Nigerian government encouraged to look within for the oil and gas sector

6th Jan 2015 Because of the unfortunate dip in global oil prices and its likely socio-economic effects on oil dependent economies, Nigeria’s government has been encouraged to partner with indigenous operators in the oil and gas industry.

The move which is also part of the Nigerian content agenda was initiated at the yearly dinner of the Nigerian society of engineers by Juan Amechee, who is the Special Adviser to the Executive Director of the Nigerian Maritime Administration and Safety Agency.

Juan Amechee is quoted as saying  “Indigenous players will not only boost production, they can also provide the much-needed gas to boost power generation. For a nation that wants to develop its economy, it must pay more attention to the activities of indigenous oil producers by providing them with enabling environment to operate. The role of indigenous producers cannot be overemphasized in the nation’s development,”

“The Gulf of Guinea is not only rich in oil reserves but has significant gas reserves. Currently, the gas reserves, which represent some 3 percent of the world’s proven reserve, remain largely untapped. The only significant exporter of gas is the Bonny Island LNG project,”

The government was urged to consider new methods of partnerships to especially include local institutions and companies, saying there should be more input in the management of our resources in oil and gas. Mr Amechee added that  “Gas remains a hindrance to our economic development, yet we have it in abundance. Efficient utilization of our gas resources is important if we want to create employment, fix the economy, send our children to school and generally make things work.”

He ended his talk with an emphasis on the importance of enacting the Petroleum Industry Bill which he said will boost growth and enhance local capacity.