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‘Nigeria requires annual investment of $25bn to generate 3mbpd’

Industry expert has reiterated that Nigeria requires a steady investment of $25b annually to be able to generate 3m barrels per day, which can stimulate sustainable economic growth for the country.

Mr. Ademola A. Adeyemi-Bero, Managing Director/Ceo, FIRST Exploration & Petroleum Development Co. Ltd. and Chairman – Independent Petroleum Producers Group said this while Speaking at the 16th Annual Aret Adams Memorial Lecture Series 2019 with the Theme: Emerging Middle Level Producers in Oil & Gas Industry Challenges and Opportunities

According to him the nation’s current output which oscillates between 2m-2.1m barrels per day, would remain stagnant unless certain conditions are met, he said there is need for concerted effort to drive growth in the sector.

‘To achieve this there is need for synergy of cooperation between foreign investors and their local counterparts. Adeyemi-Bero stated.He noted that Strategic Drivers that can accelerate indigenous company growth includes but not limited to collaboration to deepen the effectiveness of IPPG (and OPTS) participation and Joint Partnership ,

Access to new capital, infrastructure synergies, capability sharing and bankable gas chain “35 independent producers have made inroad into the otherwise foreign dominated sector. With concerted efforts by the different stakeholders we believe we can boost our current output of 370,000 barrels by the independent producers,” he said.

He noted that a combination of factors may be responsible for the nation’s dwindling oil output, chief among which is the problem of under capacity utilisation, poor participation of local experts. He said indigenous participation in the petroleum exploration was at a paltry 15 per cent .while expatriates dominate the remaining 85 per cent.

Going down memory lane, the Chairman, Independent Petroleum Producers recalled that over 45 years ago when some Nigerians got licence to operate the first marginal fields but never maximised the opportunity.

Speaking earlier, the Chairman of the occasion and former Country Chairman/Managing Director, Shell Petroleum Development Company, Mr. Basil Omiyi who spoke glowing of the exploits of Aret Adams said his contributions to the oil and gas sector was a quantum leap even as he urged present crop of professionals in the sector to imbibe the ideas and ideals of the late icon.

In his earlier remarks, Chairman, Board of Trustee, Aret Adams Foundation, Charles Osezua said there was need for more collaboration on the part of operators.

The event, drew participants from far and near including Mrs. Izarene Adams, matriarch of the Aret Adams family, friends and associates as well as captains of industries including ex- Minister of State for Petroleum Resources, Ajein Ajumogobia, Mr Nosa Omorodion among others.