Low Oil: Fuelling Change
International energy publication The Oil & Gas Year hosted its strategic roundtable discussion to engender solutions to Nigerias power deficit on July 22nd. The theme was Low Oil: Fuelling Change as in these challenging economic times, Nigeria needs power solutions now more than ever before to stay in the position of Africas top economy.
Panelists discussed the challenges and opportunities related to the continued development of the gas to power value chain. With representatives from gas producers, power generation companies, power distribution companies, and the countrys national oil company, the event served as a unique platform for industry leaders to engage in dissecting infrastructural, funding, and policy issues and the way forward on one of the most relevant topics to Nigeria: Power.
Country Director for The Oil & Gas Year Nigeria 2016, Brindusa Negrea opened the event, discussing the significance of the gathering, Power is the heart and lifeblood of any economy. With the low oil price, we are to discuss how we here in Nigeria can fuel change and bring uninterrupted power to Nigerians.
The importance of the economic implications was emphasised by Dr. Lazarus Angbazo of GE Nigeria, Our power problem in Nigeria is growing exponentially. We are hurting the Nigerian economy and will fall behind in our attempts to become a top 20 economy.
Many solutions were proffered by the panellists on the issue. Dr. David Ige of GasInvest reckoned it is imperative to focus on the projects we already have in the works, reach the pockets of stranded gas in country, and create liquidity in the market to bring in investment.
Chief Strategy Officer of Oando Plc, Ayo Ajose-Adeogun mentioned the need for a top-down approach, The CBN, financial institutions, the Ministry of Power & the Ministry of Petroleum Resources need to put together targeted fiscal & regulatory incentives for potential investors.
The roundtable will be printed in The Oil & Gas Year Nigeria 2016 edition as well as on The Oil and Gas Years YouTube channel and will feature the comments and views shared by the participants throughout the event.
The event was held in partnership with the Federal Government of Nigeria, the Department of Petroleum Resources, the Nigerian Content Development & Monitoring Board and indigenous E&P, Oando Plc, and was sponsored by Amni International and Weatherford Nigeria.
The roundtable gathered the leaders from all across the gas to power value chain, and included the participation of Chief Tunde Afolabi, Chairman of Amni International Petroleum Development Company, Dr. David Ige, CEO of GasInvest, Dr. Lazarus Angbazo, CEO of GE Nigeria, Adeyemi Adetunji, Group General Manager, Strategy & Execution Gas & Power at NNPC, Mr. Nosa Igbinedion, Head of Power Department at Eko Electric Distribution, Mr. Sola Adepetun, Managing Partner of ACAS Law, Mr. Femi Akarakiri, MD of Weatherford Nigeria, Ayo Ajose-Adeogun, CSO for Oando Plc and Dr. Layi Fatona, CEO of Niger Delta Exploration & Production.
The Oil and Gas Year Ltd publishes The Oil & Gas Year is a business intelligence, strategic communication and networking firm dedicated to the oil and gas industry with a presence in more than 35 countries and an audited reach of 69,000 energy executives.