President Muhammadu Buhari on Monday reiterated that the ambitious goal of ramping up crude oil production to at least 4 million barrels per day, and building a reserve of 40 billion barrels remained sacrosanct.
President Buhari gave the hint at the opening ceremony of the fourth Nigeria International Petroleum Summit (NIPS), saying that creating the conducive business environment for hydrocarbon industry to thrive is no longer a choice but necessity.
Represented by Chief Timipre Sylva, the Minister of State, Petroleum Resources, Buhari, however, said that the immediate challenge for the oil and gas industry is that the global agenda for energy transition are slightly taking the back seat, as governments across the world are now more focused on managing the COVID-19 pandemic and its impact on economies than the quest for energy transition.
“The ambitious goal of ramping up crude oil production to at least 4 million barrels per day, and building a reserve of 40 billion barrels remains sacrosanct and guiding principle to our overall outlook for the industry, creating the conducive business environment for hydrocarbon industry to thrive, is no longer a choice. It is a necessity,” he said.
The president reiterated that energy transition is real, stressing that renewable technologies are getting cheaper and investors are increasingly conscious of environmental issues, and are beginning to turn their back on hydrocarbon investments.
Also speaking during the event, Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said the conference would bring out the fact that funding is a major issue in industry today.
He said that security is also a major issue for oil and gas but assured that efforts were being made to normalise everything.
“And lastly of course security is a major issue for us in our business today. There are concerted efforts across the industry in the Niger Delta and all other locations to make sure that we contend issues of security around our ways. We are aware that the significant work has been done, the level of security issues has clearly diminished. But there is still work to be done,” the GMD stated.
Source: Independent Nigeria