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09/08/2022 News

Why IKIKE is the Project Nigeria needs now – Bandele

The company has given further insights into why Ikike is the kind of project Nigeria needs now as the country struggles to meet its OPEC production quota while giving attention to clean energy transition. The Deputy Managing Director, Deep Water Assets, Mr. Victor Bandele, who represented the Managing Director, TotalEnergies EP Nigeria, Mike Sangster, at a panel session of the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE 2022), said the commencement of production from the 50,000 barrels per day Ikike field would help the country to bridge its oil production gap which had declined significantly in recent times.

The panelists discussed the topic, "Operationalizing a Clean Energy Transition for Sustainable Development in Africa," on Wednesday, August 03, the final day of the three-day event, in Lagos.

"The project first is low capex, which is what Nigeria needs now. It is high profit, which is what Nigeria needs now and it's helping to bridge the gap that we have caused by ourselves. Today, our Organisation of the Petroleum Exporting Countries (OPEC) quota is 1.8 million barrels, we are producing less than 1.3 million. So, what for me is success is that we don't waste the capacity that we should have as a country when we are supposed to be producing 1.8 million, we should do more than that and be able to take benefits of what we have today," Bandele said, explaining that the country would be successful if it is more efficient in dealing with issues around oil, gas and renewable energy.

He noted that though the company was the industry leader in Nigeria, operating upstream, midstream, and downstream, it would be more satisfying for the company to be able to meet its capacity and earn much more.

"I'm not a satisfied leader. Why? because I can do more than that. So, when you talk about the TNP, it is affecting not only SPDC, but it is also affecting many of us. I'm also an injector into the TNP and I'm suffering" he noted as the panelists lamented the debilitating effect of vandalism on production. He also called for more collaboration and a proactive advocacy to deal with some of the issues undermining the industry. The panel session was followed by a VIP tour of exhibition booths.

The conference and exhibition came to a climax at the Annual Banquet and Awards with another set of TotalEnergies staff receiving awards the conference. The Deputy Conference Chair, Mr. Adebola Bada was honored with SPENC Chairman