Nigerian energy outlook for 2021 is largely positive due to the transparency reforms within the Nigerian National Petroluem Corporation (NNPC) and a combination of policy initiatives from auto gas to aggressive local content implementation according to a sector experts, Mr Olawale Rasheed, Olumide Esan and the chairman of AOGS Energy Resources, Mr Amieyeofori Felix.
According to the experts, the likely passage of Petroluem Industry Bill and the new marginal oil fields among others are development which will positively shape the energy sector in Nigeria.
Delivering various lectures at the “Sub-Saharan African Energy Outlook 2021” with the theme: Setting the Pace for an Agile and Resilient Industry” organised by the AOGS Energy Resources Limited on Wednesday.
The Abuja Chambers of Commerce and industry ACCI Policy Centre Director while reviewing the outlook for 2021 for Nigeria stated that the transparency and accountability reforms launched by the management of Nigerian National Petroleum Corporation (NNPC) is continuing unabated in 2021, strengthening investors’ confidence and opening new opportunities for investment.
Rasheed affirmed that the open book reform complemented that successes recorded last year in the local content policy for the oil and gas sector, positing that Nigeria is recording giant strides in the inclusion of local firms and contractors in the operation of the sector.
While commending new moves to expand the local content initiative to other sectors of the economy, Rasheed advised against abandoning the huge task of localisation within the oil and gas sector, positing that a lot still needs to be done in oil sector.
Aside above, he told the webinar that the auto gas policy as well as the gas for domestic usage are twin initiatives that is opening new business opportunities for SMEs while at the same time reduce cost of energy for Nigerians.
In his lecture, Olumide Esan of Delloite in his presentation cited the imminent passage of the Petroluem Industry Bill as a major event that will positively revolutionise the face of Nigerian energy sector.
Esan who described year 2020 as evidently turbulent said the PIB will positively transform the sector by unbundling the NNPC and energizing the nation’s capacity to efficiently manage her oil and gas resources.
Dr Mark Ighiehon from UK said Nigerian local content contractors need to up their game, noting that the gains in local content policy can be enhanced when capacity is improved and high standard is upheld.
Earlier , the Chairman of AOGS Energy Resources, Mr Amieyeofori Felix reviewed the world energy outlook, citing the new American presidency, the Covid-19 vaccine question, the climate change question as well as the rise of China.
Felix posited that the ultimate goal of AOG is to create an energy hub where Africans oil and gas professionals can influence policy and operational directions within African oil and gas sector.
