During “The Oil and Gas Sector Retreat 2024” in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, issued a stern warning, threatening to revoke licenses of modular refineries if they fail to meet key performance standards.
Expressing his determination, Lokpobiri stated that he had signed agreements without prior knowledge of the owners and emphasized that he wouldn’t hesitate to cancel licenses regardless of ownership.
Addressing the gathering under the theme “Building Synergy for the Enhanced Development in the Oil and Gas Sector,” Lokpobiri underscored the ministry’s primary goal to enhance production to meet national targets and boost revenue. He highlighted the importance of ramping up crude oil production, noting that a significant portion of the country’s foreign exchange stems from oil and gas activities.
Furthermore, Lokpobiri stressed the critical need to ensure crude oil availability for the rehabilitation of national refineries, expressing concern over potential embarrassment if production targets aren’t met. He expressed optimism about surpassing production quotas, citing Shell Petroleum Development Company’s $5 billion project at the Bonga Oil Field.
Meanwhile, the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, issued a similar warning, threatening to sanction any Chief Executive Officer who fails to attend ministry events. Ekpo’s remarks came after the absence of the Nigerian Content Development Monitoring Board (NCDMB) Executive Secretary, Engr. Omashola Ogbe, who sent a representative to the retreat.
Ekpo emphasized the importance of collective effort in advancing the sector, reiterating the ministry’s pivotal role in propelling Nigeria’s development. He highlighted ongoing efforts to reposition the hydrocarbon sector for optimal performance, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In addition, Ekpo outlined measures taken to streamline processes and enhance the ease of doing business within the petroleum sector, including the issuance of an executive order by President Tinubu. The order aimed to expedite contract approvals, adjust contract thresholds, extend contract durations, and reinforce business facilitation provisions.
The retreat, focusing on ministerial deliverables from 2023 to 2027, aimed to chart a course for the sector’s growth and development, aligning with national development objectives.
