November 30, 2022



IPPG honours trade icons as indigenous producers’ oil, fuel output rises

The Impartial Petroleum Merchandise Group (IPPG), has honoured a few of its members in celebration of the trade icons.

In keeping with Abdulrazaq Isa, Chairman IPPG, the occasion was held to recognise people who contributed immensely to the sector up to now years.

These honoured by IPPG included the pioneer Chair of Seplat, Ambrosie Orjiako, Austin Avuru of Platform Petroleum, Abdulrazaq Isa of Waltersmith, Dr. Tunde Afolabi of Amni Worldwide and Layi Fatona, Pioneer Managing Director of Niger Delta E&P. Others have been: Danjuma Saleh of Waltersmith, Charles Odita, previously of Shell and Midwestern Oil, Oluseye Fadahunsi, Adebayo Ayorinde, Osariemen Owieadolor, Ignatius Ifelayo, Ebiaho Emafo, Pade Durotoye and Dr Ladi Bada.

In a keynote speech on the gala dinner, the Chief Govt of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), Mr Gbenga Komolafe, mentioned that with the surging participation of Nigerians within the oil and fuel sector, native operators at the moment are answerable for as a lot as 50% of pure fuel manufacturing and 30% of crude oil output. Komolafe acknowledged that at the very least 29 property have been divested in recent times and at the moment are being operated by Nigerians.

“As at at present, I’m proud to say that indigenous corporations contribute about 30 per cent of crude oil and 60 per cent of fuel manufacturing in addition to 40 per cent and 32 per cent of oil and fuel reserves respectively,” Komolafe mentioned, including that seven indigenous corporations are among the many prime 20 with the best oil reserves within the nation.

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The NUPRC chief govt mentioned that the IPPG stays a serious pressure within the exploration of the nation’s hydrocarbons assets for optimum worth addition, promising to make sure a clement regulatory surroundings for the oil producers.

He urged IPPG to stay aggressive, undertake innovation in decarbonisation and price effectivity, guarantee good relations with host communities and be ready to make the precise funding in fuel infrastructure.

The IPPG is an umbrella physique of the indigenous Petroleum Exploration and Manufacturing (E&P) corporations in Nigeria.

The Group was established in 2015 with the first goal of selling and advancing the event of the Nigerian power trade. It has 25 members which interact authorities and different trade stakeholders on issues affecting the trade with a view to realising a sustainable trade aspiration and maximising its contribution to the socio-economic growth of Nigeria.

Abdulrazaq Isa, Chairman IPPG, mentioned that enhancing in-country worth extraction of Nigeria’s hydrocarbon assets and supporting the nation’s power safety stay one of many lofty objectives of the group.

He counseled the President, Muhammadu Buhari, for his steps to carry the petroleum trade by way of the passage of the Petroleum Trade Act (PIA) in addition to his help for the group and lauded the clear conduct of the current marginal fields bid rounds.