Valentine Okafor
Abia Government said it will improve investment strategies and increase partnerships that will snowball into enhanced oil productivity capacity of the state to develop its industrial base.
The Commissioner for Petroleum and Mineral Resources, Prof. Joel Ogbonna, said this on Tuesday during a press briefing on the outcome of the State Executive Council meeting in Umuahia.
Ogbonna expressed the resolve of the government to facilitate industrialisation, economic transformation and job creation through the opportunities in the Petroleum and Minerals sector.
He said that in line with the government’s development agenda, over 1,000 hectares of land had been acquired in Owaza, in Ukwa West Local Government Area for Abia Industrial Innovation Park because of the oil and gas deposits there.
“So we want to take advantage of that resource to be able to develop fertiliser companies, petrochemical, modular refineries and such sectors.
“We needed to make sure we pay the compensation, which may be has delayed whatever we wanted to do.
“So we went ahead and did the enumeration on December 23 and we went to the villages at the community there, did sensitisation programme.
“By 31st of December, we commenced payment of compensation to those who signed the indemnity certificate,” Ogbonna said.
He expressed the readiness of the government to commence real business with the involvement of HSI Refine and Petrochemical, one of the key players driving the establishment of the modular refinery in the state.
Ogbonna said that the groundwork laid by the government, had created an enabling environment for businesses like HSI Refine and Petrochemical to thrive.
He also said that the company adhering to due process and leveraging the state’s strategic initiatives, had positioned itself to contribute meaningfully to the state’s economic and industrial goals.
Ogbonna said that there were over 100 capped oil wells which have remained untapped since 1960 and the government had taken steps to activate these wells.
He expressed the readiness of the government to transform these long-neglected resource into a catalyst for industrialisation, revenue generation and job creation.
“We did an enumeration and found out opportunities and the local players of oil and gas companies, PETAN came to the government and said look lets take advantage of this wealth buried under the ground for years to boost your oil productivity.
“We have established SPV where the government owns 40 per cent, PETAN group 25 per cent and if you like you can be part of the 35 per cent remaining.
“You can see the opportunity this would create if we have some modular refineries and some marginal fields”, he said.
Ogbonna expressed optimism that the government’s initiatives for the oil and gas sector would be achieved before the end of the present administration, considering the clear progress recorded and strategic focus on implementation.