, November 12, 2018/04:29PM/Oando Plc
The African Oil and Gas industry is showing signs of an auspicious future; there is renewedinvestor interest and burgeoning confidence in the continent and sector following continued upward movement in oil prices and recent oil and gas discoveries. This was very apparent by the host of panel discussions, country and company presentations at the recently concluded 25th edition of the Africa Oil Week (AOW) at the Cape Town International Convention Centre in Cape Town, South Africa.
AOW, the continent's leading annual oil and gas gathering, marked its 25th year with its largest delegation to date. Over 1,900 guests including CEOs, Government officials, key business decision makers and oil and gas executives from over 70 countries were in attendance to discuss ‘The Leading Business Intelligence and Transaction Platform for Africa's Oil and Gas Sector’. The event which held from the 5th to 9th of November, provided a platform for sector participants, to share their strategies for growth, better Government participation in the 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.
Nigeria was well represented as Africa’s largest oil producing nation; in attendance were Dr. Ibe Kachikwu, Nigeria’s Minister of State for Petroleum, Engr Simbi Wabote, Executive Secretary of the Nigerian Content Developing and Managing Board (NCDMB) who both spoke extensively on Nigeria’s local content development approach and its overall contribution towards the African Oil and Gas industry.
Oando PLC, Nigeria’s leading oil and gas company led several discussions during the course of the week. In addition to being a platinum sponsor, delegates from the company provided the Nigerian business perspective on various panels. Speaking on an economic outlook panel titled: “Can Africa’s upstream play a significant role in the context of the global and regional energy landscape” Oando PLC Group Chief Executive, Wale Tinubu said “We have been substantially supported by the Government's local content policies which have effectively enabled indigenous players step in and play a significant role in the sector. In Nigeria today, out of the 2 million barrels of oil being produced, 400,000 can be attributed to indigenous production”.
Alongside Tinubu on this panel were Jens Frølich Holte, State Secretary, Ministry of Foreign Affairs, Norway; David Hicks, Senior Vice President: Upstream, IHS Markit; Jasper Peijs, Exploration Vice President, BP; Mounir Bouaziz, VP Commercial/New Business Development South America & Africa, Country Chair Dubai & Northern Emirates, Shell and Paul McDade, CEO, Tullow Oil. Paul McDade also spoke extensively on Africa’s economic outlook, he said “Africa has all the components for competitiveness, there are fantastic prospects in the exploration space, low cost production and most importantly there is a skilledworkforce in Africa that any company can tap into”