N’Assembly IOCs, IPPG partner to seek solution on oil theft

N’Assembly IOCs, IPPG partner to seek solution on oil theft

Yesterday, the leadership of the National Assembly, international oil companies (IOCs), and the Independent Petroleum Producers Group (IPPG) gathered in Abuja to seek solutions to crude oil theft, insecurity in the Niger Delta region, and other problems bedeviling the oil and gas sector. This gathering provided the ground for optimism.

Senate President Godswill Akpabio said lawmakers would commit to addressing challenges of the sector, even as he lamented that windfall from the oil sector has not been judiciously used.

Represented by the chairman, Senate Committee on Upstream Petroleum, Etang Williams, Akpabio said there was a need to increase the nation’s production to 1.8 million barrels per day.

He said: “Last month, September, our crude oil output hit 1.35 million barrels per day and 14 per cent higher than the figure for August, the highest figure since the year began. Consistent and determined efforts by the Federal Government yielded this dividend, which has given us hope that with careful planning and execution, we will hit the Organisation of Petroleum Exporting Countries (OPEC) quota for Nigeria, which stands at 1.8 million barrels per day.”

Chairman of Oil Producers Trade Section (OPTS), Chevron Nigeria Limited, Rick Kennedy, said information and knowledge sharing is vital, to ensure right decisions are taken and enhance understanding and collaboration with the National Assembly.