THE Oil Producers Trade Section, OPTS, of the Lagos Chamber of Commerce and Industry, has promised to continue promoting the Nigeria oil and gas industry. Paul McGrath, chairman, OPTS, and chairman, ExxonMobil affiliates in Nigeria, said the group would continue to pursue and promote all genuine initiatives that would improve the fortunes of the industry.

Speaking at the 2019 Nigeria International Petroleum Summit, NIPS, in Abuja, McGrath said the upstream oil and gas industry has continued to be at the centre of the Nigerian economy. He said the sector accounts for more than 90 percent of foreign exchange earnings, with OPTS member-companies collectively accounting for over 90 percent of the total output.

“With about 37 billion barrels of oil reserves and about 179 trillion cubic feet of discovered natural gas, the world’s 11th and ninth largest respectively; Nigeria has the resource base to remain a leading hydrocarbon economy for the long term. However, with ever increasing opportunities in other markets, it becomes urgent and critical that we build the right policy and regulatory framework that position Nigeria as an oil and gas investment destination of choice.

“We are hopeful that this summit will provide stakeholders, governments, operators and allied service providers, with the opportunity for frank and constructive discussions on the key issues impacting our industry and come up with practical solutions towards securing Nigeria’s oil and gas future.

“We are confident that these continued stakeholder engagements, complimented by a conducive industry regulatory and legal framework will help achieve the country’s oil and gas objectives. The opportunities are immense; the promise is great, and we look forward to working with all stakeholders to drive maximum value,” he said.

– Feb. 4, 2019 @ 14:05 GMT |