By Ese Ufuoma
landmark gathering organized by the Nigerian Association of Petroleum Explorationists (NAPE), has recently brought together the most influential figures in Nigeria’s oil and gas industry and the National Assembly. Held on the 8th of July 2024 at the Petroleum Technology Development Fund (PTDF) in Abuja, this annual engagement serves as a crucial platform for fostering relationships between industry practitioners and policymakers, aiming to navigate the sector’s challenges and drive economic growth through strategic dialogue and innovation. The event, themed “Deepening Collaborations between the Oil and Gas Industry and the National Assembly,” drew together key figures from Nigeria’s oil and gas industry, including prominent members of the National Assembly, to strategize on critical issues impacting the sector.
The NAPE-National Assembly Stakeholders Engagement fosters a robust relationship between NAPE and the National Assembly Committees on Petroleum Resources. Its primary objective is to provide a platform for oil and gas practitioners to share insights and perspectives directly with policymakers. These interactions are vital for the conceptualization, formulation, and implementation of policies aimed at enhancing oil and gas production, ultimately contributing to Nigeria’s economic growth. Dr. Abiodun Ogunjobi, President of NAPE, hosted the event, emphasizing NAPE’s historical role in advancing geosciences and acting as a crucial link between industry stakeholders and government bodies. Dr. Ogunjobi highlighted NAPE’s continuous efforts in advocating for indigenous capacity building and technological innovation to drive sectoral growth. He underscored the significance of collaboration between the industry and legislative bodies to navigate the evolving landscape of the oil and gas sector.
High-profile attendees included Senator Etheng Jonah, Chairman of the Senate Committee on Petroleum Resources (Upstream), and Honourable Alhassan Ado Doguwa, Chairman of the House of Representatives Committee on Petroleum Resources (Upstream). Their presence, along with other notable figures such as Dr. Layi Fatona, Vice Chairman of ND Western, and George Osahon, Chairman of Geo Concept Technical Limited, demonstrated the government’s commitment to supporting policies that promote growth and stability within the oil and gas sector.
The Chairman of the House of Representatives Committee on Petroleum Resources, Upstream, Honourable Alhassan Ado Doguwa, urged stakeholders in the oil and gas sector to encourage divestment in the country’s oil and gas sector. Doguwa made the call in an exclusive interview with Valuechain, pointing out that, divestment is not against the interest of the country, but will rather create an opportunity for Local Oil Companies (LOCs). He further explained that major investments can be transferred to the nation through divestment as it will support the tapping of deep offshore resources.
On his part, Bello Mustapha, Deputy General Manager of Strategic Planning at PTDF, outlined several strategic initiatives aimed at enhancing Nigeria’s petroleum sector. These initiatives include stimulating local employment, supporting skills development, and fostering technological advancements and sectoral resilience. Mustapha emphasised PTDF’s role in driving these initiatives and ensuring that Nigeria’s petroleum sector remains competitive on a global scale.
Discussions during the event were robust, focusing on the myriad challenges faced by the oil and gas industry. Key topics included fluctuating oil prices, regulatory complexities, and the imperative to enhance local content and technology adoption. Participants engaged in dynamic dialogues aimed at developing resilient policy frameworks and collaborative strategies to achieve sustainable development goals and ensure Nigeria’s energy security. Stakeholders reaffirmed their commitment to accelerating integrity agendas and achieving ambitious production targets. The event concluded with a consensus on the importance of sustained dialogue, innovation, and strategic investments in Nigeria’s oil and gas sector to drive economic growth, job creation, and national prosperity.
Historically, NAPE has played a significant role in Nigeria’s oil and gas sector. Founded in 1975, NAPE has been instrumental in advancing geoscientific knowledge and fostering collaboration between industry stakeholders and governmental bodies. Over the years, NAPE has been at the forefront of promoting indigenous capacity building and technological innovation, ensuring that Nigeria remains a key player in the global oil and gas industry. Technological advancements have been a cornerstone of the sector’s growth. Innovations such as seismic imaging, enhanced oil recovery techniques, and digital oilfield technologies have revolutionized the industry. In Nigeria, the adoption of these technologies has been crucial in overcoming challenges related to exploration and production, improving efficiency, and reducing environmental impact. PTDF’s initiatives aim to further drive technological advancements, ensuring that the sector remains resilient and competitive.
Successful collaborations between the oil and gas industry and the National Assembly have yielded tangible outcomes. For instance, the Petroleum Industry Act (PIA) of 2021, which aimed to overhaul the regulatory framework governing the sector, was the result of extensive dialogue and cooperation between industry stakeholders and legislators. The PIA has been instrumental in attracting investment, increasing transparency, and promoting sustainable development within the sector.
Expert opinions from industry leaders, analysts, and academics underscore the critical importance of continued collaboration and innovation. Dr. Layi Fatona, a veteran in the industry, emphasized the need for policies that support indigenous companies and promote local content. He noted that fostering home-grown talent and expertise is essential for the sector’s long-term sustainability and growth.
Globally, oil-producing nations such as Norway and Saudi Arabia have implemented best practices that Nigeria can emulate. Norway’s success in balancing resource extraction with environmental protection and Saudi Arabia’s strategic investments in technological advancements provide valuable lessons. By adopting similar strategies, Nigeria can enhance its oil and gas sector’s efficiency and competitiveness on the global stage.
The NAPE event at PTDF was a significant platform for deepening collaborations and addressing the pressing challenges facing Nigeria’s oil and gas sector. The discussions and initiatives highlighted during the event are poised to shape the future of the industry, driving progress and prosperity for the nation. Through sustained dialogue, innovation, and strategic investments, Nigeria’s oil and gas sector can achieve its full potential, contributing to economic growth, job creation, and national prosperity.