The Chief Executive Officer (CEO), Kenyon International, Dr. Victor Ekpenyong, has revealed that Nigeria can unlock its potential to increase its oil production to meet local refining demands by utilising idle brownfields.
He asserted during his presentation at the Oil Well Intervention Conference (OWIWA 2024) West Africa’s Leading Well Intervention Conference, in Lagos.He highlighted that the untapped potential of Nigeria’s brownfield sites, which are previously developed oil fields that are currently under-utilised 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.
Ekpenyong added that Kenyon International has been advocating for a renewed focus on developing the country’s brownfield sites, emphasised that the company has demonstrated success in revitalising similar sites across Nigeria, bringing in innovative technologies and expertise to maximise production efficiency and economic returns.
He said: “Nigeria has a wealth of under-exploited 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 would not only increase our oil production output but also ensure that we meet the increasing local demand for refined products, reducing our dependence on imports, saving our foreign exchange and strengthening our energy security.”
