June 16, 2024

Don advocates improved investments to raise oil production

A lecturer at the Society of Petroleum Engineers and the founder of the Petroleum & Chemical Engineering Education Society, James Arukhe, has called for more investments in the Nigerian oil and gas sector to increase crude oil production.

According to him in a statement on Thursday, reviving the oil sector is a matter of necessity and an opportunity for transformative growth.

Arukhe stated, “By fostering a collaborative environment where the government and private entities operate in mutual respect, Nigeria can unlock unprecedented revenue streams, gradually overcoming its foreign exchange crisis.”

Those strategies, Arukhe noted, would address both the immediate operational efficiencies required in the oil sector and the critical need for long-term sustainability.

He added that Nigeria could adopt Brazil’s model of Public-Private Partnerships and policy reforms that spurred investments in deep-water oil reserves to enhance its oil production capabilities.

“Key strategies include streamlining regulatory processes for exploration and production licenses, offering fiscal incentives to attract private investment, and facilitating technology and expertise sharing between private firms and the Nigerian National Petroleum Company.

“These measures, inspired by Brazil’s success with Petrobras and international oil companies, could significantly boost Nigeria’s oil sector,” he added.

The don spoke further, ‘’To enhance Nigeria’s oil production and address environmental concerns, investments should focus on cleaner technologies like carbon capture and renewable energy integration. Implementing effective oil spill management systems and aligning with international environmental standards will minimize ecological impact.

‘’These measures will contribute to sustainable operations, balancing production efficiency with environmental protection, and align with global climate change initiatives.”

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