By Emmanuella Anokam

The Organisation of the Petroleum Exporting Countries (OPEC) says the oil industry will require about 14 trillion dollars investment from now to 2045, to meet global demand.

The Secretary-General of OPEC, Haitham Al-Ghais, made this known while fielding questions from newsmen on Thursday on the sidelines of the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja.

The summit with the theme: “Navigating the new energy world order: Security, Transition, and Finance”, began on Feb. 26 and will end on March 1.

Al-Ghais said that the investment would be needed for the upstream, midstream and downstream value chain because of the massive rise in energy demand, as oil would continue to represent 30 per cent of the energy mix by 2045.

“The prediction is not only for OPEC alone but many reliable forecasting agencies have the same views that oil will continue to represent a major share of the energy mix in future.

“We will continue to advocate for continuation of investments in oil as well as the technology required in decarbonising operations.

“We have many projects coming up in our member countries; we also advocate for investing in renewables, we have member countries that are leaders in that aspect who are taking strides in investing in solar, nuclear, wind and others.

“We will continue to advocate for inclusiveness and open door policies as we have done in the past 64 years of OPEC creation,” he said.

Al-Ghais also said investment formed part of his meeting with Mr Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.).

The OPEC boss said that the NNPC Ltd. was taking massive strides to create an investment-friendly environment in Nigeria’s oil and gas sector.

The News Agency of Nigeria (NAN) reports that the visit saw the NNPC Ltd. and OPEC pledging to work together to achieve the nation’s aspirations to attract investments and grow production.

Al-Ghais said that OPEC’s vision aligned with that of NNPC Ltd.’s as captured in its payoff line – “Energy for Today, Energy for Tomorrow”.

This, he said, was because of its inclusive view of energy as opposed to the view being pushed in some quarters, that some sources of energy were bad.

According to him, OPEC will continue to ensure global energy market stability, which is needed to attract investors to Nigeria. (NAN)(www.nannews.ng)

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Edited by Maharazu Ahmed

By Emmanuella Anokam

Some gas stakeholders have advocated adoption of technologies and access to finance, to spur infrastructural development and gas delivery in the country.

The stakeholders spoke on Thursday in Abuja at the ongoing 7th Edition of the Nigeria International Energy Summit (NIES 2024).

The summit which has the theme: “Navigating the new energy world order: Security, Transition, and Finance,” started on Feb. 26 and will end on March 1.

The News Agency of Nigeria (NAN) reports that the session aimed to convey a sense of collaboration, global perspectives and sustainability within decade of gas as it affects gas in power, pipelines and LNG terminals among others.

Speaking during the session, Dr Emeka Okwuosa, Chairman and Group Chief Executive Officer, Oilserv Limited, said financial fundamentals and technological access were imperative to infrastructural development.

According to him, Oilserv has been in the vanguard of oil and gas projects in Nigeria and an active player in the gas transmission and distribution network.

Okwuosa, represented by Mr Nnanna Anyanwu, Managing Director/Ag. Group Chief Operating Officer, Oilserv Group, said concerted efforts were needed to harness the country’s gas potential.

“Nigeria does not exist separate from the global environment. We must realise that we are intensely competing with every other country on adoption of technology and access to finance,” he said.

He emphasised the need to build both local and international partnership, taking into consideration the technology needed to build desired infrastructure.

In his views, Mr Effiong Okong of Seplat Energy, said in view of the growing population and its forecast which was projected to have 400 million people by 2050, enhanced technology for decarbonisation became necessary.

He said the demand for gas was massive, adding that major growth of gas would come from Egypt, Mozambique and Nigeria.

Okong emphasised the need to spur infrastructural development across the gas pipeline projects corridor in the country for gas penetration.

He added that Seplat, which has been operating in the upstream and midstream space, is currently looking at investment in the downstream sector.

According to Mr Daere Akobo, Chairman, Pana Holdings Limited, a nation cannot be developed without technology; it is excess technology that is deployed that gives wealth.

