May 30, 2024

Africa’s estimated 125billion barrels of crude oil reserves, is asset base to drive development – Sen. Lokpobiri, Minister of State Oil

Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources.

Oredola Adeola

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Crude Oil) has stated that Africa’s estimated 125 billion barrels of oil reserves, which represent about 10% of global carbon reserves, is a very important asset base to drive development in the continent.

The Ministers of State for Oil Crude Oil made this known at the 3rd African Local Content Roundtable in Abuja, yesterday, which was organised by the African Petroleum Producers Organization (APPO) and hosted by the Nigerian Content Development and Monitoring Board (NCDMB) during the week.

According to him, with an estimated amount of 125 billion barrels which represents about 10% of global carbon reserves – this is very important as a very great asset base to drive development in Africa.

He said, “I believe that our responsibility as African oil-producing countries is to explore the oil and gas resources for the benefit of our citizens, business communities, and governments of our respective countries.

The Minister further expressed Nigeria’s unwavering commitment to leading practices in hydrocarbon development, with a focus on in-country value addition, environmental sustainability, and optimizing intra-Africa trade.

Speaking on the theme: “Enhancing Local Content Development and Deployment in the Oil and Gas Industry in APPO Member Countries”, Sen.  Lokpobiri reminded the participants that Nigeria stands on the precipice of a remarkable transformation with the array of indigenous companies, reputable and capable, who are ready to significantly enhance the country’s hydrocarbon production capabilities.

 

He said, “As regulators, we are ready and willing to lend our unwavering support in that regard. The challenges we face in this industry are not to be underestimated, but neither are our collective will and determination.

“As we navigate the complexities, let us leverage the lessons from our fellow member countries and other parts of the world to adopt leading practices in hydrocarbon development.