Stakeholders in the oil and gas sector in Africa converged on Victoria Island Lagos to map out strategies that will promote the Oil and gas industry in the continent from being a mere supplier of primary commodities to the global community to attracting investors across the world.
Speaking at the event, a former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said Nigeria needed to map out the sustenable strategies that would attract investors to the oil and gas industry since the nation has the required resources.
Dr. Kachikwu, who identified poor funding and infrastructural development as part of the challenges confronting the nation’s energy sector said the more collaboration the nation could access, the better.
In an address, the President of Africa Oil Week, Nigeria, and host of the event, Dr. Mayowa Afe, points out that with the passage of the Petroleum Industry Bill, Nigeria now has a regulatory framework that gives Nigerians and global partners the opportinuty to invest in the nation’s oil and gas industry.
On the need to unlock the potential of the Nigerian Upstream, Vice President of Energy, Hyve Group, organiser of the event, Mr. Paul Sinclair, said the event was to engage fully with the Nigerian oil and gas Market to promote the development of hydro-Carbon for the socio-economic development of the country.
According to Mr. Sinclair, Nigeria stands to benefit a lot from having a strong synergy with the largest network of oil and gas professionals across the world.
Africa Oil Week has been one of the Africa’s international meeting for stimulating deals and transactions across the African Upstream and bringing together governments, national and international oil companies, independents investors and service providers.