Akobo also advocated deployment of advanced technology for more oil production and closing of infrastructural gaps.

He lauded the Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, on the introduction of new metering policy for dispute resolution and others. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

By Emmanuella Anokam

The Indigenous Petroleum Producers (IPPG) has called for swift actions on pending and ongoing divestments in the Nigeria’s energy sector.

IPPG said the International Oil Companies (IOCs) divestment signals expediential growth of the indigenous companies and participation in the energy sector.

Mr Abdulrazaq Isa, Chairman, IPPG/Waltersmith Group, said this at the ongoing 7th Nigeria International Energy Summit (NIES 2024) Abuja.

He advocated expedited conclusion and closure of the divestment processes, citing the urgent need for government intervention to facilitate a seamless transition.

“In the light of the IOCs divestment in Nigeria, it is evident that an unprecedented transformation shift is ongoing.

“It signals expediential growth of the indigenous companies’ participation in the country’s energy sector which will lead to increase empowerment, economic growth and sustainable management of Nigeria’s hydrocarbon resources.

“Indigenous operators will gain incremental expertise, leading to capacity growth in the industry,” Isa said.

Isa said the divestment of oil and gas assets to indigenous operators in Nigeria would foster greater sustainability, prosperity and inclusivity within the industry and broader economy.

He said that as the new dawn emerged for the industry, driven by the indigenous operators, energy security as well as accelerated value capture from Nigeria’s hydrocarbon assets, socio-economic development and transformation of citizens must remain a priority.

“It is on this very important note that the IPPG is passionately praying for expedited conclusion and closure of the divestment processes.

“The current status where the sellers have signalled full intentions to leave, whereas the buyers are yet to effectively take over the operations of the assets, is very detrimental to the sector and the country.

“The industry would be most appreciative of the prompt intervention of government to untangle all issues and diligently fast track all relevant approvals,” he said.

The IPPG helmsman commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Mr Gbenga Komolafe for putting in place a robust framework to guide the divestment process.

The global summit is being convened by the Federal Government as its official energy, oil and gas event, with the Nigerian National Petroleum Company Limited (NNPC Ltd) as the national host.

The summit with the theme: “Navigating the new energy world order: Security, Transition, and Finance,” wouldl hold from Feb. 26 to March 1. (NAN)(www.nannews.g)

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Edited by Rabiu Sani-Ali

By Emmanuella Anokam

The Nigeria Liquefied Natural Gas Limited (NLNG) has tasked the energy industry players on integration of digital technologies to improve operational efficiency, reduce emissions and increase revenue.

NLNG’s Deputy Managing Director, Mr Olakunle Osobu, made the call at the ongoing 7th Nigeria International Energy Summit (NIES) in Abuja.

Osobu spoke on “Digital Transformation and Sustainable Energy Solutions in Upstream and Downstream Sector”.

The session dwelt on innovative ideas, technological advancements and career opportunities for young professionals in the evolving energy landscape.

It delved into transformative journey of the upstream sector digitalisation improvement of refining and distribution processes, implementation of energy efficient technologies and collaboration.

He emphasised the pivotal role of digital technologies and data analytics in enhancing efficiency, productivity, safety standards, and environmental sustainability across the energy value chain.

According to him, the industry has to remain competitive as it deals with rapid global changes and energy transition.

Highlighting the significance of nurturing young talent and embracing digital tools, Osobu underscored their criticality in streamlining processes, fostering innovation, and addressing sustainability challenges within the evolving energy landscape.

He stated that leveraging digital solutions could enable the industry to unlock unprecedented career opportunities while tackling resilience and sustainability imperatives.

Osobu, while urging the players to draw insights from NLNG’s ongoing integration of digital technologies, lauded its pioneering role in leveraging digital technology within the LNG sector.

He cited examples such as the Smart Mobile Worker programme, which utilises smart helmets and tablets for remote support, enabling swift repairs, reducing mobilisation costs, and enhancing safety protocols.

