In a pivotal address at the Management Session Forum of the ongoing 41st Nigerian Association of Petroleum Explorationists (NAPE) conference in Lagos holding from November 12 to 16, 2023, the Executive Vice President (Upstream) at NNPC Limited, Oritsemeywa Eyesan, delivered a strategic vision laden with actionable strategies aimed at surmounting challenges and ushering in a resilient and dynamic era for Nigeria’s oil and gas industry.
The focal point of this transformative journey was the eagerly anticipated commencement of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project in December 2023.
The forum, a part of the larger NAPE event, had convened industry leaders and experts under the topic; “Energy, Infrastructure Development, Financing, and Monetization Strategies in Nigeria,” providing a unique platform for the exchange of insights and strategies to address the complex challenges facing the nation’s energy landscape.
Eyesan commenced her address by acknowledging the persistent challenges in Nigeria’s investment climate against the backdrop of the insightful discussions ongoing at NAPE.
Undeterred, she highlighted the transformative potential of the recently enacted Petroleum Industry Act (PIA), stating that, “The PIA, if well implemented, will enable and attract investment into the industry,” setting the stage for a regulatory framework conducive to sustainable growth and investment.
Turning to financial intricacies, Eyesan illuminated the path forward, emphasising the imperative of innovative financial models.
Drawing inspiration from the Adnoc model, she noted, “Accessing finance is a challenge, and every financier wants assured returns. The Adnoc model, with its 40% interest collaboration, showcases the potential of strategic partnerships,” urging industry stakeholders to explore similar avenues for financial collaboration.
Operational challenges took center stage with Eyesan underscoring the need for efficient contracting cycles and project execution.
“In our clime, you’re looking for upwards to 24 months to put a contract in place. We must commit to shorter timelines and follow through on project delivery,” she asserted.
The spotlight on technology deployment emerged as a strategic imperative to enhance operational efficiency, reduce project timelines, and position Nigeria’s oil and gas industry on the global technological forefront.
Crucially, the address was punctuated by a major announcement—the imminent launch of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project in December 2023, injecting a new level of anticipation and optimism into the discussions at NAPE. This flagship project is poised to significantly enhance Nigeria’s domestic gas infrastructure, providing a critical backbone for economic development and energy security.
Throughout her presentation, Eyesan underscored the vital importance of collaboration, accountability, and the need for a stable financial system to overcome long-term challenges such as currency instability.
“We must foster collaboration and hold people accountable, including NNPC Limited. Having a stable financial system will help overcome these challenges,” she affirmed.
In conclusion, Eyesan painted a collaborative and innovative vision for the future, stating, “Let us commit to a future where sustainable energy infrastructure empowers our nation and serves as a catalyst for economic growth in sub-Saharan Africa.”
With the imminent launch of the AKK project, her strategic insights and the tangible commitment to action provided a comprehensive roadmap for stakeholders, signalling the dawn of a resilient and dynamic energy landscape for Nigeria.
