The Minister of State for Petroleum Resources, Heineken Lokpobiri, highlighted concerns over inadequate crude oil supply to newly inaugurated refineries in Nigeria, including the Dangote Petrochemical Refinery and others in Port Harcourt and Warri. He emphasized the need for increased investments and production to sustain operations.
Lokpobiri stressed the importance of ramping up production through strategic investments, citing the country's low investment-to-reserves ratio. He urged action to utilize idle wells and boost upstream production to support downstream operations effectively.
Addressing the Nigeria International Energy Summit, Lokpobiri underscored the substantial daily crude oil requirements of the Dangote refinery and government-owned facilities, urging a collective effort to meet domestic energy needs and ensure security.
He expressed optimism about refinery rehabilitation efforts but cautioned that without sufficient production increase, the transition from fossil fuels to gas and energy self-sufficiency would remain elusive.
Lokpobiri criticized Nigeria's heavy reliance on fuel imports, emphasizing the need to prioritize forex allocation for economic diversification. He outlined ongoing refinery rehabilitation projects and stressed the importance of attracting the right investments for sustainable energy production.
The minister highlighted the disparity between Nigeria's oil and gas wealth and its economic prosperity, calling for a review of strategies to harness resources effectively for national development.
Regarding the energy transition, Lokpobiri advocated for a gradual approach, aligning with OPEC's stance against abrupt divestment from fossil fuels. He emphasized the need for responsible resource exploration while seeking necessary investments for a sustainable transition.
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