He also highlighted NLNG’s digital twin technology that replicates plant operations using real-time data for remote planning and improved safety measures without necessitating physical site visits.

These initiatives, he said, collectively bolster NLNG’s competitive edge by enhancing operational efficiency, environmental stewardship, workforce safety, and financial performance.

He reiterated NLNG’s commitment to achieving its net-zero emissions target by 2040 through strategic deployment of digital solutions.

He underscored the importance of upskilling employees to leverage AI, machine learning and other digital tools while enhancing cyber security awareness to mitigate evolving cyber threats stemming from increased digitalisation.(NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

By Emmanuella Anokam

The Federal Government said on Tuesday that none of the International Oil Companies (IOCs) doing business in Nigeria has left as being insinuated.

Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, gave the clarifications during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at the Presidential Banquet Hall in Abuja.

Lokpobiri dismissed the report, adding that the IOCs only shifted their portfolio and investments to offshore.

“I want to use this opportunity to assure everyone that no IOC is leaving Nigeria. They are only going deep offshore,” he said.

The minister said that the divestments by some of the oil companies would benefit the country, as the IOCs would be making further investments in the deep offshore.

The investments, according to Lokpobiri, will create room for indigenous companies to develop capacity within the onshore and shallow waters space.

“It is imperative to note that we are strategically managing the divestment processes.

“Our commitment to enhancing our crude oil reserves and production is unwavering, and we are actively exploring innovative solutions to attract investment, optimise operations and foster sustainable growth.

“We are open for business and ready to welcome your investments,” he said.

According to Lokpobiri, the transition to cleaner and more sustainable energy sources in the country is inevitable.

“We are actively pursuing initiatives to position Nigeria as a leader in this energy transition.

“As we navigate this change, Nigeria recognises the need to strike a balance between meeting our growing energy demand and reducing our carbon footprint.

“The diversification of our energy mix, investments in renewable energy and the adoption of cleaner technologies are all integral components of our strategy,” he added.

The minister explained that investments in Nigeria’s oil and gas industry declined by 69 per cent compared to the 28 per cent global average between 2017 to 2022.

“To further buttress the above, the capital investment to reserve ratio shows the amount of capital deployed to a country’s available reserves.

“Nigeria has an abysmal capital investment-to-reserve ratio of five per cent compared to Angola with 46 per cent; Brazil – 115 per cent; Mozambique – 92 per cent and Guyana – 617 per cent.

“The window for attracting new investments and exploring our vast reserves is fast narrowing; if the global energy transition accelerates, approximately 60 per cent of Nigeria’s reserves could be uncompetitive to produce.

“Against this backdrop, we have identified that there are so many licenses with proven reserves that are not being optimised in the hands of IOCs, NOCs, and others.

“In line with Mr President’s Renewed Hope agenda, we are working on changing this narrative,” he said.

Also speaking, Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd., assured that its role in the divestment of the IOCs from onshore and shallow water assets in the country, would serve as a facilitator and not an obstacle.

Kyari said that by the virtue of its statutory mandate as the enabler of national energy security, NNPC Ltd.’s role would ensure optimal and sustainable production from the divested assets to guarantee energy security for the benefit of Nigerians.

He reitrated the company’s willingness to invest in the proposed African Energy Bank as a way of ensuring sustainable funding for energy projects in Africa, to guarantee energy security.

On investment in energy infrastructure to drive energy security, Kyari further said that the completion of the Obiafu-Obrikom-Oben Pipeline was in sight as the tunnelling across the River Niger was currently ongoing.

He assured stakeholders of the company’s commitment to work with them to close the energy deficit gap and create prosperity for Nigerians.

The NNPC helmsman ssid that from all indications, all issues of energy scarcity in the country would be over in the next 10 years.

The event saw the participation of key industry and governmental figures, including Haitham Al-Ghais, Secretary-General of OPEC and Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation, among others. (NAN)(www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Emmanuella Anokam

President Bola Tinubu on Tuesday said the decision to remove petroleum subsidy was a challenging one, but a necessary step to secure long term energy security and foster economic growth for the country.

