Abia State Firm Invests $100 million Into Crude Oil Production

Oza Joint Ventures Oil Field Limited will begin refinement of crude oil in Umuokwo, Ukwa West of Abia State that will cost $100 million.

The company, led by Dr. Andrew Uzoigwe, is a collective venture by indigenous companies Millennium Oil and Gas Limited, Emerald Oil and Gas and Hardy Oil Nigeria Limited which have already spent $1 billion in pre-production costs.

According to Uzoigwe, the environment was not investor-friendly during the pre-production phase due to the activities of kidnappers. However, he noted that the situation has since improved and things are back to normal.

Uzoigwe also stated that the group is close to obtaining its flow station, adding that it has already signed a memorandum of understanding with the host communities:

“Now that we have finished the testing, we would like to go into commercial production so that the first product will be brought to you for us to showcase that indigenous companies can do better”

Uzoigwe has also solicited the help of Abia state Governor Theodore Orji to assist with challenges stemming from encounters with the Nigeria Security and Civil Defense Corps and Mobile Police (NSCDC) and the governor has pledged his assistance.

Dr. Andrew Uzoigwe is also a director with EHRC Energy, Inc. and you can read about him here.

This is good news for Abia and hopefully this will generate benefits for the state and local economy.
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