IPPG Pledges Partnership for Growth of Oil and Gas Industry
Yetunde Bello
The Independent Petroleum Producers Group (IPPG) has pledged to continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.
The Chairman of the IPPG, Mr. Abdulrazaq Isa, stated this at the 6th edition of the Nigeria International Energy Summit (NIES) 2023 recently held in Abuja.
According to a statement issued yesterday, he said: “The year 2023 promises to be a very important year for ourindustry; not only will our dear country be witnessing a political transition come May 2023, but we shall begin to see numerous changes across the entire oil and gas value chain.”
He explained that IPPG has an important role to play going forward and is best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demonstrated financial and technical capability to develop the country’s hydrocarbon resources, with proven appetite for supporting the government’s energy security vision through building a broader value-adding midstream and downstream businesses.
Meanwhile, the group has called on the incoming administration to address the bottlenecks mitigating against industry growth and energy security.
“The administration’s agenda for the industry should be geared toward improving investor confidence through the effective implementation of the Petroleum Industry Act (PIA) and strengthening regulatory institutions,” Isa said.
He also stated that the incoming administration should arrest the menace of crude theft across the Niger Delta which still lingers in spite of the recent successes recorded by the federal government.
The IPPG chairman listed others as harnessing the nation’s hydrocarbon asset, particularly gas, to catalyse and rapidly industrialise the economy, building a broader value-creating midstream (gas processing plants) and downstream (refineries) and transforming Nigeria into a product supplier.
He emphasised the need to eliminate industry-wide subsidies for all hydrocarbon and refined products as they remain detrimental to the growth of a vibrant industry.
Since the establishment of IPPG in 2015, the group has achieved remarkable growth and remained focused on working with stakeholders for the development of the oil and gas industry for the benefit of the country. IPPG is a 29- member association of Nigerian indigenous upstream exploration and production companies that constructively engages government and other industry stakeholders on issues affecting the industry with a view to realising a sustainable petroleum industry.
