The Nigerian National Petroleum Company Limited (NNPC) has unveiled actionable strategies aimed at surmounting challenges and ushering in a resilient and dynamic era for Nigeria’s oil and gas industry.
Executive Vice President of Upstream at NNPC Limited, Oritsemeywa Eyesan, stated this in his remarks at the Nigerian Association of Petroleum Explorationists (NAPE) event in Lagos which held from November 12th to 16th, 2023.
According to the NNPC chief, the focal point of this transformative journey is the eagerly anticipated commencement of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project targeted to come on stream in December 2023.
The forum, a part of the larger NAPE event, had convened industry leaders and experts under the topic title, “Energy, Infrastructure Development, Financing, and Monetization Strategies in Nigeria,” providing a unique platform for the exchange of insights and strategies to address the complex challenges facing the nation’s energy landscape.
Eyesan acknowledged the persistent challenges in Nigeria’s investment climate against the backdrop of the insightful discussions ongoing at NAPE.
She highlighted the transformative potential of the recently enacted Petroleum Industry Act (PIA), stating, “The PIA, if well implemented, will enable and attract investment into the industry,” setting the stage for a regulatory framework conducive to sustainable growth and investment.
Turning to financial intricacies, Eyesan illuminated the path forward, emphasizing the imperative of innovative financial models. Drawing inspiration from the Adnoc model, she noted.
She said, “Accessing finance is a challenge, and every financier wants assured returns. The Adnoc model, with its 40% interest collaboration, showcases the potential of strategic partnerships,” urging industry stakeholders to explore similar avenues for financial collaboration.
Eyesan also underscored the need for efficient contracting cycles and project execution, saying, “In our clime, you’re looking for upwards to 24 months to put a contract in place. We must commit to shorter timelines and follow through on project delivery.”
The spotlight on technology deployment emerged as a strategic imperative to enhance operational efficiency, reduce project timelines, and position Nigeria’s oil and gas industry on the global technological forefront.
Crucially, the address was punctuated by a major announcement—the imminent launch of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project in December 2023, injecting a new level of anticipation and optimism into the discussions at NAPE. This flagship project is poised to significantly enhance Nigeria’s domestic gas infrastructure, providing a critical backbone for economic development and energy security.
Eyesan called for a collaborative and innovative vision for the future, stating, “Let us commit to a future where sustainable energy infrastructure empowers our nation and serves as a catalyst for economic growth in sub-Saharan Africa.”
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