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Sunday, June 23, 2024

FG set to begin oil exploration in Ogun State

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To shore up revenues through the oil and gas sector, the federal government will commence exploration activities in selected locations across the country, with Ogun State designated as one of the potential oil-producing states.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, made the disclosure on Friday while being received alongside other industry stakeholders at the governor’s office, Oke-Mosan, Abeokuta.

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Among the stakeholders who were on the visit with the minister were the Managing Director of Shell Petroleum Development Company Ltd, Osagie Okubor; the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and the Group Chief Executive Officer, Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari.

Lokpobiri said Ogun State had always been part of the Dahomey Basin with the prospect of having a huge hydrocarbon deposit.

He further noted that oil and gas remains the quickest route to economic prosperity for Nigeria, adding that his team is in the state to continue the exploration campaign.

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He said the visit to Ogun State was also to demonstrate the seriousness and commitment of the Federal Government to shore up its revenue through the oil and gas sector.

“We decided that we are going to resume exploration in the different basins; We decided to come to Ogun State to assure people that we have great discovery potential here. “Ogun has always been part of the Dahomey basin and our presence underlines the seriousness that the federal government attaches to the exploration activities we want to carry out in Ogun State,” the minister said.

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The Group Managing Director, Nigerian National Petroleum Corporation Limited (NNPCL), Mr. Kyari, while speaking, said Ogun State was fortunate to be in the Dahomey Basin corridor with the expected high oil deposits .

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He assured that the corporation would return in earnest to begin exploration activities and expressed the hope that oil would be found in commercial quantities.

In his remarks, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said the arrival of the equipment in Ogun State was to further demonstrate the commitment of the Federal Government to increase oil reserves and improve revenues. of the federation.

Managing Director of Shell Petroleum Development Company Ltd, Osagie Okubor; Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe and Group Chief Executive Officer, Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyar

“We all understand that Nigeria is very prolific in oil and gas, but there is still a need to increase reserves through exploration activities,” he said.

Komolafe said the Petroleum Industry Act (PIA) provided for funding the development of the Frontier Basins, adding that in line with the commitment and aspirations of the government, the Nigerian Upstream Petroleum Regulatory Commission was working in synergy with NNPCL will take advantage of the PIA to aggressively carry out oil exploration in the Dahomey basin.

“The Dahomey basin extends to Delta, Edo, Ogun and Ondo states. We intend, in the course of this exercise, to cover all those states that take advantage of the provision of Section 9, Subsection 4 of the PIA. This is a good opportunity for the people of Ogun State and would be complementary to the governor’s reforms and transformation initiatives. We want to congratulate the governor and the people for being the beneficiaries of this initiative,” Komolafe said.

Responding, Mr. Abiodun said Ogun State was part of OPLs 302,303, 306, 307, noting that the acreages presented unique opportunities for qualification as a frontier exploration state as defined in section 9 of the PIA .

He noted that history and studies over the years allowed any investment under the frontier exploration basin financing to not only tap the potential of oil and gas, but also acquire data that would assist bitumen exploration and exploitation. in Nigeria.

READ ALSO: Executive orders on oil and gas reforms will make the sector in Nigeria competitive – Tinubu

“It is noteworthy that this is a region of the country that provides ease of access, low entry and operating costs, a safe and welcoming community and very active support and participation from the state government.

“Ogun State, therefore, presents some unique opportunities for the realization of the full intentions of section 9 of the PIA on frontier exploration as it will ensure additional oil production and enable greater supply to potential refineries in the area.

“As an immediate result, this area also presents the opportunity for the extraction of bitumen, thus reducing dependence on imports and generating savings in foreign exchange expenses in this single item,” the governor said.

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