A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
Favour Ajibade
The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its oil and gas value chain in 2023.
Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.
He said that the tangible effects of the Petroleum Industry Act implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come.
According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members 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.
He said: " “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”.
The group’ s priority, Isa said, as an industry, in the short to medium term, “is be to rapidly exploit our hydrocarbon assets for the socio-economic transformation of our country
He said 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”.
He assured that the group will continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.
“The Nigerian oil and gas industry has evolved over the last two years with the enactment of the Petroleum Industry Act, large IOC 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 two industry regulators, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), for their diligent implementation of the Petroleum Industry Act (PIA) and their adopted approach of engaging all stakeholders in this regards.i
Also, the Group Chief Executive Officer of Guaranty Trust Holding Company PLC, Mr Segun Agbbaje, said the sector requires huge funding for growth in the years ahead.
In his presentation titled: "The Outlook for Financing the Energy Sector in Nigeria in the Light of the Energy Transition” said that proper finance is key to the industry's growth.
He also offered insights on how to ensure sustainable financing solutions for the development of the nation’s hydrocarbon resources are defined.
Since the establishment of IPPG in 2015, the Group has achieved remarkable growth and remained focused on working with stakeholders for the development of the oil and gas industry for the benefit of the country.
IPPG is a twenty-seven-member association of Nigerian indigenous upstream Exploration and Production companies that constructively engages government and other industry stakeholders on issues affecting the industry with a view to realising a sustainable petroleum industry and maximize its contribution to the socio-economic development of N
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