Page 21 - Nigeria one mag 4 edition en

He, however, reiterated that Nigeria had committed discovery of oil six years earlier in 1956.
to the net zero target by year 2060, saying there was Kennedy said the history of OPTS was the story of
therefore an urgent need to monetise the country’s Nigerian oil and gas exploration and production,
crude oil by increasing reserve to 40 billion barrels adding that over the last 60 years, they have evolved
and taking production to over three million barrels as a group and have become partners with Nigeria in
per day. He said part of the need was to add value to the development of a sector that is key to the nation’s
the huge oil and gas resources by making the nation economic development.
self-sufficient in white products and a refining hub From an organisation initially dominated by
for Africa, revealing that excessive work was ongoing international oil companies (IOCs) to an all-inclusive
to achieve the aim of making Nigeria a petroleum 29-member group, out of which 21 are indigenous
refining hub. and homegrown, he explained that OPTS member
Meanwhile, in his welcome address at the dinner, companies have made significant impact on the
Kennedy, who was represented by the Vice Chairman
of OPTS, Mr. Osagie Okunbor, disclosed that the
group’s member companies have made payments
worth tens of billions of dollars to Nigerian
government in taxes, royalties, rents, levies and
license fees, in the last 60 years of the group’s
existence in the country.
Kennedy, who is also the Managing Director of
Chevron Nigeria Limited, said OPTS member
companies accounted for about 90 per cent of
Nigeria’s oil production and contributed significantly
to the domestic and export gas production and
supply.
He added that over the last decades, the companies
under the group accounted for 40 to 60 per cent of
government revenue and 80 to 95 per cent of export
earnings. “Over the last decades, OPTS member
companies account for 40 to 60 per cent of
government revenue and 80 to 95 per cent of export
Shell headquarters in London
earnings. OPTS member companies are also proud
to have paid tens of billions of dollars in taxes, levies, Nigerian economy. He pointed out that Nigeria’s
royalties, rents, and license fees to the Nigerian needs have grown over time just as the oil and gas
government. industry, which he noted, has consistently responded
“Through direct and indirect employment of people, positively. Kennedy maintained that the companies
local contractors, and service providers, OPTS have demonstrated resilience and commitment in
member companies have continued to provide the face of economic, security, environmental, and
significant livelihood to Nigerians,” Kennedy said. funding challenges.
According to him, OPTS member companies have He further said, “We have amassed many chapters in
continued to invest in individual and group skill the OPTS scroll over the past 60 years, and today, we
development to support exploration and production have the opportunity to celebrate 60 years of
activities and strengthen the supply chain, saying this partnership, 60 years of working together, and 60
was in addition to a strong social investment years of shared success. “Despite the challenges
programmes that span Nigeria, with a focus on their confronting the industry, there are opportunities for
host communities. He recounted that OPTS began improvement and growth. This is what we see in
modestly in 1962 with only three founding member OPTS. Working with the governments at all levels, we
companies -Chevron, ExxonMobil and Shell, have the responsibility and the commitment as a
explaining that the group was formed in response to group to get the right policies for our people and for
the burgeoning oil and gas sector following the the country.”

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