The president said this while officially opening the 7th edition of the Nigeria International Energy Summit (NIES 2024) at the State Banquet Hall, Aso Villa, Abuja.

The summit has as its theme, “Navigating the New Energy World Order: Security, Transition, and Finance.”

Tinubu said to mitigate short-term effects of petroleum subsidy removal on the vulnerable population, his administration was committed to implementing social intervention programmes.

Tinubu, represented by the Minister of Information and National Orientation, Alhaji Mohammed Malagi, said the petroleum subsidy had over the years strained Nigeria’s economic resources.

This, he said, led to inefficiencies and hindered investment in critical areas of energy security.

“By removing the subsidy, we are creating a more transparent and accountable energy sector.

“The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.

“Furthermore, subsidy removal has encouraged further private sector participation in the energy industry with potential of attracting more local and international investors, innovation and competition in the sector.

“I am very aware of the immediate impact this decision may have had on our citizens, especially those with lower incomes.

“Therefore, in parallel with the subsidy removal, my administration is committed to implementing social intervention programmes to mitigate the short-term effects on vulnerable populations,” he said.

These programmes, he said, would ensure that the burden of the subsidy removal was shared equitably and that the most vulnerable Nigerians were protected.

The president thanked the organisers of the summit for the opportunity to once again address the subsidy removal, which he said was a crucial issue that had been in the forefront of Nigeria’s national discourse.

“Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the crossroads of the 21st century, it is imperative that we re-evaluate our energy policies to ensure sustainable future,” he said.

However, he urged all stakeholders, including industry experts, policymakers and the general public to engage in constructive dialogue and collaboration, while navigating these challenging but transformative times.

He thanked every one who contributed to the success of the summit, adding that it reflected a shared commitment to addressing the challenges and opportunities ahead in the dynamic and ever-evolving world of energy.

“This marks the first edition of NIES during my administration, and I am honoured to stand before you as we collectively chart a course for the sustainable and secure energy future of Nigeria.

“Energy security, as we know, is of paramount importance. It is not just a national concern; it is a global imperative.

“In the face of emerging challenges, both geopolitical and technological, we must ensure the resilience of our energy infrastructure.

“The decisions we make today will impact the energy security of generations to come,” he added.

He emphasised leveraging innovation and collaboration to ensure a smooth and just transition that would leave no one behind.

“As a nation, we must explore innovative financing models, engage with the private sector, and attract investments that will propel us towards a more resilient and diversified energy sector,” he said.

The summit, holding from Feb. 26 to March 1, has in attendance more than 6,000 foreign and local oil and gas industry players, regulators and investors. (NAN)(www.nannews)

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Edited by Salif Atojoko

Emmanuella Anokam

The Federal Government says the Obiafu/Obrikom/Oben (OB3) Gas Pipeline will be completed in March 2024.

The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, made this known at the official opening of the 7th edition of the Nigeria International Energy Summit (NIES 2024) on Tuesday at the presidential banquet hall, Abuja.

The News Agency of Nigeria (NAN) reports that the gas pipeline runs from the Obiafu-Obrikom gas plant near Omoku, Rivers State, to Oben in Edo State.

The pipeline is being constructed by the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and was initially intended to be completed by the end of 2017 but met technical challenges, including horizontal drilling under major rivers.

Ekpo, while announcing the completion deadline of the OB3 pipeline said the 42″ 127 km pipeline would supply two billion Cubic Feet (2BCF) of gas daily.

“Upon completion, this pipeline will provide the AKK pipeline with gas from the three fields of Obiafu, Obrikom, and Oben.

“I want to use this opportunity to appreciate the resilience of the NNPC Ltd. Group for their steadfastness and proactive approach to ensuring the timely completion of the OB3 pipeline project.

“The OB3 gas pipeline is a vital piece of gas infrastructure for the supply of feedstock to the Ajaokuta-Kaduna-Kano (AKK) pipeline, another milestone in our journey towards a gas-focused economy.

