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Home Uncategorized FG, oil experts to brainstorm on accelerating growth in Nigeria’s Hydrocarbon Reserves

FG, oil experts to brainstorm on accelerating growth in Nigeria’s Hydrocarbon Reserves

Vice President Professor Yemi Osinbajo is expected to lead the Federal Government’s team to brainstorm with oil and gas experts across the world on accelerating growth in Nigeria’s hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities at this year’s Nigeria Association of Petroleum Explorationists (NAPE) international conference.

The conference which is the 38th edition will be held physically and virtually at the Eko Hotel and the NAPE Secretariat, Lekki, Lagos from 15-19 November, 2020.

Vice President Osinbajo, will be the Special Guest of Honour while the keynote paper titled, The Future of the Nigerian Oil & Gas Industry 2021-2025, will be delivered by Chief Tunde AfolabiChairman/ CEO of Amni International Petroleum Development Company Limited.

Speaking on the conference at a media interaction in Lagos on Tuesday, President of the association, Alex N. Tarka, noted that Oil and gas will continue to be fuels of choice for the foreseeable future and conventional and unconventional hydrocarbons are likely to remain the main component of the energy mix needed to meet the growing global energy demand in the next five decades.

“In the coming period, technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but in mitigating the environmental impact of hydrocarbon exploration, production and utilization. Nigeria is at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities. Reduction in hydrocarbon exploration and exploitation has dire consequences for a country like Nigeria with a mono-economy hinged on crude oil”.

Tarka explained that it is against the backdrop of the foregoing that NAPE will at Conference be deliberating on the petroleum business and the regulatory environment with a view to addressing the challenges of exploration and production in the onshore, offshore and Nigeria’s frontier basins, as well as government and regulatory agencies’ support and funding, Cash Call Exit and incentives , new fiscal regimes, PIB, NIPEX operations, Licensing rounds, refining capacity mid-stream infrastructure and  the domestic gas market

“The Conference will also be beaming its searchlight on new technology application in exploration and production using big data, digitalization, data analytics, artificial intelligence opportunities, etc. Participants at the Conference will also be discussing the impact of renewable and unconventional energy resources in the oil and gas industry as well grooming the next generation of E&P professionals”.

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