By ABAH ADAH
The Petroleum Technology Association of Nigeria (PETAN) has advised that an infrastructure Deficit Map be create as the county looks forward to attracting investment in the oil and gas sector to show areas and opportunities available for investment.
The call was part of the resolutions contained in a communique issued at the end of the Offshore Technology Conference (OTC) 2017 held recently in Texas, USA by PETAN, signed and made available to LEADERSHIP by its Chairman, Bank Anthony Okoroafor.
The communique noted that with a graphic infrastructure Deficit map in place, alongside right policies and right infrastructure, investors’ interest would be aroused greatly to the benefit of the sector and the country at large.
The line-up of activities on the Programme for 2017 includes: Opening of the Pavilion by the erudite and visionary honorable minister of state, Petroleum, Dr Ibe Kachikwu Panel session with the Theme “Global Energy Dynamics: Challenges and Opportunities in the Nigerian Oil and Gas industry. Sub-Saharan Africa Oil & Gas Networking Opportunities Workshop (Angola, Ghana, Mozambique, Nigeria, Senegal, South Africa & Tanzania) Networking Dinner & Golf Tournament Short training courses on FPSO and Subsea Operations and Maintenance
First was the Panel Session was kick started with an opening remark by the Honorable minister of state, Petroleum, Dr Ibe Kachikwu, and a presentation by the GMD of NNPC, Dr Maikanti Kachallah Baru. The session was moderated by the Mr. PIB, Dr Emmanuel Egbogah.
As a fall out of the panel discussion, Project 100 was proposed. The import is to Identify 100 Nigerians with capacities, energy and skill who can make a change. Also their handicaps are to be identified while the right policies are created to help them get to the finish line.
On paucity of investment funds, it was advised that Harnessing Local Long term funds like Pensions, Sovereign funds into Long term productive and profitable infrastructure assets like gas, power, lines, refinery, utilities etc as done by other pension funds in developed countries will address it.
To minimise challenges of bureaucracy, the communique suggested a cut in Red Tapism and reviewing downward of contracting cycle from 9 months to 6 months as well as reducing/addressing mutual/moral distrust between IOC and Govt by ensuring transparency, consistency, and predictability of policies.
The communique equally recignises the need to address security issues in the Niger Delta through collaboration with government and other stakeholders.
“We need to execute the promises we made to Niger Delta now by Planing security in new pipeline approval by DPR, while IOC’s comes up with a blueprint on how to update this.
It also looked at the downstream challenges, first of which were Pricing and ethical issues and suggested Broadening of the space for participation in the industry; increasing the figure of barrels refined in-country; Changing the business model and Scaling up – leave allocations.
PETAN to sustain and promote in-country capacities through bidding in Silos, setting-up of “consortiums like Bonga SW so that we can sustain build in-country capacities”. It is to collaborate to fund all these projects instead of raising funds in Silos, and Synergise in all assets work.
Other resolutions include but not limited to reduction in Logistics’ costs from $23/bbl. to $2/bbl. by working together and sharing vessels, security and management of assets; knocking down cost by 40% by adopting Brazilian model.
Having acknowledged that 90% of all projects need
steel, the communique noted that having one functional mill in the next five years would be a catalyst for building all facilities in-country, while emphasising the need to build all facilities in-country.
According to the statement, Lead Contractors in every project must have solid Infrastructure In-country, while projects must be handled with at least some measure of local contents especially those that can be acquired readily.
In another note of advise, the National Assembly has been told to conclude work on the PIB as soon as possible.
It was also agreed that Harnessing Local Long term funds like Pensions, Sovereign funds into Long term productive and profitable infrastructure assets like gas, power, lines, refinery, utilities etc as done by other pension funds in developed countries.
The need for closer cooperation between various key ministries to grow the nation rather than working in isolation was highlighted– Petroleum, Power, Industry, Finance etc to synergise of developmental growth of the oil industry.
This year’s conference with the theme: “Global Energy Dynamics: Challenges and Opportunities in the Nigerian Oil and Gas industry”, took a closer look at the oil and gas industry, and how to fully optimize the inherent potentials. It is noteworthy that more than 60,000 attendees and 2,400 companies/exhibitors from around the world gathered at the annual conference, placing 2017’s OTC among the top 10 highest attended in the 49-year history. Also, more than 100 PETAN companies and 2,000 Nigerians attended the highly successful conference. As it has always been since 1969 inception of OTC, attendees got crucial exposure to new technologies and global developments in the energy industry.
NEWS15 hours ago
Easter: NSCDC Officer Kills 11 In Gombe Auto Crash
BUSINESS21 hours ago
Nigeria Customs Generates N311.2bn Revenue In 3 Months
BUSINESS20 hours ago
Dangote Refinery To Boost World Oil Production Stability – OPEC
NEWS9 hours ago
Convocation: 81 ABU Students Bag First Class Degrees
NEWS15 hours ago
Briton Killed In Kaduna Castle Identified
EDUCATION14 hours ago
JAMB Dismisses Rumour Of Reduction Of UTME Results
NEWS23 hours ago
Smugglers Threatening Local Rice Millers – Nazifi
NEWS22 hours ago
Engr Rabiu Emerges New COREN President