Nigeria to Seek More Upstream, Downstream Investment at NEF in US

Bennett Oghifo

Organisation of Petroleum Exporting Countries (OPEC), Ministry of Petroleum Resources, Nigerian National Petroleum Corporation (NNPC) Limited and other stakeholders are set to canvassed 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 organizes the Nigeria Energy Forum disclosed that boost upstream investments, optimize 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 project. Without proactive action, Nigeria and other Africa countries may be unable to harness existing crude oil reserves.

While 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.

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 to engage on market competitiveness, especially where gas is headed and how to get investor to tap the resources.

“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 optimization,” 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 sector, enhance gas monetisation projects, domestic utilization 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.