The Chairman of the Independent Petroleum Producers Group (IPPG), Mr. Abdulrazaq Isa, has said that Nigeria’s oil and gas sector is currently undergoing a critical phase of reform, marked by the formulation of favourable industry policies and accelerating implementation of the Petroleum Industry Act (PIA).

Isa stated this known on Tuesday while delivering a keynote address at the 24th edition of the NOG Energy Week in Abuja, organised by DMG Events.

According to him, with the completion of International Oil Companies’ (IOCs) divestments and the recent appointment of key leadership positions at the Nigerian National Petroleum Company Limited (NNPC Ltd), the focus must now shift to achieving the ambitious production targets set by the Federal Government.

“The immediate focus for us as an industry is to reposition and key into the marching order given by the President to the NNPC Ltd.

“This is to raise national production to three million barrels per day and 12 billion cubic feet of gas by 2030,” Isa stated.

He posed two critical questions to industry stakeholders: “Where will this incremental production of about 1.3 million barrels of oil per day and 4.5 billion cubic feet of gas come from within the next five years?

“What will be required to sustainably grow crude oil and gas production in line with this presidential target?”

Isa noted that given the tight five-year timeline, the bulk of the projected increase in crude oil and gas production is expected to come from the recently divested onshore and shallow water assets, which are now largely under the control of IPPG member companies.

“We are quite aware of this national responsibility and have already begun implementing key strategic plans to ramp up production from these divested assets,” Isa said.

The IPPG Chairman called on indigenous oil and gas producers, who currently account for over 50 percent of Nigeria’s total output, to rise to the occasion and ensure the industry delivers tangible results that will drive national development.