The 3rd annual Nigerian International Petroleum Summit was a welcome gathering for ushering the minister of State for Petroleum Resources, Timipre Sylva and the GMD of Nigerian National Petroleum Corporation(NNPC) into launching “The digital oilfield IOT solution focused on safety and transparency.”
Minister of State for Pet. Resources, @HETimipreSylva accompanied by the Permanent Secretary, @BNabasu & GMD of @NNPCgroup, @MKKyari attended the launch of the Digital Oilfield IOT Solution focused on safety & transparency by @Huawei in the course of the #NigeriaPetroleumSummit. pic.twitter.com/piNrLh3FDi
— Ministry of Petroleum Resources, Nigeria (@FMPRng) February 12, 2020
This was a wonderful ending for the summit which had been ongoing from 9th – 12 February, 2020 in Abuja.
The ceremony of the Petroleum Summit which was tagged ‘the year of gas’ covered an extensive range of opinions that provided delegates a holistic perspective of the current state of play in the global oil & gas industry & prospects for the future.
Kyari Mele, the GMD of NNPC said the corporation has assets worth over $20 billion and if looked into, Nigeria has opportunities it can explore in order to produce more petroleum products.
While describing NNPC as the largest corporation in Africa, Kyari said: “We have assets that are in excess of $20bn. We have opportunities that we share with our partners.
“This country can provide energy for the whole of Africa.
“As we all know, 90 per cent of the petroleum products consumed in Africa are imported, and that must stop. And to do this, Nigeria must work.
” Our refineries must come back, and that is what we are doing.”
“Even by 2040 most forecast indicate that renewables would only account for about 20% of global energy needs which means that fossil fuel would continue to deliver at least 70% of global energy needs within the period under forecast,”
Also present at the event was President, Muhammadu Buhari who was represented by the Secretary to the Government of the Federation, Mr Boss Mustapha.
Speaking on the work being done in the oil and gas sector, the president said extensive work had been done for the eventual passage of the Petroleum Industry Bill to open up the oil and gas sector to competitiveness.
He assured foreign oil companies of high returns on their investments in Nigeria.
The President stressed the fact that investments by foreign delegates were highly welcomed and secured.
“Nigeria is ready and accessible for investments from all interested countries, individuals, partners.
“Let me assure our foreign delegates here present, that your investments are well secured in Nigeria and a high return on investment is assured.”
Commenting on the Nigerian Gas Transportation Network Code, which was launched during the event, he added: “We are all aware of the great role the hydrocarbon industry plays in the economy of Africa.
“Thus, we cannot afford to compromise its technical, operational and financial standards.
“This is the reason why this administration has consistently promoted sector reforms aimed at the entrenchment of transparency in the conduct of the industry’s business, cost reduction, efficiency and attracting investments in the oil and gas value chain.”
The minister in his closing remark stated: “Deals will be made here and there will be many agreement sign offs and product launches as the summit progresses.
” The caliber of people invited to participate in session and the exhibition planned for the event will give the industry a face lift.”