As concerns mount over the lack of domestic crude oil to the Dangote Petroleum Refinery and other indigenous refiners, the Independent Petroleum Producers Group has called on President Bola Tinubu to consider declaring a state of emergency on crude oil production in Nigeria following the lingering crisis associated with this.
IPPG is an association of Nigerian indigenous upstream exploration production companies that engages the government and other industry stakeholders on issues affecting the sector. It has 28 members including Oando Plc, Aiteo, Seplat, Energia, Eroton, First E&P, Frontier Oil, Green Energy, among others.
The oil producers also expressed fears that the 2024 budget might be implemented partially due to the low production of crude in Nigeria lately.
This came as the Nigerian National Petroleum Company Limited announced that it had declared war on the challenges confronting oil production across the country, adding that it was currently engaging its partners including International Oil Companies.
However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, charged the oil producers to increase their investments in the upstream arm of the business, as this would also help to grow oil output.
Oil producers believe that Nigeria should be producing about 2mbpd in order to meet the demand of local refineries as well as export.
