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  •  Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria s transition to cleaner sources of energy Mr Roger Brown the Chief Executive Officer Seplat Energy Plc made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE in Lagos The News Agency of Nigeria reports that the topic of the panel session was Operationalising a Clean Energy Transition for Sustainable Development in Africa Represented by Mr Effiong Okon New Energies Director Seplat Energy Plc Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country According to him Nigeria s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh Brown said there was the need for investment in gas and renewables such as hydro solar and wind which would play key roles in Nigeria s industrialisation in the near future He said The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria s growth In doing so we must make a positive social impact and contribute to Nigeria s achievement of the United Nations Sustainable Development Goals Brown said Seplat was in support of the Federal Government s decision to make gas Nigeria s energy transition fuel and would continue to make investments toward the development and utilisation of the country s abundant gas resources While listing the company s achievement he said Seplat had since 2011 invested a capex of 1 7 billion in the sector and had paid 445 million dividends since its Initial Public Offerring IPO He said the 700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd at Asaa in Imo was nearing completion Brown said the project when completed would provide gas to boost the much needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth Earlier Prof Olalekan Olafuyi Chairman SPE Nigeria Council urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system Olafuyi said that the continent s contribution to global carbon emission was relatively low He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development NewsSourceCredit NAN
    Huge investment opportunities in Nigeria’s energy transition abound – Seplat
     Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria s transition to cleaner sources of energy Mr Roger Brown the Chief Executive Officer Seplat Energy Plc made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE in Lagos The News Agency of Nigeria reports that the topic of the panel session was Operationalising a Clean Energy Transition for Sustainable Development in Africa Represented by Mr Effiong Okon New Energies Director Seplat Energy Plc Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country According to him Nigeria s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh Brown said there was the need for investment in gas and renewables such as hydro solar and wind which would play key roles in Nigeria s industrialisation in the near future He said The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria s growth In doing so we must make a positive social impact and contribute to Nigeria s achievement of the United Nations Sustainable Development Goals Brown said Seplat was in support of the Federal Government s decision to make gas Nigeria s energy transition fuel and would continue to make investments toward the development and utilisation of the country s abundant gas resources While listing the company s achievement he said Seplat had since 2011 invested a capex of 1 7 billion in the sector and had paid 445 million dividends since its Initial Public Offerring IPO He said the 700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd at Asaa in Imo was nearing completion Brown said the project when completed would provide gas to boost the much needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth Earlier Prof Olalekan Olafuyi Chairman SPE Nigeria Council urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system Olafuyi said that the continent s contribution to global carbon emission was relatively low He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development NewsSourceCredit NAN
    Huge investment opportunities in Nigeria’s energy transition abound – Seplat
    General news2 months ago

    Huge investment opportunities in Nigeria’s energy transition abound – Seplat

    Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria’s transition to cleaner sources of energy.

    Mr Roger Brown, the Chief Executive Officer Seplat Energy Plc, made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos.

    The News Agency of Nigeria reports that the topic of the panel session was: “Operationalising a Clean Energy Transition for Sustainable Development in Africa.

    ” Represented by Mr Effiong Okon, New Energies Director, Seplat Energy Plc, Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors.

    He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country.

    According to him, Nigeria’s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh. Brown said there was the need for investment in gas and renewables such as hydro, solar and wind which would play key roles in Nigeria’s industrialisation in the near future.

    He said: “The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria’s growth.

    “In doing so, we must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals.

    ” Brown said Seplat was in support of the Federal Government’s decision to make gas Nigeria’s energy transition fuel and would continue to make investments toward the development and utilisation of the country’s abundant gas resources.

    While listing the company’s achievement, he said Seplat had since 2011 invested a capex of $1.7 billion in the sector and had paid $445 million dividends since its Initial Public Offerring (IPO).

    He said the $700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd. at Asaa, in Imo was nearing completion.

    Brown said the project, when completed would provide gas to boost the much-needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth.

    Earlier, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system.

    Olafuyi said that the continent’s contribution to global carbon emission was relatively low.

    He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development.


    NewsSourceCredit: NAN

  •  The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
     The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
    General news2 months ago

    FG reiterates commitment to energy self-sufficiency by 2026

    The Federal Government on Tuesday reiterated its commitment to achieving self-sufficiency and net exporter of energy resources by 2026.Mr Bala Wunti, Group General Manager, National Petroleum Investment Services (NAPIMS), made this known while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.

