An oil and gas expert and Chief Executive Officer of Frontier Oil Limited Dada Thomas, an engineer, has urged the Federal Government to harness the potentials of the nation’s enormous gas reserves by providing incentives to encourage investments in domestic gas projects.
Thomas said this was critical in developing the gas production industry so as to fuel the nation’s power sector reforms and other critical sectors needed for economic growth.
Speaking at the recently concluded forum for Marginal Field and Indigenous Operators, organised by the Department of Petroleum Resources (DPR) in Lagos, the expert also called on the Federal Government to create positive incentives to encourage local and international investments in the entire gas value chain while promoting a willing buyer-willing seller market driven pricing regime. This, according to him, will create a gas to consumer value chain that will benefit all.
“The Federal Government should also explore opportunities in the gas sector which could help improve the economy and employment in the country by encouraging local value addition,” he said. “The benefits in gas exploration and production are enormous. With gas, we can create more jobs, build more infrastructure and schools and improve the lives of the average Nigerian. Clear gas development policies can help boost the economy, power generation and improve the standard of living for Nigerians.”
Thomas, in his presentation on the ‘Challenges of Developing Marginal Gas Field and Indigenous Operators in Nigeria’, also advised marginal field operators to take the lead role in helping to advocate their issues and challenges in other to encourage such regulators such as DPR to continually champion the favourable review of policies and fiscal terms necessary for increased development of the sector.
Frontier Oil Limited emerged as the first indigenous operator to develop a non-associated gas field and project of this magnitude in Sub-Sahara Africa.
Speaking on the project, Thomas said: “We are currently in the process of commissioning our biggest project yet which is the Uquo Gas Facility located in Esit Eket LGA in Akwa Ibom State. In partnership with Septa Energy and Accugas, I am proud to say that we are the first independent indigenous oil and gas company in Sub-Saharan Africa to have succeeded in building one of the largest gas facilities that has the capacity to supply gas to a number of power plants that will in turn provide electricity to the host states and the nation.
We are hopeful that this venture will not only provide jobs for the people of the community that we operate in, but that it will also better the lives of Nigerians in the long run”.
Information from The Guardian was used in this report.