporting the government’s energy security vision through building a broader value-adding midstream and downstream businesses.

“It is therefore imperative that our advocacy effort in 2023 should be focused on creating collective support and deliberate collaboration with the government, industry regulators and Nigerian financial institutions, working in concert, to optimise the numerous growth opportunities available across the industry,” Isa said.

He reiterated that the group’s priority as an industry, in the short to medium term, “must be to rapidly exploit our hydrocarbon assets for the socio-economic transformation of our country. To this end, IPPG will continue to work closely with the government to achieve all its aspirations for the industry which is primarily centred on energy availability, affordability and security for all Nigerians now and in the coming years.”