Ministers to speak on strategies to strengthen energy sector at NOG

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and the Minister of State for Petroleum (Gas) Ekperikpe Ekpo are to speak at the 23rd yearly NOG Energy Week 2024 following the Executive Order by President Bola Ahmed Tinubu on government’s strategies in strengthening the country’s energy sector.

This is as industry stakeholders for NOG Energy Week, have stressed the need for clearer policy direction for non-associated gas exploration and production, emphasising that as a major contributor to Africa’s oil and gas potential, Nigeria has substantial natural gas reserves, ranking as the ninth largest in the world.

NOG Energy Week 2024 is scheduled to take place from June 30 to July 4 2024, at the International Conference Centre (ICC), Abuja.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Nigeria’s gas reserves currently stand at 208 trillion cubic feet with the potential to increase production to more than five billion cubic feet per day.

The Executive Order addresses the much-needed policy direction that will enable stakeholders to make informed decisions for funding, advance gas activities, and infrastructure development. The order, particularly regarding fiscal incentives for non-associated gas, midstream and deepwater development offers promising opportunities for the development of gas resources in Nigeria.

Speaking at a retreat that was organised to create the roadmap for achieving the targets set by President Tinubu, Ekpo said: “Ensuring the widespread penetration of gas nationwide is essential to realising its full potential as a transition fuel. This entails not only increasing domestic gas production but also promoting the adoption of gas as a cleaner alternative for power generation, industrial processes, transportation, and household use. Initiatives such as the ‘Decade of Gas Initiative’ are instrumental in driving gas utilisation across various sectors through targeted interventions, infrastructure development, and policy incentives.”

To achieve successful implementation, the directives will require a resilient level of collaboration, which NOG Energy Week 2024 is structured to facilitate. Themed: ‘Showcasing Opportunities. Driving Investment. Meeting Energy Demand,’ NOG Energy Week will focus on unique opportunities to transform the industry through robust legislation, technology and innovation, in-country capacity development, and actualising energy sufficiency targets. The event will explore emerging business contingencies, sharing a common goal with the President’s directive to build systems that will eliminate investment barriers into Nigeria’s energy sector.