OPEC, NNPC, Other Stakeholders To Discuss Upstream, Gas Investments At Nigeria Energy Forum

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FILE PHOTO – A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo

The Organisation of Petroleum Exporting Countries (OPEC), Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) Limited and other stakeholders, are set to canvass for a diversified market for Nigeria’s huge gas resources and woo investors into the upstream segment of the country’s oil and gas industry.

Secretary General of OPEC, Sanusi Barkindo, Minister of State for Petroleum Resources, Timipre Sylva and the chief executive officer of NNPC Limited, Mele Kyari, are expected to lead other stakeholders in the sector to the Nigeria Energy Forum holding alongside CERA Week in Houston, U.S.

As global investors converge at the event, managing director of Energy and Corporate Africa, Sunny Oputa, who organises the Nigeria Energy Forum disclosed that boost upstream investments, optimise production and seeking for new markets beyond Asia to channel Nigeria gas remained a priority discussion at the forum.

Although the NNPC recently sourced about $5 billion fund for key projects, the mounting tension on fossil fuel has been creating investment drought into the sector amid calls for investors to halt the funding of new upstream projects. Without proactive action, Nigeria and other Africa countries may be unable to harness existing crude oil reserves.

While the Nigerian Government had disclosed that it is currently planning to grow Nigeria’s gas reserve from 206 trillion cubic feet to 600 trillion cubic feet (TCF), Oputa said it was of importance to Nigeria and other African countries to engage investors and the right market.

“Nigeria is attending the CERAWEEK with a high level delegation that includes Sylva, Kyari, NNPCLimited’s Bala Wunti, Oritsemeyiwa Eyetan, who is the group general manager, Corporate Planning, NNPC and many others. They will present and seek investment opportunities for Nigeria, the African number one producer.

“The Nigeria Energy Forum is also organised alongside the CERAWEEK 2022 to give Nigeria a stand-alone opportunity to present its core opportunities to a uniquely targeted audience, collaborate and network with stakeholders for business optimisation”, Oputa said.

He noted that as one of the major producers of gas in Africa with the largest proven reserves, Nigeria must showcase its agenda on how to be competitive in the Asian and European market.

Oputa said the country must pursue investment and increase exploration and production in the sector, enhance gas monetisation projects, domestic utilisation and boost LNG, as gas has become the future in the midst of accelerating a developmental master plan for the economy.

Stating that Barkindo has been confirmed for the country, he noted that the OPEC boss would deliver a lecture at the forum on the ‘Future of Fossil Fuel Amid The Global Quest for Decarbonisation.’

Other Keynote speakers include Sylva, Kyari and Effy Okon, who is the Executive Director (Operations), SEPLAT Energy.

 

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