admin OVERVIEW OF 7TH NIGERIA INTERNATIONAL ENERGY SUMMIT: FEBRUARY 26TH – MARCH 1ST 2024.
The Nigeria International energy summit ( N.I.E.S) 2024, the 7th edition held at the presidential Banquet hall in Aso Rock villa Abuja, between monday,March 26th to Friday 1st of March lived up to it’s pre billing expectations.
Like other editions before it, the Nigeria International energy summit is a significant industry event which often provide opportunities for companies to showcase their expertise and connect with key decision makers, industry leaders and stakeholders from both the public and private sectors.
The summit also aims to address critical topics related to energy security, transition and financial aspects in the evolving global energy landscape.
With the Theme: NAVIGATING THE NEW ENERGY WORLD ORDER: SECURITY, TRANSITION AND FINANCE,” the 7th edition of the Nigeria International energy summit attracted over 6,000 delegates from local ,foreign investors and exhibitors.it was also a golden opportunity to convene the National oil companies forum for chief Executives and key stakeholders from various African Oil companies to discuss issues on emerging security threats to the energy sector, including Cyber attacks, geo political tensions and physical infrastructure vulnerabilities.
In his speech declaring the summit open, Nigeria president, Bola Tinubu explained that the decision that led to the removal of the petroleum subsidy by the Federal government was a challenging one but a necessary step to secure long term energy security and foster economic growth for the country.
The president noted that the Theme of this year’s summit is timely and critical as Nigeria finds herself at the crossroads of a rapidly transforming global energy landscape.
The Nigeria number one citizen who was represented by the minister of Information and National Orientation, Mohammed Idris noted that he is fully aware of the immediate impact the decision of the fuel subsidy removal may have had on the citizens, he added that the petroleum subsidy has over the years strained Nigeria’s economic resources, leading to inefficiencies and most importantly hindering it’s ability to invest in critical areas of energy security.
President Tinubu said the energy security as we know is of importance as it is not just a national concern,it is a global imperative.In the words of the president,in the face of emerging challenges, both geopolitical and technological, we must ensure the resilience of our energy infrastructure because the decisions we make today will impact the energy security of generations to come.
While reaffirming the need to widen the country’s revenue base, president Tinubu said Nigeria had depended for too long on just the oil as a major source of revenue, adding that the 21st century demands that we reevaluate our energy policies to ensure a sustainable and secure future.
The president maintained that the removal of the subsidy has created a more transparent and accountable energy sector as funds previously used to subsidize petroleum products are now redirected towards improving and upgrading the Nigeria energy sector and other social infrastructure. He assured Nigerians that the government will implement programmes aimed at sharing the burden of the fuel subsidy removal equitably while appealing to stakeholders, industry experts,policy makers and the public to engage in constructive dialogue or collaboration towards navigating these challenging and transformative times.
President Tinubu in rounding off urged all the attendees at the summit to engage in meaningful discussions and contribute their expertise in finding solutions to the complex energy challenges we face so as to navigate the new energy world order with resilience, innovation and a shared commitment to a sustainable and secure energy future for Nigeria.
There were several keynote paper presentations during the 7th edition of the Nigerian International energy summit. In his own presentation, the chief executive officer of the Nigerian Upstream petroleum Regulatory commission (NUPRC), Gbenga Komolafe , projected that an investment flow of about 17.67 billion dollars into the upstream petroleum sector with expected cumulative 2.12 barrels of oil and 13.13 trillion cubic feet ( TCF) of gas production in the next five years.
He said the expected investments and production growth resulted from 51 field development plans ( FDP), approved between 2022 and 2023.
Mr Gbenga also disclosed that about 2.5 billion dollars was invested in 175 well drilling while about 2.68 billion dollars investment was recorded in 842 well workovers and other interventions between 2022 and 2023.
In the words of Mr Gbenga Komolafe,”we have achieved a total of 51 field Development plans( FDPS) approved in 2022-2023 and is expected to attract a total of 17.64 billion dollars investment inflow as well as deliver cumulative oil and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next 5 years .
He added that a total of 2.5 billion dollars worth of investment was made in 175 wells drilling in the year 2022-2023 while a total of 2.68 billion dollars investment in 842 well workovers and other well intervention activities in the year 2022-2023 resulting in increased average oil production.
This is in addition to 275 percent growth in rig count from just eight in 2021 to average of 30 in 2023.some of the fields experienced early first oil through accelerated ( FDPS) . These are ,Ikike, ( Total) , Efe field,( Newcross), Utapate, (NEPL), Akubo field( SEEPCO) Oyo( General Hydrocarbon) and several others streamed under Extended Well Tests,including, Ethiope,Omefejo, Ofa,Olure,Ibom, Apani,Kalaekule among others.
The CEO of the (NUPRC) said the petroleum industry Act (PIA) was being effectively implemented for growth in the oil and gas reserves, as well as achieving the national average daily production target set at 2.5 million barrels of oil and condensate per day in future.
Using the oil and gas reserves statistics in Nigeria which stands at 30-34 percent of the entire African Oil and gas reserves respectively, Mr Komolafe revealed that growth in gas demand outstrips supply, noting that between 2020 and 2030,demand is expected to grow exponentially at a compound annual growth rate of 16.6 percent per annum.
One other feature of the 7th edition of the Nigeria International energy summit was the long list of very distinguished speakers who graced the occasion to add colour to the week long event. These are ; Group chief Finance officer,Panoco Newcross ESP, Oluseyi Oladapo, minister of Mines and Energy ,Namibia, Honourable Tom Alwendo, Chief Executive officer, STRATEGIC FUEL FUND( SFF), Mojalefa Godfrey Moagi,Managing Director/ CEO ,Coleman Technical Industries limited,George Olutope Onafowokan, minister of state for petroleum Resources, Senator Heineken Lokpobiri, minister of state for Petroleum Resources,( Gas) ,Honourable Ekperikpe Ekpo, Group MD, NNPC,Ltd, Mele Kyari, MD/ CEO,Nigeria LNG Limited, Dr Phillips Mshelbila, Authority Chief Executive, Nigerian Midstream and Downstream petroleum Regulatory Authority, ( NMDPRA) Engr Farouk Ahmed, CEO , Nigeria upstream Regulatory commission, Engineer Gbenga Komolafe, Secretary General, OPEC, Haitham, AL Ghais, Chairman Independent Petroleum producers Group, Abdul Razak Isa and Permanent secretary , Federal ministry of petroleum Resources, Ambassador Nicholas Agbo Ella’s and others too numerous to mention.
Though the 7th edition of the Nigeria International energy summit has come and gone, the echoes of the positive impacts left would continue to be felt both in Nigeria and within the international space of the oil and gas industry for a long time to
Come.
Reports by : Tunde olaore.
