President Bola Tinubu has revealed that the government is holding advanced discussions with Ogoni leaders to resolve long-standing disputes that have hindered oil production in the area.
President Tinubu made this known on Wednesday while speaking at the formal commissioning of the Otakikpo Crude Oil Export Terminal in Rivers State.
The President said that the oil and gas industry will continue to play a dominant role in the world’s energy supply for decades to come, despite a global shift toward cleaner energy.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the President in his keynote address said new projections by the International Energy Agency have underscored the enduring relevance of oil and gas to global energy security, with the agency acknowledging that the world must commit about $540bn annually to upstream investments over the next 25 years to avert an energy crisis.
He stated that the revelation underscores the continued relevance of Nigeria’s oil reserves and justifies the Federal Government’s ongoing engagements with host communities, particularly the Ogoni people, to resume production in dormant oilfields.
“But the game has changed. Recently, the International Energy Agency said that the world needs to spend about $540 billion per annum to avoid an energy crisis in the next 25 years. And this investment is proposed to be made in the upstream sector, the same oil and gas sector.”
President Tinubu added that the renewed global investment appetite for hydrocarbons makes it imperative for Nigeria to resolve lingering issues that have stalled production in resource-rich areas like Ogoniland.
“The Federal Government is already engaging with Ogoni leaders to find a lasting solution to the challenges in the area,” he said. “Once that is achieved, the Otakikpo terminal will serve as the main evacuation point for crude produced from Ogoni. This is why this project is not just timely but strategic for Nigeria’s production growth.”
The terminal, located at Ikuru Town in Andoni Local Government Area, was developed by Green Energy International Limited at a cost of over $400m.
President Tinubu said the facility marks a “new chapter” for Nigeria’s upstream operations, boosting the country’s crude evacuation capacity and demonstrating the power of indigenous participation in the sector.
He described the commissioning of the export terminal as a landmark moment for Nigeria’s oil and gas industry, calling it the first indigenous-built terminal in over five decades.
President Tinubu urged host communities, particularly in Rivers and the Niger Delta, to collaborate with investors and government agencies to ensure uninterrupted operations.
The minister also disclosed that the Federal Government is in advanced talks with Ogoni leaders to resolve long-standing disputes over oil production in the area.
“Once the Ogoni issue is resolved, this terminal will become the major evacuation point for crude produced from Ogoni land,” Senator Lokpobiri said. “The President is committed to ensuring that the people benefit from these resources through peace and collaboration.”
Senator Lokpobiri also announced that Nigeria has met all its obligations to host the newly established African Energy Bank, which is expected to enhance access to financing for African oil and gas projects.
He also warned that marginal field operators must fulfil their minimum work obligations or risk losing their licenses.
Punch/Halima Abdulganiyu
