Obasanjo, Kachikwu, Tinubu To Speak On Nigeria’s Energy Sector Devt As Oil Week Opens

Former President Olusegun Obasanjo, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Engr. Simbi Wabote, Executive Secretary, Nigeria Content Development and Monitoring Board (NCDMB) and Adewale Tinubu, Group Managing Director/Chief Executive of Oando Plc, a leading indigenous oil and gas player, are part of a power Nigerian delegation to the 25th edition of the annual Africa Oil Week (AOW), which kicked off in South Africa on Monday.
The conference with the theme: ‘The Leading Business Intelligence and Transaction Platform for Africa’s Oil and Gas Sector,’ is also being attended by 16 ministers from across the continent, as well as delegates from over 70 countries, 1,300 international CEOs and senior decision makers.
Obasanjo will give the chairman’s welcome address at the event, the continent’s leading oil and gas gathering bringing over a thousand key industry players annually, alongside Rt. Hon Mark Simmonds, Former Minister for Africa, United Kingdom; while Dr. Kachikwu, will share the Nigerian perspective at the ministerial insights session with six fellow oil ministers.
Engr. Wabote will discuss how Nigeria will capitalize on a USD $200m (about N61.2bn) Nigerian Content Intervention Fund (NCIF) capable of facilitating 100% local fabrication for refineries, which is expected to boost local capacity, expertise and create more jobs.
Tinubu, according to a statement, will part of a panel session that seeks to offer an objective market watch of the African oil and gas landscape, addressing the challenges and opportunities the industry is presented with. The panelists will provide answer to the question: ‘Can Africa upstream play a significant role in the context of the global and regional energy landscape?’
Ainojie Irune, Chief Operating Officer of Oando’s upstream division Oando Energy Resoures, will lead discussions on the panel ‘Creating equitable frameworks and high quality local supply chains’
At a cross section of local and international events, Oando has engaged in open and transparent dialogue with a broad range of stakeholders to analyze and proffer solutions to issues that transcend the oil and gas industry and in the process has contributed to a more positive conversation around the African continent.
Ahead of the event, Oando had dedicated its social media platforms to highlighting the changes that have occurred in Africa’s oil and gas space over the past 25 years, such as the significant increase in Africa’s proven oil reserves by almost 106.6%.
Since 1993, the reserves level, it noted, has increased from 61.2bn barrels to 125.5bn barrels, just as rig activity in Africa, with the number of active rotary rigs increasing between 2007 and 2018 from an average of 66 to 95, increasing African drilling contribution to the global industry from 2.1% to 4.3%.
Speaking on the future of oil and gas in Africa, Phil Dimmock, Upstream Commercial Advisor, Oando, who will be speaking at the Independents session, specifically on the Niger Basin, said: “…over the next 25 years, Africa will play a more significant role than it does today in oil production because of the quantum of unexploited areas in the central basins and the 16 mature basins in deeper horizons. As a result Governments will become more competitive and start to introduce regimes to react more quickly to the industry’s needs, both in terms of costs and geological difficulties. I foresee an increase in the number of African citizens who will become geoscientists, engineers and oil and gas specialists, which will cause a decline in the import of expatriates from Europe and North America.”
In 25 years, AOW has provided a platform for Government officials, national and international oil companies, independents, investors, corporate players and financers, to share their strategies for growth, better national participation in the oil and gas sector and engage in high level discussions on the future of the continent’s oil and gas industry, focusing on current challenges and trends and proffering solutions that will provide a positive and lasting impact for all.
Speaking on the importance of the event, Paul Sinclair, Conference Director, Africa Oil Week said “Our objective moving forward is to provide a dynamic setting for future outlooks and deal-making, shaping the continent’s oil and gas sector for the next 25 years and beyond, and to develop the continent in a sustainable and equitable manner.”
Africa Oil Week presents a forum for global perspectives from world class speakers, farm-in opportunities, bidding rounds, local content policy and business transactions will all be showcased during the 5 days of networking and dialogue.
Expressing sincere appreciation to sponsors for the ongoing support from the companies that gave their time, effort and insight to make the event designed by and for the industry possible, Sincliar made “special mention of the commitment from our Lead Sponsor, Tullow Oil, as well as Oando, Chevron, Regalis, Total and many others who are clearly so dedicated to the continent and making this an event that can move the African oil and gas story forward.”

Photo Caption: Registration of participants for the #AOW2018 on Monday at the @CTICC_Official