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Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, Joseph Nwakwue has advocated activation of smaller entities’ investments in areas of less attraction to international oil companies (IOCs) to fast track indigenous stake uptakes in Nigeria’s oil and gas sector.
Speaking in his address at the 2020 Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja, he argued that there is no need of overlooking smaller areas of service delivery and investment simply because deep pockets IOCs shay away from them.
Though he traced key challenges frustrating the target areas for smaller entities in oil and gas to lack of clarity as well as uncertainties, he expressed conviction that the ongoing divestments by majors can provide opportunities for new players’ who are going to grab the assets to begin business.
Participants are upbeat that the focus of the 2020 edition, which is “Asset Acquisitions and Divestments in the Nigeria Oil and Gas Industry; Status, Challenges and the Way Forward,” will present windows for interested local investors buy-in to the target of investing in areas that are currently not attractive to oil majors.
The event weekend saw the Minister of State for Petroleum Resources deliver goodwill message, while Mallam Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation (NNPC) delivered the keynote address.
The lead paper was delivered by Bayo Ojulari, Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCO).
Industry experts both indigenous and foreign participants effectively dissected the corporate policy of divestment of oil and gas assets in Nigeria, how to derive optimum value from acquired assets, effective regulation of acquisitions and divestment processes, promoting local content in the ownership and management of assets, deriving economic value and revenue to the states from the operations of divested assets amongst other issues.
In his opening remarks, Engr Nwakwue averred that “OLEF has become an annual industry reference point and melting pot for core issues affecting the oil and gas industry in Nigeria.”
Business Hilights reports that the panel session was moderated by Dr. Bello Aliyu Gusau, Executive Secretary; Petroleum Technology Development Fund (PTDF) with other industry experts as panelists including Engr. Sarki Auwalu, Director/CEO, Department of Petroleum Resources (DPR), Dr. Layi Fatona, Founding Managing Director, Niger Delta Exploration and Production Plc.
Other panelists included Mr. Alex Osho, Chief Financial Officer, Waltersmith Petroman Oil Ltd, Mr. Patrick Olinma, Executive Director, Asset Management and New Energy, Total E & P, Bola Adigun, Director, Corporate Finance, Deals Advisory PwC, Dr. Kanayo Odoe, General Manager, Joint Venture Operations, National Petroleum Investment Management Services (NAPIMS), Dr. Soky Amachree, Managing Director, Del Sigma Petroleum.
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