Wabote asks for higher crude oil and gas output to avert needless imports to run refineries
Engr. Wabote has commended the Federal Government’s determination to sustain the gains realised in the oil and gas industry and went on to convey his agency's readiness to support initiatives.
Concerted efforts are needed if Nigeria is to increase its current low crude oil output, Engr. Simbi Kesiye Wabote the Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB) has warned. Without this, the country might have to resort to importing the commodity for both upcoming and existing refineries which won’t be beneficial to anyone.
The NCDMB chief executive made this known while delivering a speech at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) on Monday, 13 November in Lagos.
Nigeria’s low production of crude oil and gas despite the abundant reserves has been concerning. This is why the members of the association as well as other industry stakeholders were urged by Engr. Wabote to initiate efforts to reverse the situation.
The country’s 37 billion barrels of oil reserves need close monitoring considering various efforts that are ongoing to revamp existing refineries and commission greenfield sites. According to Wabote, “It will be a sad outcome if we stop the importation of refined petroleum products only to replace it with the importation of crude oil for use in our local refineries.”
Wabote also praised the importance of petroleum explorationists in the energy mix. They usually have the duty of discovering, evaluating, and establishing the reliability and sustainability of the size of oil and gas reserves.
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Focusing on gas now, the Executive Secretary hinted that Nigeria has about 208 trillion cubic feet (TCF) of proven gas reserves and about 600 TCF reserves are unproven. To make all these complete assets, he charged petroleum explorationists to apply their skills and technology toward confirming the recoverable volumes from these unproven reserves and developing the proven reserves.
He further hinted that the focus on gas is important being that it is no longer Nigeria’s transition fuel but the destination fuel. His agency NCDMB remains committed to actualising this and providing all the necessary support to realise the business agenda of President Bola Tinubu about the use of gas.
Commenting on the conference’s theme which is “Repositioning the oil and gas industry for future energy dynamics,” the NCDMB boss noted that the world stands at a key point where adequate consideration must be made to address the Energy Trilemma, which is, achieving an appropriate balance between energy security, sustainability, and affordability.
The oil and gas industry, says Engr. Wabote has been a key pillar of global energy as it has powered and continues to power global industrial and economic developments. To sustain this trajectory, the Nigerian oil and gas industry must be repositioned for national development. Thankfully, the Nigerian Oil and Gas Content Development Act (2010) has provided the compass to enable this.
Wabote commended the Federal Government’s determination to sustain the gains realised in the oil and gas industry and went on to convey NCDMB’s readiness to support initiatives that would ensure patronage of local investments, and create jobs to sustain peace in the oil and gas sector.
Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.
