Tony Elumelu, Chairman of Heirs Holdings Group, UBA Group, and Transcorp Group, has emphasised the need for transformation, innovation, and excellence in the oil sector.
Speaking at the 3rd anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Elumelu commended the commission’s leadership and the launch of Project 1MMBOPD, aimed at growing oil production by 1 million barrels per day.
“Transformation, innovation, and excellence are crucial in addressing the challenges facing our oil and gas sector,” Elumelu said.
“We must acknowledge the elephant in the room – declining production, investment, and global market share. But I believe that with the right approach, we can achieve great things.”
Elumelu highlighted the importance of infrastructure modernization, security enhancement, regulatory streamlining, investment attraction, and technology adoption in driving growth in the sector.
“We need to work together to create an environment that fosters innovation and excellence,” he added.
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On the role of gas in Nigeria’s energy mix, Elumelu stressed that “maximizing the value of our gas resources is critical. We must reduce flaring and increase utilization for domestic and export markets.”
He showcased Heirs Energies’ progress in increasing production and reducing flaring, demonstrating the potential for collaboration and innovation in the sector.
“At Heirs Energies, we are committed to playing our part in transforming the oil and gas sector, We have doubled our production from 28,000 to over 50,000 barrels per day, and we continue to grow.”Elumelu said.
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Elumelu reiterated his commitment to Africapitalism, advocating for shared prosperity, environmental sustainability, and community development.
“Let us work together to build an energy sector that meets Nigeria’s needs and positions us as a leader in Africa’s energy transition,” he added.
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