    The News Agency of Nigeria reports that he spoke during a panel session on “Sustainable Energy Transition Strategy: The Role of Legislative Frameworks and Investment Programmes.

    ”Wunti said though the government had pledged to achieve net zero carbon emission by 2060, its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources.

    To this end, he said the government’s target was to attain zero dependence on imported energy, both primary and secondary, as well as becoming a net exporter of secondary energy resources by 2026.Wunti said the plan was to provide  access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth.

    He, however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector.

    Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner.

    He noted that unfortunately, the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis.  

    According to him, available statistics from the Organisation of the Petroleum Exporting Countries (OPEC) shows that the world requires $11.8 trillion to meet its energy needs.

    Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward.

    Also, Mr Austin Avuru, Chairman, AA Holdings Ltd., said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent.

    Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota, adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs.He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration.

    Avuru also called for deployment of technologies, production of more natural gas and encouragement of tree planting to achieve decarbonisation  while maximising the continent’s abundant oil and gas resources.

    Earlier in his remarks, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, decried the lack of access to energy by many Africans.

    Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade.

    He said this underpins the African Continental Free Trade Area (AfCFTA) plan and thus highlights further the need for regional integration to solve Africa’s energy and climate challenges. 

    “Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank’s (AfDB) New Deal on Energy for Africa, requires a minimum of $44 billion of annual financing.  

    “Maintaining and extending the pace of progress will thus require strong political commitment and sound governance, long-term energy planning, adequate political and fiscal incentives as well as public and private financing,” he said.  


    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
    General news2 months ago

    NUPRC outlines cardinal areas for sustainable gas utilisation, development

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country.

    The commission said that the four cardinal areas were gas reserves growth, optimised gas production, domestic gas utilisation and gas flare elimination.

    Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Monday in Lagos.

    The News Agency of Nigeria that the conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.

    ” Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission.

    According to him, this will enable them to achieve the right energy mix while decarbonising their oil and gas development.

    He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel.

    Komolafe said the passage of the Petroleum Industry Act (PIA) 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments.

    He said: “We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources.

    “This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation.

    “Fortunately, several African countries including Nigeria, Algeria, Mozambique, Egypt and Libya, among others are blessed with huge gas reserves.

    “With a total of over 620 trillion cubic feet of natural gas reserves and 125.3 billion barrels of crude oil, the future of upstream oil and gas in Africa is promising.

    ” Komolafe, however, noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance.

    He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world.

    Also, Prof. Olalekan Olafuyi, the Chairman, SPE Nigeria Council, said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    Olafuyi said: “It is expected that the adaptive strategies for energy transition should be adopted in Africa.

    “The status quo in the African energy supply is very obvious.

    Africa and Nigeria in particular, are still struggling with endemic energy poverty as compared to the developed regions of the world.

    ” He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses.

    “This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources.

    “This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference,” Olafuyi said.


