Abdulrazaq Isa, chairman of the Independent Petroleum Producers Group (IPPG), has said there is clear testimony that the 27-member indigenous oil and gas exploration and production group, which is a product of the Federal Government’s Nigerian content policy, has recorded huge success.
“The emergence of the indigenous exploration and production companies is a testament to the successful local content policy,” said Isa during his speech at the opening ceremony of the 11th Practical Nigerian Content Forum, in Uyo, Akwa Ibom State.
“There is no better or clearer way to demonstrate that Nigerian Content is working.”
The IPPG chairman said that the government’s effort in deepening local content in the Nigerian oil and gas industry is paying dividends and it is imperative that the effort is sustained and greater focus placed on bridging the capacity gap and addressing funding challenges.
Read also: Lekoil Nigeria settles row with Cayman subsidiary
“Nigerian-owned companies are beginning to play more active roles across the industry. Indigenous companies are now penetrating areas that were once solely dominated by foreign players,” Isa said.
Isa reaffirmed IPPG’s commitment to full compliance with the provisions of the Nigerian Oil and Gas Industry Content Development Act.
He said the group will continue to partner with the Nigerian Content Development and Monitoring Board, as it aims to strengthen in-country capacity and increase Nigerian content, and all relevant stakeholders for the benefit of the industry as well as Nigeria.
The IPPG said the theme of the conference – ‘Deepening Nigerian Content Opportunities in the Decade of Gas’ – underscored the importance of repositioning Nigeria’s oil and gas industry in the face of the ongoing global energy transition as well as divestment of assets by the international oil companies in Nigeria.
According to the group, the journey towards de-carbonisation of the energy mix is well underway and Nigeria cannot afford to be left behind.
It said, “Our focus 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 and deploying same to guarantee our energy security.
“It is reassuring that proactive and concerted efforts are being undertaken by the government, in particular, towards pushing gas as a major pathway for Nigeria’s net-zero 2060 commitment.”
IPPG also said that the group fully supports the declaration of 2021-2030 as the ‘Decade of Gas’ and will work with all stakeholders to harness Nigeria’s gas resources.
This is because the policy has provided the country with an opportunity to “galvanise the industry to fully utilise and commercialise the nation’s abundant gas resources to rapidly catalyse other sectors of the economy.
Isa congratulated Timipre Sylva, minister of state for petroleum resources, for the major role he played in the realisation of President Muhammadu Buhari’s vision for the oil and gas industry.
He also commended Simbi Wabote, executive secretary at NCDMB, for organising the annual practical Nigerian content forum, which he described as “the flagship event that has provided an opportunity to see Nigerian Content in Action by highlighting the monumental achievements recorded to date.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
