- Engr. Gbenga Komolafe, the NUPRC Chief, has called for stakeholder collaboration to harness Ondo State’s oil, gas, and bitumen resources for regional energy growth.
- Komolafe emphasised Ondo State’s significant contribution to Nigeria’s energy sector, highlighting its oil and gas reserves and urging investment to boost economic growth and energy security.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has urged the government, investors, and stakeholders in the energy and mining industries to collaborate in unlocking Ondo State’s vast potential. Speaking at the Ondo State Political and Development Summit in Igbokoda, the headquarters of Ilaje Local Government Area, Komolafe emphasised the need for collective action to tap into the state’s energy resources and its market potential, positioning both the state and Nigeria as a regional energy hub.
Komolafe, a state indigene, addressed the theme “A Unified Vision for Ondo State: Political and Economic Renaissance for Sustainable Development,” highlighting the state’s strategic position as an economic powerhouse. With a population of over five million and abundant natural resources, Ondo is well-placed to thrive in the evolving global energy landscape.
He pointed out that the state already has an established network of approximately thirty licensed Liquefied Petroleum Gas (LPG) refilling plants, with additional plants under construction. However, the state currently lacks Liquefied Natural Gas (LNG) refuelling facilities, and the use of Compressed Natural Gas (CNG) remains limited. These gaps, Komolafe noted, offer significant opportunities for expanding downstream gas access and business in the region.
The state also benefits from the Escravos-Lagos Pipeline System (ELPS), a critical gas pipeline running through Ondo, which presents further prospects for growth in the midstream and downstream energy sectors. This infrastructure, which transports natural gas from the Escravos region to Lagos, supports power generation facilities such as the Omotosho II Power Plant and plays a vital role in Nigeria’s energy security and economic development.
Komolafe highlighted Ondo State’s substantial contribution to Nigeria’s hydrocarbon reserves, which includes 784.53 million barrels of crude oil and condensate and 4.54 trillion cubic feet of natural gas as of January 2024. He stressed that this resource underscores the state’s essential role in supporting national energy security and driving economic growth.
In addition to oil and gas, Ondo State is rich in minerals, including bitumen, quartz sand, clay, talc, granite, limestone, kaolin, coal, and gemstones. The state is home to the world’s second-largest bitumen deposit, with an estimated 42.47 billion tons of bitumen valued at approximately $17 trillion. If properly harnessed, this resource could transform the state’s economy and significantly impact Nigeria’s wealth.
Komolafe called for policies that support partnerships and attract investments to unlock the state’s full potential. He pointed to the successful strategies of leading bitumen producers such as the United States, China, Russia, Canada, India, and Malaysia as models for Ondo to follow. He also recommended closer collaboration between the Ondo State Government and the Federal Ministry of Mines and Solid Minerals to foster international partnerships and accelerate development.
Furthermore, Komolafe highlighted the NUPRC’s commitment to social inclusion and sustainable community development. Through the implementation of the Petroleum Industry Act (PIA), the Commission has registered 154 Host Community Development Trusts, with 137 incorporated, to ensure direct funding for sustainable development in resource-rich communities.
Komolafe concluded by stressing the need for a unified vision to unlock Ondo State’s potential and position it as a key player in the global energy market.