FG ramping up oil investments to boost revenue generation — Lokpobiri

FG ramping up oil investments to boost revenue generation — Lokpobiri

Lokpobiri, who was represented by the Director, Upstream Ministry of Petroleum Resources, Kamoru Busari, spoke at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series & Energy Forum (OLEF), with the theme: “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security” held in Abuja on Thursday.

He further stated that there is an ongoing vigorous approach by the government to rebuild the energy sector to an international standard.

According to him, “Following the strong commitment made by His Excellency president Bola Tinubu at the COP 28 which held recently in Dubai, the United Arab Emirate (UAE), there is an ongoing robust approach by the government to revamp the energy sector not only domestically but extending it to the international communities through friendly competitions of energy supply to the international market.

“Accordingly, the government is ensuring an enabling environment to diversify the economy, particularly ramping up oil and gas investments for better revenue generation and economic stability.

“Most significantly is the President’s commitment to strengthen the investment environment in line with the Petroleum Industry Act (PIA) to attract both international and domestic investors, thereby making Nigeria the preferred energy destination.”

Lokpobiri lamented that over the years, insecurity has continued to disturb the stability of the energy sector in Nigeria, adding that proactive measures to prevent and discourage illegal activities should be embraced.

He said, “Over the years insecurity has posed as one of the most pressing challenges to stability in the Nigerian energy sector.

“There have been cases of pipeline vandalism, oil theft, and sabotage, that have caused significant threat to the sustenance of our energy infrastructure and smooth operations.

“Integrated strategies for security must involve proactive measures to prevent and deter illegal activities, as well as robust response mechanisms to mitigate the impact of security incidents.

“Deployment of advanced surveillance technologies, strengthening collaboration between government agencies, law enforcement, and local communities.

“Addressing the underlying socio-economic drivers of insecurity, such as poverty and unemployment, is crucial to achieving lasting stability in the energy sector through implementation of the Host Community Trust Fund, Gas Infrastructure Fund and other intervention mechanism.

“Concerted efforts in addressing security threats in the sector, with the awarding of surveillance contract Tantita Security Service Nigeria Limited that has culminated in substantial increase in production.”

In his welcome address, Chairman, Society of Petroleum Engineers, SPE, Nigeria Council, Salahuddeen Tahir, emphasized the need for collaborative effort noting that the energy sector remained a critical factor in Nigeria’s economy.

He said, “Your presence here today, underscores the importance of collaborative efforts towards addressing the challenges and embracing the opportunities facing Nigeria’s energy sector.

“Energy plays a critical role in the functioning of any modern society, as it powers essential services such as transportation, heating, electricity generation, medical services, security, banking services, communication etc.

“It is absolutely clear that ensuring stability in the energy sector is crucial for maintaining economic growth, national security, and environmental sustainability. Ladies and gentlemen, integrated strategies that address infrastructure, transportation, and security are essential for achieving national stability.”

On his part, Executive Secretary of the Petroleum Technology Development Fund, PTDF, Mr. Ahmed Aminu, said, “the Fund recognizes the pivotal role that the energy sector plays in the socio-economic development of our nation, and we are fully dedicated to supporting initiatives that foster innovation, sustainability, and growth within the industry.”