19 November 2012, Sweetcrude, UYO – The Managing Director of an indigenous oil company, Frontier Oil, Mr. Thomas Dada has called for the reduction of the stranglehold on inactive acreages by International Oil Companies, OICs, to enable increased participation of Indigenous Private Partners.
Dada opined that the Nigerian Content Policy did not really address acreage allocations and acquisitions, noting that the policy focuses more on services.
He made these observations while seaking on a sideline of Award of Honours to some prominent sons and daughters of Eket nation where his company was also honoured, noting that the small companies must have access to acreage in other to grow.
The Managing Director urged the Federal Government to open up the Petroleum industry, reiterating that this will allow increase participation of indigenous private partners for the welfare of Nigerians as well as the economic advancement of the nation.
He also noted that granting Nigerian independent acreage access will stimulate the development of the otherwise small and stranded fields for commercial benefits for the government and the nation.
‘’The Federal Government after sixty years of oil exploration and operations in Nigeria is still giving only 3% to indigenous oil companies, when at least they should enjoy about 20 to 25 % boost.
He said his company has added immense value to the welfare of the Eket nation, including among others vocational and skills acquisition programmes for no fewer than 481 youths of the area, provision of portable water to about 63 communities under the Eket Community Development Foundaton, access roads, and two (14) seater buses.
Dada said his company is currently building the largest independent operated gas plant in Africa with about 200 million bpd capacity.
The company’s gas project, Eket Gas Project, he disclosed, was designed to run a zero-flaring oil company with no harmful emission, and has achieved 5.5 million man-hours without incurring any lost time injury, LTI.
He thanked the Eket people, and said he was humbled by the award which has automatically confered on him the status of a son of the soil.
The company he hinted started operations in the area since 2006, and without making any profit in the sale of the black gold has already made enormous impact in the area of social responsibility to the host communities.