Secretary-General of OPEC, Sanusi Barkindo; Minister of State for Petroleum Resources, Timipre Sylva and the Chief Executive Officer of NNPC Limited, Mele Kyari, is expected to lead other stakeholders in the sector to the Nigeria Energy Forum held alongside CERA Week in Houston, U.S.
As global investors converge on the event, Managing Director of Energy and Corporate Africa, Sunny Oputa, who organises the Nigeria Energy Forum, disclosed that it would boost upstream investments, optimise production and explore new markets for the country’s gas.
Although the NNPC recently sourced about $5 billion funds for key projects, the mounting tension on fossil fuel has been creating an investment drought in the sector amid calls for investors to halt the funding of new upstream projects.
Without proactive action, Nigeria and other African countries may be unable to harness existing crude oil reserves.
While the Federal Government had disclosed that it is currently planning to grow Nigeria’s gas reserves from 206 trillion cubic feet to 600 trillion cubic feet (TCF), Oputa said it was of importance to Nigeria and other African countries to engage investors and the right market.
According to him, as world leaders and experts gather together in Houston during the CERAWEEK 2022 to advance ideas, share insights and solutions to the biggest challenges facing the future of the energy industry, the environment and climate amid the increasing demand for gas in the global market, there was a need for countries to engage on market competitiveness, especially where gas is headed and how to get the investor to tap the resources.
He noted that as one of the major producers of gas in Africa with the largest proven reserves, Nigeria must showcase its agenda on how to be competitive in the Asian and European markets.
Oputa said the country must pursue investment and increase exploration and production in the sector, enhance gas monetisation projects, domestic utilisation and boost LNG, as gas has become the future in the midst of accelerating a developmental master plan for the economy.
