Business and Economy
Nasarawa oil ‘ll increase nation’s hydrocarbon, production capacity by 50 billion, 3m barrels per day — Gov. Sule
By David Okpashi
LAFIA —- Nasarawa state governor, Abdullahi Sule has charged the newly inaugurated oil and gas Advisory and Technical committee to ensure that the state government and individuals (citizens) participate and invest in the oil project in Nasarawa state.
Governor Sule who gave the admonition during the inauguration of the committee in Lafia said the inauguration of the committee became imperative in view of the benefit the state and it’s people stand to get reap from the oil exploration and exploitation.
You must determine the Nasarawa State participation in the form of investment in the project through shareholding of government and individuals for the overall development of the state, to carry out other responsibilities as maybe necessary but ensuring the safety of this project.
Governor, Abdullahi Sule said that the quantum of the reserve in Nasarawa State will further increase the national hydrocarbon reserves to about 50bn barrels while increasing the country’s oil production capacity to about 3m barrels per day
Governor Sule who stated charged the committee to ensure the realization of the oil and gas potentials of the state
“Let me state here clearly that, we received a study that showed that the quantum of the reserve in Nasarawa State will further increase the national hydrocarbon reserves to about 50bn barrels while increasing the country’s oil production capacity to about 3m barrels per day”.
The governor while issuing a marching order to the newly inaugurated committee noted that a study has shown that the abundant hydrocarbon resources in Nasarawa state if fully exploited would increase the country’s oil reserves from 37.1bnbarrelsto 50bn barrels adding that this will increase Nigeria’s oil production to 3mbarrels per day.
He said the purpose of setting up the committee is to evolve measures toward collaboration with the Nigerian National Petroleum Company Limited (NNPCL) and all other stakeholders, including development partners, for seamless implementation of the project and to ensure community participation.
“As you are aware, the oil and gas industry has continued to take center stage in the economy of our country. This is in spite of the efforts of the government to diversify into agriculture, solid minerals, and other sectors of the economy as alternative sources of revenue. Available reports indicate that the oil and gas sector contribute 65 percent of the government revenue and really 85 percent of Nigeria’s foreign exchange earnings.
“It’s for this reason that government and other key actors in the Nigerian economy have continued to prioritize the sector in order to maximize investment opportunities and sustain growth for the benefit of our dear country,” he stated.
According to governor Sule, it has become imperative for the state to set up this all-important committee in order for the state to realize all the associated benefits of these projects which are in the areas of wealth creation, employment opportunities, revenue generation, and economic growth.
“I am happy to state that the discovery of oil and gas and its subsequent exploration and exploitation will further boost the economic prosperity of our dear state and put us among the committee of the oil producing states in the country.
He emphasized that, guided by the desire to ensure the maximum benefit of this project, his administration deemed it absolutely necessary to be proactive in order to place the state on the right pedestal for oil and gas exploration activities in the state.
According to Governor Sule, members of the advisory and technical committee on oil and gas were selected based on their records of experience, professionalism, and versatility in the global oil and gas industry, resourcefulness, and pedigree.
“From the resume of the appointees, I don’t think there is any one person that we would add to the committee to make it better. You have the accountants, lawyers, and engineers. I think this is one of the most competent committees that we have ever had,” he added.
He therefore charged members of the committee to leave above board and justify the confidence the government and people of Nasarawa State reposed in them, as well called on the host communities to take ownership of the project and to see it as their own.
“I am happy that traditional rulers and other stakeholders are here. The success of this project depends on the peace that we have in that area. You have to ensure not only the protection of the project but the people working on the project. This is the only way we can derive the maximum benefit of the project,” he said.
The governor warned the committee to be guided by the following terms of reference: “Constant liaison with the NNPCL to ensure seamless execution of the project. Liaison with other relevant stakeholders in the oil and gas sector, especially the technical partners.
He further admonished the committee to monitor and facilitate compliance with all the oil and gas laws, including seamless compensation to the host communities. To facilitate the execution of corporate social responsibilities of host communities in the state. To develop appropriate partnership and investment for the realization of the project for the mutual benefit of the state and the investors of the project.
” You must determine the Nasarawa State participation in the form of investment in the project through shareholding of government and individuals for the overall development of the state, to carry out other responsibilities as maybe necessary but ensuring the safety of this project.”, Sule stressed.
Speaking on behalf of the committee members, Chairman of the Advisory and Technical Committee on Oil and Gas in Nasarawa State, Dr. Hussain Kasim, described the assignment given them as pivotal in the history of Nasarawa State, appreciated Governor Sule for finding them worthy of the appointments.
Dr. Kasim who has over 30 years experience in oil and gas and who flew from Houston, Texas, commended the Governor for his visionary leadership and unwavering commitment to the state and natural resources, which is carrying Nasarawa State towards sustainable progress and comprehensive development.
It would be recalled that the NNPCL carried out several exploratory activities in the state in 2010 that resulted in the discovery of abundant hydrocarbon deposits in Obi and Keana Local Government Areas, following which former president Muhammadu Buhari commissioned the sput -in of the Ebenyi-A oil well in Obi in March 2023.