Oil & Gas: Stakeholders Advocate for Home-Grown Technology Solution
- Nigeria and other African countries have been urged to embrace home-grown sustainable technology solutions
- This is the position of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Wabote
- Also, Angola and other petroleum producing countries have been urged to work towards creating a fund to support the development of its hydrocarbon resources
Local Content drivers in Africa have advocated for a robust approach to foster more home-grown sustainable technology solutions and deliberate investment in Research & Development, with the focus on building a more realistic economic framework for sustainability and professional capacity across the African continent.
Championing the call was the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Wabote while moderating a Local Content Session at the ongoing 8th African Petroleum Congress & Exhibition, CAPE VIII, holding in Luanda, Angola.
Source: UGC
Illuminating on the theme, “Energy Transition: Challenges and Opportunities in the African Oil and Gas Industry,” Wabote expressed worry that if all International Oil Companies (IOCs) cut off their funding and technology from Africa, the continent would be stranded. He called for strategic and sustainable collaboration and partnership between African Petroleum Producing countries to drive the process.
The NCDMB Boss noted that Africa’s oil is fast becoming a non-existential item, adding that the continent must now explore strategies to address the challenges of producing its hydrocarbon resources, create financing and technology, especially by leveraging on Research and Development.
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While encouraging Angola and other petroleum producing countries to work towards creating a fund to support the development of its hydrocarbon resources, he stressed that to drive development in Africa, “Oil and Gas producing countries, especially in the light of the global energy transition away from fossil fuels,” must prepare adequately.
“How prepared is Africa to produce, process and market over 120 billion barrels of Oil reserves and 500 trillion cubic feet of gas without western technology, finance, expertise and market,” he added.
The four-day Conference was declared open by the President of Angola, João Manuel Gonçalves Lourenço. In his keynote speech at the Opening Ceremony, the President elucidated on the concerns of Angola, Africa’s Oil and Gas producing countries, and the current drive to limit investments in the sector because of the effects of climate change.
The Congress is organized by the African Petroleum Producers Organization (APPO), the Government of the Republic of Angola and AME Trade Ltd. There is also Support from the Minister of Mineral Resources, Petroleum and Gas, Angola and ANPG (Agencia Nacional de Petróleo, Gás e Biocombustiveis)
Led by the Ministry of Mineral Resources and Petroleum, the National Oil and Gas Company (NOC), Sonangol, and the national regulator, the National Petroleum, Gas and Biofuels Administration (ANPG), Angola seeks to promote investment and development in many aspects of energy, as the country is poised to enter a successful new hydrocarbon era that is a model for other resource-rich countries in Africa.
According to the organizers, the CAPE VIII Congress will be the ideal platform for Africa’s leading Oil and Gas producers to confront the foregoing challenges and engender solutions to maximize its oil and gas resources. Amid the drive by developed economies towards decarbonisation and net-zero policies, energy stakeholders will have the opportunity to reinforce the case for regional integrated supply chains and pooling resources to leverage the catalytic power of hydrocarbons in a sustainable manner.
A local content Session held on day two of the Congress, sponsored by Brimont Angola focused on the “Review of policies and progress on implementation of local content in #Africa”. The session, moderated by Engr Wabote, provided an opportunity to highlight developments and progress made on domestic content development in African Oil and Gas producing countries, especially in the light of the global energy transition away from hydrocarbon fuels.
The Session was composed of Mr Francisco Monteiro, Chairman and CEO, Brimont Angola; Rui Guerreiro Passos, Attorney, ExxonMobil; Alcides Andrade, Strategic Planning Director, Agência Nacional de Petróleo, Gás e Biocombustiveis, ANPG - Agência Nacional De Petróleo, Gás & Biocombustívei; Mr Mohamed Daoud, Central Procurement and Logistics Director, SONATRACH; Mr Emanuel Bo Dontoni, Chairperson, The Angolan Indigenous Oil & Gas Service Companies Association ASSEA; Dr Babafemi Oyewole, Chief Executive Officer, #EnergySynergyPartners; and Mr Bráulio de Brito, Chairman, #AECIPA.
More trouble for federal government as Russia sells cheap crude oil to Nigeria's biggest customer, India
Meanwhile, Legit.ng reported that Nigeria's oil revenue could face a serious hit, Russia is now selling more oil to India at a very cheap rate.
Financial times reports that Russian oil exports to India have quadrupled in March 2022 due to the a $25-30 a barrel discount to the official price of oil which is at $107 per barrel(Brent crude price).
Russia is now looking to sell around 15 million barrels of cheap crude oil to India this year, Business Standard.
Remittances to FG continues to decline
Meanwhile, Legit.ng reported that as the Nigerian government thinks of removing petrol subsidy next year, the country’s National Petroleum Company (NNPC) has continued to remit less amount of money to the federation account.
The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.
It gave this account during a presentation to FAAC for the month of December 2021, a report by Nairametrics says.
Source: Legit.ng
