The Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) have urged for robust measures to address the difficulties causing Nigeria's dropping oil production, one of which is the settlement of a $1.3 billion debt owed to gas producers.
They expressed their concerns while working with the National Assembly to stabilize Nigeria's unpredictable oil production.
The $1.3 billion debt owed to gas producers, which they claim is inhibiting investment and industry expansion, was one of the key topics discussed during the meeting.
This collaborative initiative was highlighted at a capacity building workshop for members of the National Assembly organized by the two operator-groups in the country's upstream sector in a renewed effort to combat crude oil theft, improve security in the Niger Delta region, and address other issues plaguing the country's oil and gas sector.
During the Abuja meeting, Senate President Godswill Akpabio, represented by the Chairman of the Senate Committee on Upstream Petroleum, Etang Williams, emphasized lawmakers' commitment to tackling sector concerns while condemning the injudicious use of oil industry windfalls.
Akpabio emphasized the importance of increasing the country's daily oil production to 1.8 million barrels, highlighting recent progress of 1.35 million barrels per day, the highest amount since the year began.
Rick Kennedy, the chairman of the Oil Producers Trade Section (OPTS), emphasized the value of information and knowledge exchange in order to promote cooperation with the National Assembly and enable well-informed decision-making.
“Our goal is to make Nigeria the destination of choice once again for investors in the oil and gas sector. The OPTS and IPPG are willing to work with the National Assembly to realise this dream”, Kennedy said.
Investor uncertainty continues to impede sector investments and revenue generation even after the Petroleum Industry Act (PIA) was passed two years ago. To resolve these issues, industry participants encouraged the National Assembly to think about reexamining the PIA 2021.
Abdulrazaq Isa, Chairman of IPPG, outlined the industry's ongoing problems, which include investor uncertainty, the shift to a global energy source, and Insecurity in the Niger Delta.
