The Independent Petroleum Producers Group (IPPG) asserts that Nigeria should not rely on imported crude oil to supply its domestic refineries.
Abdulrazaq Isa, the group's chairman, made this statement during the 2024 Crude Oil Refinery-Owners Association of Nigeria (CORAN) Summit in Lagos.
To secure Nigeria’s energy future, Isa emphasized the need to address underinvestment and boost both gas and crude oil production. He urged the government to expedite pending divestment transactions involving international oil companies (IOCs) to maximize national gains.
Isa, who is also the CEO of Waltersmith Petroman Oil Ltd, called for improved security in the Niger Delta to foster a stable working environment, reduce asset vandalism, and mitigate unrest.
He also stressed the importance of upgrading and expanding industry infrastructure to enhance productivity and ensure a consistent supply of products for both domestic and export markets.
“Addressing these challenges could lead to an additional production of 500,000 barrels of oil per day and 1.5 million standard cubic feet of gas daily in the short to medium term,” he noted.