“OB3 is a construction phase natural gas pipeline, running from the Obiafu-Obrikom gas plant to the Oben node in Nigeria.

“I am pleased to report that significant progress has been made in constructing this critical infrastructure project, and we are on track to ensure its completion and inauguration as scheduled,” the minister said.

According to Ekpo, the pipeline is among Nigeria and Africa’s biggest gas transmission systems.

He said that the administration of President Bola Tinubu was fully committed to creating an environment that could enable the growth of the gas sector.

The minister also said that the administration implemented policies and regulatory frameworks that encouraged investment, promotion of innovation, and ensuring sustainability.

He said the gas industry, with abundant proven gas reserves of more than 208TCF and further exploration potential, was crucial for enhancing energy security.

“Nigeria is currently facing challenges as it continues the journey of National development. These challenges also present a unique opportunity to seize the moment and define the future.

“The nation is rich in natural gas reserves. It is now essential to strategically utilise these resources to drive economic development, job creation, poverty eradication and environmental sustainability.

“As we are all aware, over dependence on oil revenue poses significant economic risks for our nation,” he said.

The minister said that Nigeria had faced numerous challenges in spite of efforts to diversify the economy away from oil dependence.

He said innovation and strategic vision became imperative in times of challenge, adding that finance was essential for transformative endeavours, as the gas sector was no exception.

The minister said attracting domestic and foreign investments was key to unlocking the full potential of the country’s gas resources.

In his remarks, Mr Abdulrazaq Isa, Chairman, Indigenous Petroleum Producers Group (IPPG)/Waltersmith Group, advocated for accelerated oil and gas production and progressively investment for rapid growth.

He described Nigeria as the largest oil and gas producer in Africa, and the largest in most experienced indigenous workforce in oil and gas and financial services on the continent.

“I strongly advocate that the headquarters of the Africa Energy Bank, being midwifed by African Petroleum Producers Organisation (APPO) and Afrexim Bank be located in Nigeria.

“The concerted efforts through the leadership of the ministry of petroleum resources should be put in place to realise this,” he appealed.

Dr Omar Farouk, Secretary-General, APPO, in his remark said, the decision on where to locate the proposed African Energy Bank would be taken by the end of the first quarter of 2024 as seven countries including Nigeria have declared interest to host the bank. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

By Emmanuella Anokam

Oil & Gas Expert, Ms Iroghama Ogbeifun, has called on the Federal Government to support indigenous companies in the Oil and Gas Industry value chain, for speedy revamping of the Nigerian economy.

Ogbeifun, who stated this in a statement in preparation for the International Energy Summit (NIES) 2024, said that the support should be felt in every aspect of the oil and gas sector.

“NIES 2024 is a perfect forum to strategise on how to salvage the Nigerian energy sector,” she said.

Ogbeifun, the Managing Director/CEO, Starzs Investments Company Limited (SICL), an indigenous marine logistics service company rendering unbeatable services to international and local oil companies in Nigeria, said the summit offered opportunity for regulatory authorities and industry operators to share experience.

The News Agency of Nigeria (NAN) reports that the summit with the theme “Navigating the New Energy World Order: Security, Transition, and Finance”, will be officially opened by President Bola Tinubu at the Banquet Hall, Presidential Villa, Abuja, on Tuesday.

The summit, which will be held from Feb. 26 to March 1, is aimed at charting a sustainable way forward in the quest to accelerate the country’s energy security, transition and finance.

“The current economic challenges facing the country can be attributed to the nation’s dependence on foreign input. It’s time for local operators to take the central stage in the industry and stabilise it.

“That way we can begin to play big in the African energy sector to boost every aspect of our economy.

“We all know that energy is the foundation for industrialisation; now that local operators are playing in almost every aspect of the industry, the government must give them the necessary support.

“The NIES therefore provides a meeting point for the government to hear from the operators and fashion policies that can speedily advance the sector,” she said.

