Oil & Gas

Nigeria is a leading producer of oil and also has vast gas resources. The oil industry is currently the largest and most important sector of the economy, being the main foreign exchange earner. Akwa Ibom State is the second largest oil-producing state in Nigeria and provides the operational base for Exxon Mobil which is currently investing massively in the expansion of terminal facilities at its Qua Iboe Terminal, Ibeno and some gas utilisation projects. Exxon Mobil contributes about 28 percent of Nigeria's total output. Other multinational oil companies operating in Akwa Ibom State include Shell Petroleum Development Company of Nigeria and ELF.

Akwa Ibom State is located within Nigeria's Niger Delta region. The Niger Delta basin is one of the most prolific hydrocarbon provinces in the world. The sedimentary basin occupies a total area of 75,000km2 and is at least 12km thick in its central part. Total recoverable hydrocarbon is estimated at more than 20 billion barrels of oil and 120 trillion cubic feet of gas, making the region one of the highest concentrations of petroleum per unit volume of basin-fill sediment. The state government has just created a Ministry of Petroleum and Mineral Resources to oversee its interests in the sector.

AKWA PETROLEUM AND ENERGY LIMITED (APEL)
Akwa Ibom Petroleum and Energy Limited is a state-funded holding company recently incorporated to facilitate the active participation of the state and its indigenes in the Nigerian oil and gas sector. It has three main subsidiaries, namely:
* APEL Exploration and Production Company Limited
* APEL Refining and Petrochemical Company Limited
* APEL Gas Company Limited

APEL Production and Exploration Company will focus on the upstream sector. It is currently bidding for oil blocks and marginal fields within Akwa Ibom State. APEL Refining and Petrochemical Company will be responsible for the construction and take - off of an export - oriented refinery for which the state has received Federal Government approval, while APEL Gas Company will focus on gas utilisation projects.

APEL is seeking joint venture partners with international investors in the key areas of its operations.

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Together we Shall Prosper

His Excellency, Barr. Godswill Obot Akpabio

The Executive Governor of Akwa Ibom State

It is with utmost gratitude to God and immeasurable joy that I stand before you today as your Executive Governor. On behalf of my wife, your first lady; my entire family, my deputy and his dear wife, I thank you, my people, for voting en masse for PDP in the general elections of April 14 and 21/26/2007. I salute your maturity, courage and peaceful disposition during and after the elections. I salute you for reposing your confidence in me right from the primaries of December 14, 2006 and bringing it to a climax on April 14, 2007. I assure you that your decision shall never be in vain. Today, we celebrate our self-worth as a people and our ability to strengthen democratic ideals by voting according to our conscience. We have taken the right step in our march towards a glorious future.

 

Fellow citizens, this is a new era signifying a renewal and symbolizing an end as well as a beginning. Above all, we are witnessing, not just the beginning of another chapter of history but beholding the actualization of God’s will in Akwa Ibom State. 

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