1 Representing the largest energy event to take place in Africa in 2022, the African Energy Week (AEW) 2022 (AECWeek.com) is proud to be joined by the Nigerian National Petroleum Company (NNPC), one of the largest national oil companies (NOC) in the continent.
2 , as a diamond sponsor.
3 With the sponsorship, the NNPC will make a strong case for investment in 2022 and beyond, while leading critical discussions on the need to increase exploration and production, the opportunities created through progressive legislation, and the positioning of NOC as the energy companies of the future in Africa.
5 By driving local content, strengthening the domestic market, and ensuring that Nigerian citizens benefit from the country’s oil and gas resources, the NOC served as an example for other NOCs in Africa.
6 As such, and as a diamond sponsor with an NNPC delegation coming to AEW 2022 in Cape Town, the organization will engage in and lead discussions on the role of NOCs in Africa’s energy future, with dedicated NOC forums serving to amplify dialogue and redefine current narratives.
7 After years of being a NOC, on July 19 this year, NNPC was transformed into NNPC Limited, a fully commercial company with no government funding or control.
8 The decision to transform the company from a NOC to a private company follows the implementation of the Petroleum Industry Law, enacted in 2021 and focused on improving transparency and productivity throughout the energy sector.
9 Regulated by the Companies and Allied Matters Act 2020, NNPC Limited will predominantly focus on its role as an operator, prioritizing exploration and production and working closely with IOCs. With the transformation, Nigeria’s energy sector has entered a new era of transparency and regulatory certainty, with NNPC Limited expected to grow exponentially as 20% of the organization’s profits are reinjected into growing the business.
10 The transformation comes at a time when Nigerian production has been in decline, due in large part to reduced exploration investment, declining legacy fields and post-COVID-19 impacts.
11 Now focused on expanding exploration and production, NNPC Limited is ready to make a strong case for IOC investment and involvement in the sector, while setting the tone for other NOCs across the continent.
12 In this sense, during AEW 2022, NNPC Limited will promote discussions on the impact of an enabling environment and the implementation of a progressive legislature in the energy sector in Africa.
13 With the PIA and the subsequent transformation of the NNPC, Nigeria has succeeded in establishing a highly attractive and competitive market for regional and international players, while demonstrating the effectiveness of independent African-led developments.
14 As a patron of diamonds, the NNPC will provide insights into the newly formed organization’s plans for 2022 and beyond, while emphasizing the role that NOCs and private oil companies will play in Africa.
15 “Having NNPC as a diamond sponsor for AEW 2022 is huge.
16 The sponsorship not only positions the newly privatized company at the forefront of the dialogue, but further cements AEW 2022’s role as the continent’s premier energy event.
17 Focused on oil, gas and making energy poverty history, AEW 2022 is committed to strengthening investment and development across the energy value chain.
18 Once one of Africa’s largest NOCs, the NNPC now represents one of the continent’s leading independents, driving exploration and production and emphasizing the role African companies will play in expanding the energy sector.