By Musa Adamu
Stakeholders in the oil and gas industry yesterday in Abuja at the 18th Oloibiri Lecture Series and Energy Forum (OLEF) to brainstorm on future of Nigeria after oil and gas driven world economy.
Stakeholders cutting across downstream, upstream and regulatory agencies of the industry converged to chart a possible out for the country as the world gradually move away from the use of conventional resources for industrial and domestic uses.
Hosted by the Petroleum Technology Development Fund (PTDF), this year’s theme: The Nigerian Oil Industry in a World of Changing Energy supply: Are we prepared, featured a lead paper and hosts of panelists.
Welcoming the participants, Nigeria Council Chairman, Society of Petroleum of Engineers (SPE), organisers of the lecture, Chikezie Nwosu, said the event had over the years brought industry players together to discuss topical issues with a view to influencing industry decision.
He said the past themes had helped to shape policy direction in the last 18 years.
He said with the support of the Minister of state for Petroleum, Dr Ibe Kachikwu, and the Group Managing Director, NNPC, Dr Maikanti Baru, the lecture had driven the industry through growth.
He said the SPE was in a position to provide unbiased and professional service to shape the industry for good, saying that: “We do this through our pool of/experts on local and international subjects.”
He said this year OLEF was expected to take a look at the rapid changing of internal oil fortune and address it.
“With news that cars will stop running on fossil fuel to the electric. We need to learn and adapt before the time comes upon us
“There is however still enormous opportunities in the oil and gas industry for investment. All we need is just to lay the right environment in our areas of operations.
“To this end, there are a couple of laws currently being worked on by the NASS and one is already awaiting Mr President assent and when done we will be on our way to having a good environment for investment.
“Our country is blessed with a wonderful climate where solar resources in addition to others will make our country a continuous destination for investment.”
The Minister, who was represented by his Senior Technical Assistant, said his ministry’s oil and gas 7-big wins had been able to provide solutions to most of the questions.
He said: “Our effort at improving our investment climate has started yielding results with investors showing interests in establishing modular refineries. We have also taken steps to bring down the cost production considerably, a move that has further attracted the investors.”
Also speaking, NNPC GMD said the theme of this years lecture was line with the current administration agenda in the industry.
He said: “The changes in the industry has not gone unnoticed by us, even though the energy demand continue to grow with China and India leading the demand.”
Rolling out the streteggies of the country in anticipation of the future of oil, he said they had started the diversification from fossil oil to renewable sources.
He also disclosed that they had started aggressive construction of pipeline for the transportation of gas to their areas of needs in the country.
He said they were prepared for solar by acquiring large expance of land for hydro energies plants and thermal plants.
“We are in the process of revamping our refineries to put out the current importation drive for product. The PIB has been broken into four parts and while one part has been concluded by the NASS and is awaiting executive assent the remaining three look she to be concluded this year.”
He said the challenges facing the industry requires paradigm shift by all industry players.