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Atlantic targets 30 percent local oil, energy production

09 December 2013, 20:51

Abuja - An industry expert projected that in a few years, 30 percent of oil and gas would be produced locally.

“Nigerian companies like Atlantic Energy have pushed for increased local participation in the upstream sector. As recent as 5 years ago, six or seven international oil companies were producing over 97 percent of Nigeria’s oil and gas, now Nigerian companies are producing close to 10 percent and I believe we can have 30 percent of Nigeria’s oil and gas production being produced by Nigerian companies within 5 years. 

The time is now for companies like Atlantic Energy and other indigenous companies to step up to the plate,” said Atlantic Energy co-Chief Executive Officer, Kola Aluko.

He also reported that Atlantic Energy has made significant achievements through an increase in the reserves of the assets covered by the Strategic Alliance as well as new field development programmes.

Aluko also noted that Atlantic Energy has invested over $500 million further to the Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC) and also noted that NPDC and its Joint Venture partner have commenced a 60 000 barrel of oil per day flow line and flow station reinstatement.

Atlantic Anergy is a private upstream oil and gas company founded by Nigerian and international exploration and production executives with an extensive track record, market-leading insight and experience in the local independent energy and petroleum sector. Currently operating only in Nigeria, Atlantic Energy is a significant partner in multiple oil fields in the country.

– CAJ News


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