Financial Energy Review
The Minister of State, Petroleum Resources, Chief Timipre Sylva, has urged oil companies operating in Nigeria to increase investments in the industry to boost oil and gas production.
Sylva who spoke at the commencement of operation of the TotalEnergies’ Ikike Oil Field.
The field has a production capacity of 50,000 barrels per day.
The Minister in a statement by his media aide, Horatius Egua also urged the companies to partner with the government to tackle energy poverty in the country.
Sylva said it is through such collaboration with the private sector that Nigeria can meet the growing energy needs of the populace.
“We want to encourage other operators, be it indigenous oil companies or international oil companies, to emulate TotalEnergies in partnering with Nigeria to achieve a just energy transition and liberate us from energy poverty,” Sylva said.
The Minister noted that the major mandate of the Ministry of Petroleum Resources is to increase crude oil production to three million bpd from its meager 1.2 million bpd stressing that the 50,000bpd from Ikike Oil Field will contribute significantly to achieving this mandate.
“We want to give TotalEnergies the assurances that the Ministry of Petroleum Resources would continue to support your efforts to do more in monetizing the Nigerian Oil and Gas Resources for the benefit of Nigerians within the window between now and 2060 net-zero pledge of Nigeria,” he further noted
The Minister said that the enactment of the Petroleun Industry Act 2021 is a demonstration of the government’s resolve to promote growth and investments in the oil and gas sector of the economy.
Sylva, who was represented at the event by the Acting Permanent Secretary Ministry of Petroleum Resources Engr. Kamoru Busari, said the unveiling ceremony of the TotalEnergies oil field is a clear signal that the PIA has started yielding results.
