Financial Energy Review
The Independent Petroleum Products Group (IPPG), has honoured some of its members in celebration of the industry icons. According to Abdulrazaq Isa, Chairman IPPG, the event was held to recognise individuals who contributed immensely to the sector in the past years.
Those 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 International and Layi Fatona, Pioneer Managing Director of Niger Delta E&P. Others were: Danjuma Saleh of Waltersmith, Charles Odita, formerly 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 at the gala dinner, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, said that with the surging participation of Nigerians in the oil and gas sector, local operators are now responsible for as much as 50 percent of natural gas production and 30 percent of crude oil output. Komolafe stated that at least 29 assets have been divested in recent years and are now being operated by Nigerians.
“As at today, I am proud to say that indigenous companies contribute about 30 per cent of crude oil and 60 per cent of gas production as well as 40 per cent and 32 per cent of oil and gas reserves respectively,” Komolafe said, adding that seven indigenous companies are among the top 20 with the highest oil reserves in the country.
The NUPRC chief executive said that the IPPG remains a major force in the exploration of the nation’s hydrocarbons resources for optimal value addition, promising to ensure a clement regulatory environment for the oil producers. He urged IPPG to remain competitive, adopt innovation in decarbonisation and cost efficiency, ensure good relations with host communities and be prepared to make the right investment in gas infrastructure.
The IPPG is an umbrella body of the indigenous Petroleum Exploration and Production (E&P) companies in Nigeria. The Group was established in 2015 with the primary objective of promoting and advancing the development of the Nigerian energy industry. It has 25 members which engages government and other industry stakeholders on matters affecting the industry with a view to realising a sustainable industry aspiration and maximising its contribution to the socio-economic development of Nigeria.
Abdulrazaq Isa, Chairman IPPG, said that improving in-country value extraction of Nigeria’s hydrocarbon resources and supporting the country’s energy security remain one of the lofty goals of the group. He commended the President, Muhammadu Buhari, for his steps to lift the petroleum industry through the passage of the Petroleum Industry Act (PIA) as well as his support for the group and lauded the transparent conduct of the recent marginal fields bid rounds.