Ogbeifun expressed confidence that the 2024 NIES would help the Tinubu-led government to draw a roadmap to recover the losses experienced in the sector in recent times.

She also announced that her company would be participating actively in NIES 2024 as an exhibitor, while she would moderating the African Content and Opportunities session at the premier Oil & Gas conference of the Federal Government of Nigeria.

“The summit promises to host a plethora of strategic conversations on energy events and activate plans to unlock new frontiers in the global energy transition,” she said.

The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and Country Chair/CEO of Shell Companies in Nigeria, are among experts slated to discuss industry challenges and proffer solutions at the summit.

Chairman of the Oil Producers Trade Section (OPTS), Mr Osagie Okunbor and Chairman, Independent Petroleum Producers Group (IPPG)/Waltersmith Group, Mr Abdulrazaq Isa, are also part of the discussants.

Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), is among other dignitaries expected at the summit. (NAN)(www.nannews.ng)

ELLA/EMAF
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Edited by Emmanuel Afonne

By Emmanuella Anokam

The 7th Nigeria International Energy Summit (NIES 2024) has begun in Abuja, with no fewer than 6,000 foreign and local delegates, exhibitors and visitors participating.

The summit is aimed at charting a sustainable way forward in the quest to accelerate the energy security, transition and finance.

The News Agency of Nigeria (NAN) reports that summit will be officially opened by President Bola Tinubu at the State House Banquet Hall, Aso Villa on Tuesday.

The global summit is being convened by the Federal Government as its official energy, oil and gas event, with the Nigerian National Petroleum Company Limited (NNPC Ltd) as the national host.

The summit will hold from Feb. 26 to March 1.

According to Dr James Shindi, Chief Executive, Brevity Anderson/ Project Director, NIES, no fewer than 6,000 foreign and local delegates, exhibitors and visitors are participating at the summit,

Shindi said the theme of the summit, ‘Navigating the new energy world order: Security, Transition, and Finance,’ would reflect the imperative for stakeholders in the energy industry to collaboratively address challenges related to energy security.

He said the stakeholders would adapt to the changing energy landscape, and mobilise financial resources for a sustainable and resilient future.

The project director said that the theme encouraged discussions and initiatives that contributed to shaping a dynamic and responsible global energy paradigm.

The summit will convene the National Oil Companies (NOCs) Forum, bringing together esteemed chief executives and key stakeholders from various African NOCs and will commence with an opening address by Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), Nigeria.

Shindi said the session would be a pivotal moment for shaping the future of the energy sector under the sub-theme “Sustainable Strategies for Energy Leadership: Navigating Security, Transition, and Finance in a Changing World.”

Key focus areas of the session include: Discussing emerging security threats to the energy sector, including cyber-attacks, geopolitical tensions, and physical infrastructure vulnerabilities.

NAN reports that arrival and registration of delegates are ongoing while various exhibition boots have been set up.

There will be high-level delegates from about 60 countries which include Haitham Al Ghais, Secretary General, Organisation of the Petroleum Exporting Countries (OPEC) and Dr Omar Ibrahim, Secretary General, African Petroleum Producers Organisation (APPO).

Mr Mohamed Hamel, Secretary General, Gas Exporting Countries Forum (GECF), and Joseph McMonigle, Secretary General, International Energy Forum (IEF), among others are participating.

Chief executive officers and key stakeholders from various African NOCs including Malam Mele Kyari, GCEO, NNPC Ltd are attending the event.

Mrs Amina BENKHADRA of National des Hydrocarbures et des Mines (ONHYM), Morocco and SANOGO M’BALOU of Société Nationale des Opérations Pétrolières of Cote d’Ivoire (PETROCI) are also participating.

A dinner with Foreign Ministers, Heads of Delegations, Diplomats and Chief Executive Officers/Presidents of National Oil Companies being sponsored by the Independent Petroleum Producers Group (IPPG) will be holding Monday. (NAN)(www.nannews.ng)

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Edited by Chijioke Okoronkwo