The Department of Petroleum Resources (DPR) has commended the contributions of Midwestern Oil and Gas to the country’s Gross Domestic Product (GDP). The regulator was happy that Midwestern Oil and Gas contributes 32 per cent of the country’s daily crude oil production from its Umusadege field.
In a statement, DPR said crude oil production from the nation’s marginal fields has reached around 60,000 barrels per day, with Midwestern, headed by Onajite Okoloko, accounting for around 19,590 barrels per day.
According to the statement, the Nigerian Petroleum Decree empowers indigenous companies like Midwestern to own and manage onshore and shallow water leases originally held by international oil companies.
The statement explained that the purpose of the decree was to give incentives to indigenous companies to participate in crude oil production by building capacity through acceleration of development of discovered reserves, and also by increasing the oil and gas reserves base through aggressive exploration.
Even though the marginal field programme has not evolved as quickly as desired, Director of the DPR, George Osahon, said the programme has made its mark on the industry’s landscape.
Along with Midwestern, which is operating in Umusadege, other indigenous companies operating marginally are Pillar Oil, operating in Umusati; Waltersmith, operating in Ibigwe; Platform Petroleum, operating in Egboma; Energia Petroleum/Oando, operating in Obodugwa/Obodeti; Britania-u, operating in Ajapa; Niger Delta, operating in Ogbelle; Oriental Energy, operating in Ebok and Frontier, operating in Uquo.