    NewsSourceCredit: NAN

  •  Chief Timipre Sylva Minister of State for Petroleum Resources has called for the deployment of available technologies to make fossil fuel cleaner in the face of global energy transition Sylva made the call while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria reports that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa He said the theme of the conference was very apt coming at a time when the world was witnessing a turnaround in the global energy landscape and clamouring for transition to greener energy sources to reduce carbon emission The minister however maintained that energy transition was better viewed as providing clean energy and not as abandoning some energy sources According to him the ongoing global energy is a huge challenge to the reliability and sustainability of renewable energy supplies as alternatives to fossil fuels Anticipated economic growth and rising global population especially in Asia and Africa will significantly push energy demand upward to a level that renewable energy sources only cannot meet by 2050 All these imply that the global energy mix will remain with us amidst greater dominance by hydrocarbon energy sources at least in the foreseeable future It also indicates that energy transition will remain a gradual process as against a rapid and radical shift as some have presented it It is therefore necessary that more effort should be put on the use of available technologies like the Carbon Capture Utilisation and Storage CCUS to make fossil fuels cleaner This will encourage a win win situation in terms of CO2 emission reduction and meeting global energy demand he said According to him many countries have already come to the realisation that the adoption and deployment of the CCUS technologies in large scale will play a critical role in supporting energy transitions globally He said that investment into the CCUS technologies was a very appropriate step at this stage of addressing climate change concerns The minister who noted that Africa was bedeviled with energy poverty advised African countries to adopt adaptive strategies taking into account the different socio economic political and developmental peculiarities of individual nations He said Africa s energy poverty would have to be addressed by responsibly developing and utilising Africa s abundant natural resource fossil fuels from where the renewable energy would be funded amidst a gradual energy transition Nigeria as the oil and gas industry leader in Africa is committed to pursuing the energy transition to promote economic growth Sylva said the country was gradually investing in renewable energies primarily solar to reduce carbon emissions whilst continuing to exploit hydrocarbon resources especially natural gas recognised as the energy transition fuel for Nigeria On his part Mr Kamel Ben Naceur 2022 SPE International President blamed the current global energy crisis on the sharp decline in investment in the upstream petroleum sector in pursuit of energy transition Ben Naceur said with the return to normalcy after the COVID 19 pandemic and the ongoing tension in Eastern Europe had driven the price of petroleum products very high leading to inflation in many countries He said projections had shown that oil and gas would continue to be a significant part of the energy mix in the foreseeable future hence there was need to increase investment in the industry NewsSourceCredit NAN
    Sylva seeks deployment of technologies to make fossil fuel cleaner
     Chief Timipre Sylva Minister of State for Petroleum Resources has called for the deployment of available technologies to make fossil fuel cleaner in the face of global energy transition Sylva made the call while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria reports that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa He said the theme of the conference was very apt coming at a time when the world was witnessing a turnaround in the global energy landscape and clamouring for transition to greener energy sources to reduce carbon emission The minister however maintained that energy transition was better viewed as providing clean energy and not as abandoning some energy sources According to him the ongoing global energy is a huge challenge to the reliability and sustainability of renewable energy supplies as alternatives to fossil fuels Anticipated economic growth and rising global population especially in Asia and Africa will significantly push energy demand upward to a level that renewable energy sources only cannot meet by 2050 All these imply that the global energy mix will remain with us amidst greater dominance by hydrocarbon energy sources at least in the foreseeable future It also indicates that energy transition will remain a gradual process as against a rapid and radical shift as some have presented it It is therefore necessary that more effort should be put on the use of available technologies like the Carbon Capture Utilisation and Storage CCUS to make fossil fuels cleaner This will encourage a win win situation in terms of CO2 emission reduction and meeting global energy demand he said According to him many countries have already come to the realisation that the adoption and deployment of the CCUS technologies in large scale will play a critical role in supporting energy transitions globally He said that investment into the CCUS technologies was a very appropriate step at this stage of addressing climate change concerns The minister who noted that Africa was bedeviled with energy poverty advised African countries to adopt adaptive strategies taking into account the different socio economic political and developmental peculiarities of individual nations He said Africa s energy poverty would have to be addressed by responsibly developing and utilising Africa s abundant natural resource fossil fuels from where the renewable energy would be funded amidst a gradual energy transition Nigeria as the oil and gas industry leader in Africa is committed to pursuing the energy transition to promote economic growth Sylva said the country was gradually investing in renewable energies primarily solar to reduce carbon emissions whilst continuing to exploit hydrocarbon resources especially natural gas recognised as the energy transition fuel for Nigeria On his part Mr Kamel Ben Naceur 2022 SPE International President blamed the current global energy crisis on the sharp decline in investment in the upstream petroleum sector in pursuit of energy transition Ben Naceur said with the return to normalcy after the COVID 19 pandemic and the ongoing tension in Eastern Europe had driven the price of petroleum products very high leading to inflation in many countries He said projections had shown that oil and gas would continue to be a significant part of the energy mix in the foreseeable future hence there was need to increase investment in the industry NewsSourceCredit NAN
    Sylva seeks deployment of technologies to make fossil fuel cleaner
    General news2 months ago

    Sylva seeks deployment of technologies to make fossil fuel cleaner

    Chief Timipre Sylva, Minister of State for Petroleum Resources, has called for the deployment of available technologies to make fossil fuel cleaner in the face of global energy transition.

    Sylva made the call while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Monday in Lagos.

    The News Agency of Nigeria reports that the conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.

    ” He said the theme of the conference was very apt, coming at a time when the world was witnessing a turnaround in the global energy landscape and clamouring for transition to greener energy sources to reduce carbon emission.

    The minister, however, maintained that energy transition was better viewed as providing clean energy, and not as abandoning some energy sources.

    According to him, the ongoing global energy is a huge challenge to the reliability and sustainability of renewable energy supplies as alternatives to fossil fuels.

    “Anticipated economic growth and rising global population, especially in Asia and Africa, will significantly push energy demand upward to a level that renewable energy sources only cannot meet by 2050. “All these imply that the global energy mix will remain with us, amidst greater dominance by hydrocarbon energy sources, at least in the foreseeable future.

