Nigeria can exceed its current level of oil production of about 2 million barrels per day (bpd) of crude oil to about 3 million bpd with the application of innovation, technology and partnership.
Ibe Kachikwu, minister of state for petroleum who stated this during the opening of the Nigeria oil and gas opportunity fair 2017 held in Uyo said there are lots of opportunity in the sector adding however that steps must be taken to reduce the time spent on bureaucracy in the sector.
According to him, the Federal Government has reached an agreement oil majors to ensure the funding challenges associated with finances are addressed.
“We must be willing to focus on the finances of the sector, we must look at new ways of doing things, we want an oil industry that is transparent,’’ he said.
The minister who lauded the peace efforts of the Federal Government in dialoguing with stakeholders in the oil producing Niger Region of the country noted that the efforts have started to yield dividends as “there has not been any incident for three months involving attacks of oil facilities.”
Kachikwu who urged Nigerians to seize the opportunities available in the industry being saying that the Federal Government has provided an enabling environment for business to thrive in the industry maintaining that practical steps including transparency and funding must be taken to boost oil production.
Declaring the fair open which attended by major oil companies and other stakeholders in the country, Governor Udom Emmanuel Of Akwa Ibom State called for capacity building to enable Nigerians assume leadership positions in the country.
According to him, skills acquisition centres should be established in the Niger Delta region and pledged to work towards accessing funds provided by the local content development fund for capacity building.
“If we must leave a legacy, we must look at skills development and capacity building,’’ he said.
The governor urged the International Oil Companies (IOCs) to sign Memorandum of Understanding (MoU) with the host communities adding that such MoUs should be respected by the oil companies
The governor who reiterated the call for ExxonMobil to relocate its administrative headquarters to Akwa Ibom State said the Akwa Ibom government would be ready to meet any commitment given in principle by the oil company with 24 months maintaining that the state government is ready to do business with the oil companies.
Earlier, Bassey Albert Akpan, chairman, Senate committee on gas resources said the upper chamber of the National is willing to work for the passage of the Petroleum Industry and Governance bill adding that when it is passed, the industry would not remain the same again,
He said if the local content law is properly implemented, it would change the face of the oil industry in the country and urged the IOCs to give opportunity to Nigerians in the industry.
Akpan commended the oil majors for their contributions to development of the oil industry.
