The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has expressed apprehension regarding the availability of crude oil for newly inaugurated refineries in Nigeria, including the Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery, and modular refineries across the country.
Lokpobiri emphasized that unless significant efforts are made to boost investments and crude production in the sector, these refineries may face challenges in obtaining enough feedstock for petroleum product production, both for local consumption and export.
Lokpobiri’s remarks were made during the seventh edition of the Nigeria International Energy Summit in Abuja on Tuesday, where he highlighted the need for increased investments in the country’s oil and gas sector. He pointed out that Nigeria has experienced a decline in investments over the past five years, resulting in idle oil wells and dwindling crude production.
The minister underscored the importance of ramping up production in the upstream sector to ensure adequate feedstock for refining operations. He noted that the Dangote refinery alone would require up to 650,000 barrels of crude oil daily, while government-owned refineries would need about 450,000 barrels.
Highlighting the challenges faced by Nigeria in achieving energy security, Lokpobiri stressed the need for investments in infrastructure and technology to maximize the country’s oil and gas reserves. He emphasized that energy transition should be pursued at Nigeria’s own pace, rejecting calls to halt investments in fossil fuels.
In conclusion, Lokpobiri emphasized the importance of attracting the right investments to the oil and gas sector to unlock Nigeria’s potential and ensure economic prosperity for the nation. He called for a strategic approach to resource exploration and development, aimed at benefiting Nigerians and contributing to the global energy landscape.
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