    “It also indicates that energy transition will remain a gradual process, as against a rapid and radical shift as some have presented it.

    “It is, therefore, necessary that more effort should be put on the use of available technologies like the Carbon Capture, Utilisation and Storage (CCUS), to make fossil fuels cleaner.

    “This will encourage a win-win situation in terms of CO2 emission reduction and meeting global energy demand,” he said.

    According to him, many countries have already come to the realisation that the adoption and deployment of the CCUS technologies in large scale will play a critical role in supporting energy transitions globally.

    He said that investment into the CCUS technologies was a very appropriate step at this stage of addressing climate change concerns.

    The minister who noted that Africa was bedeviled with energy poverty, advised African countries to adopt adaptive strategies taking into account the different socio-economic, political and developmental peculiarities of individual nations.

    He said: “Africa’s energy poverty would have to be addressed by responsibly developing and utilising Africa’s abundant natural resource – fossil fuels, from where the renewable energy would be funded amidst a gradual energy transition.

    “Nigeria, as the oil and gas industry leader in Africa, is committed to pursuing the energy transition to promote economic growth.

    ” Sylva said the country was gradually investing in renewable energies, primarily solar, to reduce carbon emissions, whilst continuing to exploit hydrocarbon resources, especially natural gas – recognised as the energy transition fuel for Nigeria.

    On his part, Mr Kamel Ben-Naceur, 2022 SPE International President, blamed the current global energy crisis on the sharp decline in investment in the upstream petroleum sector in pursuit of energy transition.

    Ben-Naceur said with the return to normalcy after the COVID-19 pandemic and the ongoing tension in Eastern Europe had driven the price of petroleum products very high leading to inflation in many countries.

    He said projections had shown that oil and gas would continue to be a significant part of the energy mix in the foreseeable future hence there was need to increase investment in the industry.


    NewsSourceCredit: NAN

  •  The Society of Petroleum Engineers SPE Nigeria Council has called for enforcement of stiff penalty for gas flaring in Nigeria Prof Olalekan Olafuyi Chairman SPE Nigeria Council made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition NAICE on Wednesday in Lagos The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year s edition is scheduled to hold from Aug 1 to Aug 3 at Eko Hotel Lagos Olafuyi said the theme of the conference Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa is very apt and in line with current realities He said The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times It is expected that adaptive strategies for energy transition should be adopted in Africa This is the core of the conference According to him there is need to maximise Nigeria s abundant natural gas resources to address the nation s energy deficit To this end he said there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria s commitment to achieving a net zero carbon emission by 2060 and was working toward that He also called for investments in gas infrastructure across the country and establishing policies that would support gas development and utilisation On the spate of oil theft in the country Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace He added that the activities of vandals and oil thieves were shortchanging Nigeria s revenue and had become a huge challenge to the industry Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva Minister of State for Petroleum Resources and Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd He gave other speakers as Mr Farouk Ahmed Chief Executive Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe Commission s Chief Executive Nigerian Upstream Petroleum Regulatory Commission NewsSourceCredit NAN
    Petroleum engineers advocate stiff penalty for gas flaring
     The Society of Petroleum Engineers SPE Nigeria Council has called for enforcement of stiff penalty for gas flaring in Nigeria Prof Olalekan Olafuyi Chairman SPE Nigeria Council made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition NAICE on Wednesday in Lagos The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year s edition is scheduled to hold from Aug 1 to Aug 3 at Eko Hotel Lagos Olafuyi said the theme of the conference Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa is very apt and in line with current realities He said The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times It is expected that adaptive strategies for energy transition should be adopted in Africa This is the core of the conference According to him there is need to maximise Nigeria s abundant natural gas resources to address the nation s energy deficit To this end he said there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria s commitment to achieving a net zero carbon emission by 2060 and was working toward that He also called for investments in gas infrastructure across the country and establishing policies that would support gas development and utilisation On the spate of oil theft in the country Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace He added that the activities of vandals and oil thieves were shortchanging Nigeria s revenue and had become a huge challenge to the industry Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva Minister of State for Petroleum Resources and Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd He gave other speakers as Mr Farouk Ahmed Chief Executive Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe Commission s Chief Executive Nigerian Upstream Petroleum Regulatory Commission NewsSourceCredit NAN
    Petroleum engineers advocate stiff penalty for gas flaring
    General news2 months ago

    Petroleum engineers advocate stiff penalty for gas flaring

    The Society of Petroleum Engineers (SPE), Nigeria Council, has called for enforcement of  stiff penalty for gas flaring in Nigeria.

