In his goodwill message at the 4th Nigeria International Petroleum Summit (NIPS) in Abuja on Monday, June 7, 2021, Mike Sangster, Chairman OPTS, said the group is committed to supporting efforts that will accelerate the growth of the oil and gas sector in Nigeria.
He remarked that the theme of the conference “From crises to opportunities, new approaches” was apt as it would provide opportunities for stakeholders to discuss the way forward for the industry. He commented that COVID- 19 affected the sector globally and there was need for stakeholders to come together to stimulate growth. Mike restated the commitment of OPTS to the task of keeping the Nigerian Oil and Gas Industry viable and efficient.
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari agreed that the sector is faced with challenges occasioned by COVID-19, especially as it concerned the cost of crude oil production. He noted that some of the challenges needed legal framework to permanently resolve them, hence the need for the passage of Petroleum Industry Bill (PIB). Kyari emphasized the need to reduce the cost of production. He also acknowledged that Security is a problem and the Federal Government is making efforts to ensure that the challenges associated with insecurity are resolved.
In his remarks, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila said Nigeria needs to be mindful of the global energy transition because of the finite nature of oil while explaining that the National Assembly has a strategic role to play to ensure the growth of the oil and gas sector.
The Chairman OPTS also spoke on the topic “More to do together” during the Oil Market Forum Session and highlighted the following points:
- Industry collaboration is needed to mitigate the challenges of the high cost of production in Nigeria
- Current cooperation and synergies within OPTS members will remain key to reducing costs in Nigeria. Several initiatives have been implemented by OPTS members in association with NNPC and domestic suppliers, however there is a need for a more holistic and collaborative approach to these. The recent initiative of NNPC in setting up the Nigerian Upstream Cost Optimisation Program (NUCOP) is a step in the right direction
- Opportunities exist in the Oil & Gas industry to do more together by addressing specific issues that could negatively impact the availability and cost of producing hydrocarbons in Nigeria.
The event was well attended by OPTS members companies who participated in the exhibitions and panel discussions.
To read more about the Summit, Please click on
Oil Sector: From Crisis to Opportunities | THISDAYLIVE and
Sangster: Nigeria Must Remain Competitive Despite Global Energy Shift | THISDAYLIVE
