Chike Onyejekwe

Group Managing Director, AITEO Group

In 2015, Aiteo acquired 45% equity share of Oil Mining Lease (OML) 29, with three producing fields, and the 100km Nembe Creek Trunkline (NCTL). When Aiteo took over the operatorship in September 2015, average daily production was 23,000bpd. By December, we had increased production to 60,000bpd and reached a peak of 95,000bpd by YE2016. Our current production is 85,000bpd. Being a brownfield, a great deal of reviews, expenditure, and work had to be done. We have a projection of those activities that will increase production, which are all CAPEX dependent. These are medium- to long-term activities driven by CAPEX investment in existing producing fields and green fields that will grow production beyond 150,000bpd. We have a world-class asset with huge reserve base and the technical and operational capacities, and by 2018, we can start these activities.

Abdulrazaq Isa

Chairman & CEO, Waltersmith Petroman Oil Limited

In 10 years' time, we want to produce 100,000bpd and have domestic refining capacity of about 50,000bpd. We also want to achieve 2,000MW of power generation. All this is predicated on the domestic market and demand. Hydrocarbon sources should be an enabler of the economy and used to generate development of the economy. We do not want to focus on the export market; 50% of whatever we produce should be consumed locally. We want to produce and refine oil and use the gas that we generate to produce power for the domestic market. We all have a responsibility to do so as Nigerian companies. Nigeria has no option but to get to the point where we can provide refined products for our nation. We want to be a local refinery, not a national refinery. We will be located close to the source of crude oil and want to take our product and service the market not more than 30-40km away.

Ademola Adeyemi-Bero

CEO & MD, First E&P

Today there is a healthy mix of international and indigenous companies operating in the upstream sector. The indigenous companies will play an increasingly larger role in this. By being an extremely well-run indigenous, independent firm, we would like to believe that we are creating a model of operations for other Nigerian firms. We must operate to the same global standards of excellence as international oil companies, but in more cost efficient and effective social partnerships with our communities and stakeholders in the Niger Delta. The country needs credible and well-run indigenous firms that can last the test of time, and FIRST E&P aims to be that company. There are probably about 100 indigenous companies operating in the upstream sector, and I envisage that in 10 years there will be anywhere between five to 10 mid-size to large upstream E&P companies operating between 150,000 bpd and 250,000bpd. This will happen through expected consolidation, and we are doing everything in our power to ensure that we are in a position to be amongst these top five-10 companies.