    Prof. Olalekan Olafuyi, Chairman, SPE, Nigeria Council, made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition (NAICE) on Wednesday in Lagos.

    The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year’s edition is scheduled to hold from Aug. 1, to Aug. 3, at Eko Hotel, Lagos.

    Olafuyi said the theme of the conference: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa”, is very apt and in line with current realities.

    He said: ‘The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    ” It is expected that adaptive strategies for energy transition should be adopted in Africa.

    This is the core of the conference.”According to him, there is need to maximise Nigeria’s abundant natural gas resources to address the nation’s energy deficit.

    To this end, he said, there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively.

      Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria’s commitment to achieving a net zero carbon emission by 2060 and was working toward that.

      He also called for investments in gas infrastructure across the country and establishing  policies that would support gas development and utilisation.

      On the spate of oil theft in the country, Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace.

      He added that the activities of vandals and oil thieves were shortchanging Nigeria’s revenue and had become a huge challenge to the industry.

      Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva, Minister of State for Petroleum Resources, and Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Ltd.   He gave other speakers as Mr Farouk Ahmed, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe, Commission’s Chief Executive, Nigerian Upstream Petroleum Regulatory Commission.

     

    NewsSourceCredit: NAN

  •   The African Energy Chamber AEC is proud to announce that Eyas Alhomouz President of the independent oil and gas company PetroNor E amp P will attend the African Energy Week AEW https AECWeek com 2022 taking place from October 18 21 in Cape Town to discuss African exploration and production E amp P in a post COVID 19 climate As PetroNor looks to strengthen its presence in the African oil and gas market and African countries look to maximize resources with the aim of making energy poverty history by 2030 Alhomouz will be central to all dialogues participating in a series of discussion panels and hydrocarbon forums in Cape Town later this year Prior to his CEO role at PetroNor Alhomouz worked at a number of global companies including Schlumberger Oilfield Services Cromwell Energy Prism Seismic and Jaidah Energy holding various positions including International Business Development Manager COO financial director and fixed telephony engineer With years of experience in the energy sector and now representing the independent PetroNor globally Alhomouz embodies an ideal participant at this year s event for all discussions related to oil and gas in Africa a key theme of AEW As an independent oil and gas explorer and producer PetroNor is led by an experienced board and management team holding licenses in key basins in Africa comprising a combined resource base of 20 2 million barrels of proven reserves they produce an average of 3 850 barrels of oil per day bpd especially in West Africa where the company is boosting exploration and production activity in the Republic of the Congo Gambia Guinea Bissau Senegal and Nigeria In the Congo following the company s entry into the market in 2017 significant operational improvements were made to the production fields with gross production increasing by 30 000 bpd In Nigeria the company is moving forward with plans to acquire a stake in the Aje field seeking high potential deposits and maximizing asset value Meanwhile the company s portfolio includes exploration licenses in Guinea Bissau Gambia and Senegal a particularly lucrative hydrocarbon destination where significant oil and gas fields have recently been discovered In Bissau PetroNor entered into an agreement to purchase shares of SPE Guinea Bissau AB from Svenska Petroleum Exploration AB giving PetroNor a 78 57 stake and a role as operator of the Sinapa Block 2 and Esperan a Blocks 4A and 5A in Gambia the company regained the A4 license in 2020 and in Senegal the company reserves its 90 operating interest rights in the exploration blocks Rufisque Offshore Profond and Senegal Offshore Sud Profond As PetroNor expands its presence in the African oil and gas sector acquiring new assets and boosting exploration and production the company will play an increasing role in positioning the continent as a competitive hydrocarbons market Africa is committed to maximizing its oil and gas and companies like PetroNor will be instrumental in ensuring that resources are maximized said NJ Ayuk Executive Chairman of the African Energy Chamber AEC adding By coming to AEW 2022 in Cape Town Alhomouz who personally has a strong faith in the potential of African oil and gas will help drive the discussion on Africa s oil gas and energy future making a strong case for the development of hydrocarbons in a post COVID 19 future energy transition context Now more than ever Africa needs to increase exploration and production and PetroNor has shown its commitment to doing just that With the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment AEW focuses on the role oil and gas play in Africa s energy future At a time when global supply chains are disrupted oil prices have soared to record levels and demand for oil and gas continues to grow Africa s oil and gas resources have attracted significant attention due to the role that these resources play in addressing global energy security For African countries upgrading exploration represents a critical step in boosting production as the need to make energy poverty history becomes more pressing while for global energy companies rich basins and largely untapped part of Africa represent a unique opportunity As global independents like PetroNor further expand their footprints in Africa AEW 2022 offers the most suitable platform to sign deals secure partnerships and expand the African portfolio Dedicated upstream panel discussions investor forums and national and international oil company summits led by industry experts like Alhomouz offer the best opportunity to gain insight into emerging trends while advancing oil and gas investment and development in 2022 and beyond
