FG targets increased oil, gas production to feed refineries

Mof State for Petroleum Resources ( Oil), Heineken Lokpobiri, has said the country would be able to ramp up oil and gas production to feed Dangote and other local refineries by curtailing pipeline vandalisation and oil theft through its new partnership with the Nigerian Armed Forces.

He stated this yesterday while playing host to the Chief of Defence Staff ( CDS), General Christopher Musa, who was in his office to find ways to secure the nation’s oil and gas sector in Abuja.

The minister said to enjoy full benefits across the value chain, “Federal Government is obliged to ensure increased production to be able to increase feedstock needed by Dangote Refinery, Port Harcourt Refinery, Warri Refinery, Kaduna Refinery and the model refineries.”

He noted that the quickest way for Nigeria to overcome its economic challenges is through profits from oil and gas, as that would ensure adequate funding of the budget, address foreign exchange issues and stabilise the economy.

“Oil now sells for over $ 90 per barrel. If we ramp up production and reduce oil theft, pipeline vandalisation and illegal refining, we will be able to raise the requisite money to fund not only our budget problems but also fix our forex problems and ensure we stabilise our economy,” Lokpobiri submitted.

The minister went on: “There is no country in the world that doesn’t prioritise security and investment in its oil assets. Everybody prioritises investment and security of its strategic national assets.

“Our objective is to reduce pipeline vandalisation and oil theft to the barest minimum. We cannot eliminate it because there is nowhere crime is completely eliminated. But working together with you ( Army), we will be able to reduce it to the barest minimum to enjoy the benefit.

“We will work very closely with you, give you all the support you need; not only the ministry, but also the NNPCL, NUPRC, NMDPRA and the other agencies in the oil and gas sector.”

Earlier, Musa said the Nigerian Armed Forces were ready to ensure Nigerians benefit from their God- given natural resources by protecting them.