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Nigeria achieved 100% oil pipeline availability – NNPC
From Femi Folaranmi, Yenagoa
The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, and stakeholders in the oil industry on Tuesday pleaded for more investments in Nigeria’s oil industry to accelerate the development of Nigeria’s economy.
They spoke at the opening ceremony of the Nigeria Oil and Gas Energy Week with the theme: ‘Accelerating Global Energy Progress Through Investments, Partnership and Innovation’ held at the Bola Ahmed Tinubu International Conference Centre, Abuja.
Lokpobiri, who lamented that before the inauguration of the Tinubu administration, Nigeria’s oil industry had been starved of investments for 10 years, stated that the narrative has changed with the restoration of investors’ confidence in Nigeria because of the ongoing reforms.
According to him, the recent three Foreign Direct Investments (FDI) into Nigeria’s oil industry are an indication of the success of the ongoing reforms, which have boosted investors’ confidence.
Lokpobiri also stated that the successful divestment of International Oil Companies (IOCs) has sent the right signal that Nigeria is ready to do business.
He, however, implored industry players, members of the National Assembly, and regulatory agencies to double up efforts to ensure the vision of accelerated development envisaged by the Tinubu administration.
Lokpobiri urged the oil companies to reassess dormant oil wells to ramp up the production of oil in the country.
The Chairman of the Independent Petroleum Producers Group (IPPG), Mr Abdulrazaq Isa, also harped on the need for investments in the oil industry to stimulate accelerated development in the country.
He lauded President Bola Tinubu for listening and implementing requests made by industry players at the beginning of his administration.
“At the beginning of this administration in May 2023, the industry enumerated a wish list to facilitate its rapid advancement and address the existential threat we faced at that time. When we looked back and critically examined the reforms that have been implemented, it is heartwarming that most of the industry requests have been delivered. This is unprecedented and a clear testament to the present administration’s willingness to engage, listen, and most importantly, to act.”
Isa also commended President Tinubu for the ongoing reforms in the industry and for assembling a team at the Nigerian National Petroleum Company Limited made up of the best minds in the industry.
The Group Chief Executive Officer (GCEO) of NNPC, Bashir Bayo Ojulari, disclosed that Nigeria has achieved 100 per cent availability of oil pipelines, a feat which had been impossible for years.
He commended the security agencies, surveillance contractors, and stakeholder collaboration, which have significantly improved the security of the pipelines.
“As of June 29, we have 100 percent availability of our pipelines. Nigeria’s oil industry has been characterised over the years by the issue of insecurity. As of today, different solutions have been put together, and we have been able to surmount that,” he said.
According to him, the development now calls for investments to unlock the incremental barrels in the onshore/offshore shallow waters.