The Second edition of the Nigeria International Petroleum Summit (NIPS) commenced yesterday in Abuja, with the focus on driving efficiency and innovation in the oil and gas industry.
It brought together government officials, key policy makers, Nigerian National Petroleum Corporation, directors and specialists from the ministry, key stakeholders, international oil companies and other relevant bodies to meet and deliberate on new technologies to drive the petroleum sector forward.
Petroleum Resources Minister Dr Emmanuel Ibe Kachikwu was the chief host representing President Muhammadu Buhari and Vice President Prof Yemi Osinbajo, SAN.
Kachikwu emphasized the need for collaboration amongst African countries by building joint pipelines, joint plants, joint refineries and also jointly protect markets.
Speaking on the idea of financing body, African Energy Investment Corporation, he said it was designed to mobilize between 1 to 2 billion dollars of resources to fund projects within Africa. Emphasising the fact that shared collaboration among African leaders could serve as a catalyst to faster-paced continental development.
The idea of a new financing body is to fund projects within Africa . He said cooperation among Africans could achieve over 74% growth in oil production, over the next 30-35 years.
In terms of challenges Kachikwu identified oil pricing, capital investment limitations, US President Donald Trump’s policies, amongst other factors.
“The opportunities are present in discoveries all over Africa. But with these opportunities come the challenges relating to environment and its impact, host communities challenges are vociferous” he said.
Kachikwu further stated that policies, the market place, collaborative mechanisms, and infrastructure have to be gotten right for Africa to boldly face global competition.
He lauded the successes witnessed in the Nigerian Oil & Gas Sector and encouraged more private sector investment. He made a case for the skill set development while calling for intensified harnessing of the relevant skills in the industry.
“Today independent producers are doing over 12% of our contribution to national production. In essence we need to create models that encourage them to invest their money, seek resources and seek refinancing” Kachikwu said.
On his experience at the Statoil company Nigerian National Petroleum Corporation in 2015, Kachikwu said he found that every detail of capability needed to run a global company was present in NNPC. This was because they were very well trained and very well exposed.
For the African Oil and Gas industry, Dr Ibe Kachikwu further opined that the time has come for the continent to begin to look inwards as regards innovation & sustainability; this he assured is important to negate obsoleteness.
Kachikwu declared the #NigeriaPetroleumSummit open while leading a high powered delegation of Ministers of Energy across Africa and Industry Stalwarts, on a visit to the exhibition stands at the event.