Monday,
November 05, 2018 / 12:37 PM / Oando Plc
This
year, Africa Oil Week (AOW) the continent's leading oil and gas gathering
bringing over a thousand key industry players annually, celebrates its 25th
year.
In the
past 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.
The
conference which kicks-off today in South Africa, with the theme ‘The
Leading Business Intelligence and Transaction Platform for Africa's Oil and Gas
Sector’, will play host to 16 ministers from across the continent,
delegates from over 70 countries, 1,300 international CEOs and senior decision
makers.
As the
largest oil producing nation in Africa, Nigeria is well represented at the
event with a cross section of delegates consisting of Government and private
sector leaders. The former President, Olusegun Obasanjo will give a Chairman’s
welcome address at the event alongside Rt.
Hon Mark Simmonds, Former Minister for Africa, United Kingdom.
Dr.
Ibe Kachikwu, the Minister of State for Petroleum Resources, will share the
Nigerian perspective at the ministerial insights session with six ministers
from other African countries. As Nigeria’s leading indigenous oil and gas
player, Adewale Tinubu, the Group Chief Executive, Oando PLC will lead
discussions on a panel session titled ‘Can Africa upstream play a significant
role in the context of the global and regional energy landscape?’ This
session will offer an objective market watch of the African oil and gas
landscape, addressing the challenges and opportunities the industry is
presented with.
Oando
has carved a niche for itself as an independent indigenous oil and gas company
flying the Nigerian flag at global events that shape the future of the sector
and Africa in general. 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.
In
commemoration of the 25th Africa Oil Week, Oando ingeniously, used
its social media platforms to highlight the changes that have occurred in
Africa’s oil and gas space over the past 25 years. Notable amongst these are
its highlight on the increase in Africa’s proven oil reserves. As culled from
its social media platform Oando said: “The last 25 years have seen proven oil
reserves in Africa increase significantly. It has grown by almost 106.6% since
1993, increasing from 61.2 billion barrels at the time, and is currently at 125.5
billion barrels.”
Also
worthy of note is rig activity in Africa. According to Oando, Africa is
dominated by land drilling, however in recent years, offshore activity has
notably increased, particularly off the coast of West Africa, Oando highlighted
that between, 2007 and 2018, the number of active rotary rigs in Africa
increased from an average of 66 to 95 rigs, 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.”
The
Chief Operating Officer of Oando’s upstream division Oando Energy Resoures,
Ainojie Irune will lead discussions on the panel ‘Creating equitable frameworks
and high quality local supply chains’ while Engr. Simbi Wabote, Executive
Secretary, Nigeria Content Development and Monitoring Board will discuss how
Nigeria will capitalize on a USD $200m Nigerian Content Intervention Fund
(NCIF) capable of facilitating 100 percent local fabrication for refineries.
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.
In
appreciation to its sponsors who made the event possible, Sincliar said:, “This
event is designed by and for the industry, and we are sincerely grateful for
the ongoing support from the companies that give their time, effort and insight
to Africa Oil Week.” We would like to make 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.
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