Independent Producers target 1.2m bpd by 2020

fuel tanker on apapa rd

From Juliana Taiwo- Obalonye, Abuja

MEMBERS of the Indepen­dent Petroleum Producers Group have expressed their determination to achieve 1.2 million barrels per day do­mestic refining capacity of petroleum products by 2020.

The group made up of indigenous companies re­sponsible for natural gas and crude oil production cur­rently produces over 200,000 barrels of oil production and over 900 million cubics feet of gas production per day.

As indigenous opera­tors, they have resolved that domestic refining capacity should not be less than one million by 2020.

The group disclosed fur­ther that for the past five years, it has made invest­ment of over $9 billion in acquiring assets and over $1 billion each year in work pro­gramme investment.

Fielding questions from State House correspondents after a meeting with Presi­dent Muhammadu Buhari at the Presidential Villa, Abuja, a member of the group, Aus­tin Avuru, said oil and gas production target was one of the discussions they had with the President.

Avuru, who is also the Chief Executive Officer of Seplat Petroleum said, “the issue of private refineries was one of the points we raised with the President. We think that by 2020, domestic refin­ing capacity should not be less than one million barrels of oil per day in domestic re­fining.

“We actually put 1.2 mil­lion barrels domestic refin­ing capacity per day and that falls on our doorstep as indig­enous operators.”

On how the group intends to achieve the target, Avuru said some constructions were already ongoing by indige­nous companies, while some of the firms are already com­ing on board with small size refineries in partnership with the Nigerian National Petro­leum Corporation (NNPC).

He said these efforts only go to confirm the fact that the target of 1.2 million barrels per day in domestic refining capacity of petroleum prod­ucts was achievable by 2020.

Avuru said the group thought it necessary to en­gage the President on issues affecting the sector as a sig­nificant segment of the up­stream sector of the oil and gas industry.

According to him, “if you watch the way the oil and gas sector is evolving, increasing­ly the key segments of the oil and gas industry, the onshore segment and the swamp, oil is now falling into the hands of Nigerian independents pro­ducers.

Source : SunOnline

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