L-R: Mr. Shane Harris, MD and Chairman of ExxonMobil and Bayo Ojulari, GCEO of NNPCL
In a renewed push to ramp up Nigeria’s oil production and attract fresh capital into the sector, the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has declared that increasing crude output remains a strategic national priority, essential for both economic stability and investor profitability.
Lokpobiri said this while receiving the Managing Director and Chairman of ExxonMobil subsidiaries in Nigeria, Mr. Shane Harris, who also serves as the Chairman of the Oil Producers Trade Section, OPTS, in Abuja.
The Minister noted that the Federal Government was working deliberately to lower the cost of production and make Nigeria a more attractive investment destination for oil and gas firms.
Heineken said, “We cannot overemphasize the need for us to increase our production capacity as it will not only be profitable to the nation alone but to the investors as well.
“In our ongoing efforts to position Nigeria as a globally competitive energy destination, we are working on lowering the cost of production and enhancing investment attractiveness, which are not just important but strategic national imperatives.
“These will improve industry economics and have a positive ripple effect on the broader economy.”
According to the Minister, the government is committed to fostering partnerships with stakeholders like OPTS to attract more capital expenditure that will translate to increased production volumes.
“That way, we will be able to meet our domestic and international obligations, and it also offers a path to resolving issues like the Domestic Crude Obligation, DCO. Our key to meeting both domestic and global obligation is to grow the barrels, and the barrels we will grow,” he emphasized.
Earlier, the Group Chief Executive Officer of NNPC Ltd, Mr. Bayo Ojulari, also received Mr. Harris on a courtesy visit.
Discussions focused on strengthening the partnership between NNPC Ltd and ExxonMobil to drive mutual value and operational efficiency in Nigeria’s upstream sector.
Harris was accompanied by Mr. Bala Wudiri, General Manager, Public and Government Affairs at ExxonMobil Nigeria.
The high-level engagements come amid Nigeria’s efforts to reverse declining crude output, optimize production, and solidify its position as Africa’s leading oil producer.
Source: Sweetcrude
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