‘Unlocking idle fields will boost oil output’

Chief Executive Officer of Kenyon International, Dr Victor Ekpenyong, has stated that Nigeria has the potential to increase its oil production and meet local refining needs by tapping into its idle brownfields.He made the assertion at the just-concluded Oil Well Intervention Conference held in Lagos.

According to Ekpenyong, the untapped potential of Nigeria’s brownfield sites, which are previously developed oil fields that are currently underutilised or inactive, represent a substantial opportunity to boost the nation’s declining oil output and local refining capacity, especially in the era of complete deregulation of the downstream sector and the removal of subsidies for petroleum prices.

“Nigeria has a wealth of underexploited brownfield sites that, with the right policy realignment, investment and technological interventions, can be revitalised to enhance our oil production capabilities.“By unlocking these idle assets, we not only increase our oil production output but also ensure that we meet the now increasing local demand for refined products, reducing our dependence on imports, saving our foreign exchange and strengthening our energy security,” he stated.

He maintained that the benefits of focusing on brownfields were manifold.“Apart from boosting production, it creates job opportunities, fosters local expertise, and stimulates economic growth. Furthermore, the environmental footprint is minimised compared to developing new Greenfield sites, aligning with global sustainability goals,” he enunciated.

The Kenyon’s CEO also stressed the importance of collaboration between the government, the private sector, and local communities to realise the full potential of those brownfields.“It is imperative that we create an enabling environment for investment and innovation. By working together, we can transform these dormant fields into productive assets that contribute significantly to Nigeria’s economy,” he remarked.

Ekpenyong said Kenyon International had deployed anti-theft technology to deter external interference, reactivate idle well assets, and boost production to unlock the value of Nigeria’s brownfields.Nigeria produced 1.28 million barrels of crude oil daily in April.The PUNCH reports that Nigeria has been struggling with low oil production despite efforts to ramp up daily output.

Recently, the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, lamented the negative impacts of oil theft and vandalism on the nation’s economy, saying the act discouraged investments in the oil and gas sector.Kyari disclosed that the country’s output inched towards 1.7mbpd as of May 18, expressing optimism about increased oil production going forward.