Day 2 of AOW Investing in African Energy, saw a range of high-powered speakers and delegates from across the African energy sector network and participate in important discussions on issues impacting the industry. A major focus of the conference is to drive investment into the energy sector.
The conference hosted a country spotlight focused on Nigeria under the theme “Renewed hope for a high-energy future”.
Africa’s biggest oil producer is in the middle of a complete overhaul of its energy sector following the adoption of the Petroleum Industry Act in 2021, the Electricity Act in 2023, and the recent removal of its multi-billion-dollar gasoline subsidies. To grow output back to the 2 million barrels per day threshold and boost gas supply, Nigeria must now sanction long-delayed offshore projects, while resolving its onshore security crisis.
A panel discussion dealing with some of these critical issues was made up of:
- Moderator: Olumide Esan, West Africa Energy & Resources Leader
- Eng Gbenga Komolafe, Commission Chief Executive, NUPRC
- Akinbambo Ibidapo-Obe, GM, Commercial, Oando Energy Resources
- Sops Ideriah, Group Managing Director, SLB West Africa
- Adegbite Falade, Managing Director/CEO of Aradel Energy
The discussion focused on how the Petroleum Industry Act and the Electricity Act are creating new opportunities for investments across the energy value chain. The panellists spoke about some encouraging discoveries by TotalEnergies and Seplat Energy since 2021, and how onshore and offshore exploration can be further incentivised. As well as the commercial aspirations of Nigerian independents and how they can access capital to expand energy and gas infrastructure.
Another focus was on transition plans for the biggest oil producer in Africa, and what decarbonisation and ESG strategies are required to make Nigeria’s oil-and-gas sector more attractive to global capital.
Speaking on the sidelines of AOW23, Engr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unpacked some of these topics in detail. He emphasised that Nigeria is open for business as an attractive option for potential investors. This follows the country’s efforts to improve operational and regulatory efficiency in the nation’s upstream oil-and-gas industry with new regulations for the sector.