Nigeria’s Petroleum Ministry signs partnership with African Energy Week 2022

The Nigerian Ministry of Petroleum Resources has endorsed the African Energy Week (AEW) 2022, partnering with the ACS (www.EnergyChamber.org) for the second edition of Africa’s premier energy event. Taking place in Cape Town from October 18-21, AEW 2022 expands the narrative of making energy poverty history by 2030, bringing together energy leaders, global financiers, and public and private sector executives for a week of intense dialogue on Africa’s energy. future. Having partnered with one of Africa’s energy sector heavyweights, the event is well positioned to usher Africa into a new era of growth and investment.

More than 36 billion barrels of crude oil reserves and 200 trillion cubic feet (tcf) of natural gas have made Nigeria an attractive market for hydrocarbon exploration and production. However, it has been the dedication and determination of the Ministry of Petroleum Resources that has made the sector so successful. From drafting and implementing progressive legislation like the Oil Industry Bill (GDP), implemented in 2021, to push for the monetization of African gas through declarations like the ‘Gas Decade Initiative’, the Ministry, under the leadership of HE Chief Timipre Sylva, Minister of State for Petroleum, has established the country as one of Africa’s leading producers and a globally competitive energy market.

Under the auspices of the Ministry, Nigeria has become a major African player on multiple fronts. Through the improvement of the participation of national oil companies; the scaling up of production through the development of refineries such as the Dangote Refinery; and the encouragement of exploration through the launch of a marginal field bidding license round, whereby 600 companies applied to bid for the 57 marginal oil fields on offer, has further consolidated the country’s position as the largest producer of oil in sub-Saharan Africa.

As one of the most mature energy markets in Africa, Nigeria is supported by a number of international oil companies (IOCs), including Chevron, TotalEnergies, Shell, ExxonMobil, Schlumberger, Halliburton, Baker Hughes, and TechnipFMC. These companies continue to play a critical role in Nigeria’s energy success. However, with an increasing number of IOCs divesting African hydrocarbon assets, indigenous Nigerian companies have stepped up and taken a more proactive role in the sector. Companies such as the Nigerian National Oil Corporation, Oando Plc, Tenoil Petroleum and Energy Services, Frontier Oil Limited, Seplat Petroleum Development Company and First Hydrocarbon Nigeria Company Limited have positioned themselves as key drivers of growth in the sector. While global stakeholders are calling for the resource to be abandoned, Nigeria has strongly defended oil’s role in Africa, a narrative that will be pushed forward at AEW 2022 in Cape Town.

On the gas front, 200 tcf of reserves, coupled with the global move towards cleaner fuel sources, has motivated the Ministry to put gas at the top of the country’s development agenda. Backed by the Decade of Gas initiative, the country is accelerating gas developments, with projects such as the $2.8 billion Ajaokuta-Kaduna-Kano pipeline and the $10 billion Nigerian liquefied natural gas Train 7 that further position the country as a leading gas market. Nigeria continues to champion Africa’s gas sector, and with the Minister representing a critical figure in the discussion on gas-to-power, gas monetization and opportunities to address energy poverty, AEW 2022 will be the official platform to engage in dialogue. on African gas.

Finally, Nigeria has and continues to take a leading role in the African energy space. Because the COVID-19 pandemic and the energy transition caused many global financiers to cut spending on fossil fuels, the country has managed to remain competitive for investment through the implementation of GDP. The legislation has ensured a higher level of transparency and accountability across the industry, while also offering new tax incentives to investors. This, added to the fact that the country has significant resources pending exploitation, has positioned Nigeria as an attractive destination, serving as a model for other African producing states.

“The official support from the Nigerian Ministry of Petroleum is huge for both AEC and AEW 2022. This is a testament to the work we continue to do for the oil and gas sector in Nigeria and Africa. In 2021, AEW was the official meeting place for the African energy industry, bringing together stakeholders from across Africa and the world in Cape Town to discuss the future of the industry. Now, fueled by a partnership with one of Africa’s leading energy markets, AEW is even better positioned to help Nigeria reap the benefits of the Oil Industry Act, Gas Decade and increase investment in Nigeria. The agreements will be signed in Cape Town this year.” says NJ Ayuk, CEO of the ACS.

In addition to endorsing the event, the Minister confirmed the Ministry’s participation and confirmed that a delegation will attend AEW 2022 in Cape Town to lead discussions, promote Nigerian investment and initiate energy development across the continent. Hosting a Nigerian pavilion, the Ministry will showcase a range of investment opportunities specific to Nigeria; highlight post-GDP perspectives; and emphasize the role that Nigerian oil and gas plays in Africa while providing a platform for the signing of agreements and partnerships.

AEW 2022 is committed to showcasing opportunities in Nigeria’s upstream, midstream and downstream industries. In addition to the Nigerian pavilion, the event will include deal signing sessions with Nigeria; country-specific roundtables; as well as presentations and technical sessions from Nigerian energy experts. Whether it is oil and gas, investment or energy transition, Nigeria remains a champion of Africa-focused and Africa-supported energy dialogue, and AEW 2022 will emphasize this.

AEW 2022 is the annual conference, exhibition and networking event of the ACS. AEW 2022 unites African energy stakeholders with international investors and partners to drive the growth and development of the industry and promote Africa as the destination for energy investments.