OPEC, NNPC and Other Stakeholders to Discuss Upstream Gas Investments at Nigeria Energy Forum
Feb. 18 (THEWILL) — Organization of the Petroleum Exporting Countries (OPEC), Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) Limited and other stakeholders are set to solicit a diversified market for Nigeria’s huge gas resources and attract investors. in the upstream segment of the country’s oil and gas industry.
OPEC Secretary General Sanusi Barkindo, Minister of State for Petroleum Resources Timipre Sylva and NNPC Limited Managing Director Mele Kyari are expected to lead other industry players at the Nigeria Energy Forum to be held alongside CERA Week in Houston, we
As global investors converge on the event, Managing Director of Energy and Corporate Africa, Sunny Oputa, who organizes the Nigeria Energy Forum, revealed that boosting upstream investment, optimizing production and seeking new markets beyond beyond Asia to transport Nigerian gas remained a priority discussion at the forum.
Although the NNPC recently secured around $5 billion in funding for key projects, growing tension over fossil fuels has created a dearth of investment in the sector amid calls for investors to halt the financing of new projects upstream. Without proactive action, Nigeria and other African countries may be unable to exploit existing crude oil reserves.
As the Nigerian government revealed that it is currently planning to increase Nigeria’s gas reserve from 206 trillion cubic feet to 600 trillion cubic feet (TCF), Oputa said it was important for Nigeria and to other African countries to engage investors and the right market.
According to him, as world leaders and experts gather in Houston at CERAWEEK 2022 to advance ideas, share ideas and solutions to the biggest challenges facing the future of the energy industry , environment and climate amid growing demand for gas in the global market, it was necessary for countries to like to engage on market competitiveness, especially where gas is heading and how to bring investors to exploit resources.
“Nigeria is participating in CERAWEEK with a high profile delegation which includes Sylva, Kyari, Bala Wunti of NNPCLimited, Oritsemeyiwa Eyetan who is the Group Managing Director, Corporate Planning, NNPC and many others. They will present and research investment opportunities for Nigeria, Africa’s leading producer.
“The Nigeria Energy Forum is also being held alongside CERAWEEK 2022 to give Nigeria a standalone opportunity to showcase its key opportunities to a uniquely targeted audience, collaborate and network with stakeholders for business optimization,” said Oputa said.
He noted that as one of the major gas producers in Africa with the largest proven reserves, Nigeria must present its agenda on how to be competitive in the Asian and European market.
Oputa said the country needs to continue investment and increase exploration and production in the sector, improve gas monetization projects, domestic utilization and boost LNG as gas has become the future amidst the acceleration of a development master plan for the economy.
Stating that Barkindo has been confirmed for the country, he noted that the OPEC boss will be giving a talk at the forum on “the future of fossil fuels as part of the global quest to decarbonize.”
Other keynote speakers include Sylva, Kyari and Effy Okon, who is the Executive Director (Operations) of SEPLAT Energy.