…….Will Seek More Upstream, Downstream Investment
Nigeria’s minister of State for petroleum resources, Timipre Sylva, is leading a top level delegation of Nigerian oil sector stakeholders, including the chief executive officer of NN]PC Limited, Mele Kyari are expected to the Nigeria Energy Forum holding alongside CERA Week in Houston, U.S.
CERAWeek brings together global leaders to advance new ideas, insight and solutions to the biggest challenges facing the future of energy, the environment, and climate.
Now in its 40th year, CERAWeek is widely considered to be the most prestigious annual gathering of CEOs and Ministers from global energy and utilities, as well as automotive, manufacturing, policy and financial communities, along with a growing presence of tech.
CERAWeek is rated as one of the top five overall “corporate leader” conferences in the world.
Outgoing secretary general of the Organization of Petroleum Exporting Countries (OPEC), Sanusi Barkindo, would lead the global body in the same even in what looks like one of the last events before retiring from the body in June.
Impeccable ministry sources said Nigeria would be canvassing for a diversified market for the country’s huge gas resources, and try to woo investors into various segments of the oil and gas industry, especially now that the Petroleum Industry Act (PIA) is in place.
Managing director of Energy and Corporate Africa, Sunny Oputa, who is leading a of the organizers of the Nigeria Energy Forum, said boosting upstream investments, optimizing production and seeking for new markets beyond Asia to channel Nigeria gas remained a priority discussion at the forum.
Recently, the NNPC raised about $5 billion fund to buoy activities and sponsor key projects. There is the mounting tension on fossil fuel, which has been creating investment drought into the sector amid calls for investors to halt the funding of new upstream project.
Analysts believe that without proactive action, Nigeria and other Africa countries may be unable to harness existing crude oil reserves, and the energy show is a fertile platform for the country to tap into
Nigeria’s plan is to grow its gas reserve from 206 trillion cubic feet to 600 trillion cubic feet (TCF). Oputa said the most veritable option is to engage international investors in strategic markets and platforms.
According to him, as world leaders and experts gather together in Houston during the CERAWEEK 2022 to advance ideas, share insight and solutions to the biggest challenges facing the future of the energy industry, the environment, and climate amid the increasing demand for gas in the global market, there was need for countries like Nigeria to engage on market competitiveness.
Members of the NNPC team to the CERAWEEK include the GMD, Kyari, Bala Wunti, Oritsemeyiwa Eyetan, who is the group general manager, corporate Planning, and others.
The Nigeria Energy Forum is also organized 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 optimization.
Oputa said as one of the major producers of gas in Africa with the largest proven reserves, Nigeria would showcase its agenda on how to be competitive in the Asian and European market.
Oputa confirmed that the OPEC boss, Barkindo, would deliver a lecture at the forum on the ‘Future of Fossil Fuel Amid The Global Quest for Decarbonization.’
By Chibisi Ohakah, Abuja
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