The Energy Republic July Edition 2022

NOG FEATURES
NOG 2022 RETURNS TO ABUJA WITH WORLD-CLASS
Conference Programme in Funding Nigerian Energy Mix
Th e N i g e r i a O i l a n d G a s
Conference & Exhibition (NOG)
will return in Abuja from 4 - 7
July 2022 with unravelling conference
programme in funding Nigerian energy
mix. The arrival of the global pandemic
led to a disparity in supply and demand
of hydrocarbons, a drop in oil price and
an economic crisis of unprecedented
magnitudes. This introduced new
vulnerabilities to the main contributor
to Nigeria’s Government revenues.
However, NOG 2022 will focus on the
strategies that will be employed by the
Nigerian government and private
sector leaders to navigate the emerging
business environment – helping to set
the nation’s energy agenda for the next
12 months and beyond.
Oil continues to be one of the major
sources for power generation. However,
increasing global investment into cleaner
sources of energy, volatility of oil price and
the awaited clarity on the legislative
framework for oil and gas production in
Nigeria all highlight the need for a more
diverse energy mix.
The NOG Strategic Conference will review
Nigeria’s positioning within the evolving
global energy landscape, with a focus on
emerging opportunities to transform her
energy industry through robust legislation,
technology and innovation, in-country
capacity development and actualize energy
sufficiency targets.
2022 Key Topics
3Understanding the regulatory framework
of the petroleum Industry Act
3Financing projects in Sub-Saharan Africa
in the domestic gas market.
3Bridging the infrastructure gap to improve
the domestic gas market
3How can indigenous companies position
themselves to benefit from the implementation
of the Petroleum Industry Act?
3Technological innovation to avoid and reduce
carbon emissions from across the value chain
3What are the enablers in the implementation
of the Petroleum Industry Act?
Nigeria to Meet OPEC Quota by August
Nigeria’s Minister of State for
Petroleum Resources, Timipre Sylva
has said that the country is
increasing crude oil production and has set
a target of August this year to meet its OPEC
Quota. He made this known at a conference
recently.
Nigerian crude oil output has declined
recently due to pipeline closures, oil thefts
among other issues which has drastically
affected the country's production output.
According to the minister, Nigeria is
working with producers including Shell,
Chervon and ExxonMobil, to bring back
production facilities online to increase
output.
"We have given ourselves just about a
month to ensure that we achieve at least
some measurable milestones...The
assurance I have from all the operators is
that at least we can produce all of our OPEC
quota by the end of August," Sylva said.
"For us in Nigeria we are really at a low
point, we are not able to meet our OPEC
quota...We have given ourselves timeframe,
we are focusing on security. We believe that
by end of August we would have seen some
improvements in security in the oil sector,"
he said.
“At this moment, I think prices are firm
enough and I don’t think there will be any
surprise in August. We believe that the
market is well supplied.
“Of course some people consider price to be
on the high side and expect us to pump
more. At this moment there is little capacity
that can be brought to the market,” he
added.
On OPEC+ meeting capacity to increase
production, he warned that oil producers
are running out of capacity to pump more
crude.
“Some people believe the prices to be a little
bit on the high side and expect us to pump a
little bit more but at this moment there is
really little additional capacity.
“Even Saudi Arabia, Russia, of course Russia,
is out of the market now more or less,” he
said.
He added that he thinks the prices are
firming up and there will be no surprises in
OPEC in August
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Funding The Nigerian
Mix For Sustainable Economic Growth
THE ENERGY REPUBLIC I SPECIAL EDITION