    PetroNor E&P Chairman Eyas Alhomouz to Discuss African Exploration at African Energy Week in Cape Town
      The African Energy Chamber AEC is proud to announce that Eyas Alhomouz President of the independent oil and gas company PetroNor E amp P will attend the African Energy Week AEW https AECWeek com 2022 taking place from October 18 21 in Cape Town to discuss African exploration and production E amp P in a post COVID 19 climate As PetroNor looks to strengthen its presence in the African oil and gas market and African countries look to maximize resources with the aim of making energy poverty history by 2030 Alhomouz will be central to all dialogues participating in a series of discussion panels and hydrocarbon forums in Cape Town later this year Prior to his CEO role at PetroNor Alhomouz worked at a number of global companies including Schlumberger Oilfield Services Cromwell Energy Prism Seismic and Jaidah Energy holding various positions including International Business Development Manager COO financial director and fixed telephony engineer With years of experience in the energy sector and now representing the independent PetroNor globally Alhomouz embodies an ideal participant at this year s event for all discussions related to oil and gas in Africa a key theme of AEW As an independent oil and gas explorer and producer PetroNor is led by an experienced board and management team holding licenses in key basins in Africa comprising a combined resource base of 20 2 million barrels of proven reserves they produce an average of 3 850 barrels of oil per day bpd especially in West Africa where the company is boosting exploration and production activity in the Republic of the Congo Gambia Guinea Bissau Senegal and Nigeria In the Congo following the company s entry into the market in 2017 significant operational improvements were made to the production fields with gross production increasing by 30 000 bpd In Nigeria the company is moving forward with plans to acquire a stake in the Aje field seeking high potential deposits and maximizing asset value Meanwhile the company s portfolio includes exploration licenses in Guinea Bissau Gambia and Senegal a particularly lucrative hydrocarbon destination where significant oil and gas fields have recently been discovered In Bissau PetroNor entered into an agreement to purchase shares of SPE Guinea Bissau AB from Svenska Petroleum Exploration AB giving PetroNor a 78 57 stake and a role as operator of the Sinapa Block 2 and Esperan a Blocks 4A and 5A in Gambia the company regained the A4 license in 2020 and in Senegal the company reserves its 90 operating interest rights in the exploration blocks Rufisque Offshore Profond and Senegal Offshore Sud Profond As PetroNor expands its presence in the African oil and gas sector acquiring new assets and boosting exploration and production the company will play an increasing role in positioning the continent as a competitive hydrocarbons market Africa is committed to maximizing its oil and gas and companies like PetroNor will be instrumental in ensuring that resources are maximized said NJ Ayuk Executive Chairman of the African Energy Chamber AEC adding By coming to AEW 2022 in Cape Town Alhomouz who personally has a strong faith in the potential of African oil and gas will help drive the discussion on Africa s oil gas and energy future making a strong case for the development of hydrocarbons in a post COVID 19 future energy transition context Now more than ever Africa needs to increase exploration and production and PetroNor has shown its commitment to doing just that With the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment AEW focuses on the role oil and gas play in Africa s energy future At a time when global supply chains are disrupted oil prices have soared to record levels and demand for oil and gas continues to grow Africa s oil and gas resources have attracted significant attention due to the role that these resources play in addressing global energy security For African countries upgrading exploration represents a critical step in boosting production as the need to make energy poverty history becomes more pressing while for global energy companies rich basins and largely untapped part of Africa represent a unique opportunity As global independents like PetroNor further expand their footprints in Africa AEW 2022 offers the most suitable platform to sign deals secure partnerships and expand the African portfolio Dedicated upstream panel discussions investor forums and national and international oil company summits led by industry experts like Alhomouz offer the best opportunity to gain insight into emerging trends while advancing oil and gas investment and development in 2022 and beyond
    PetroNor E&P Chairman Eyas Alhomouz to Discuss African Exploration at African Energy Week in Cape Town
    Africa3 months ago

    PetroNor E&P Chairman Eyas Alhomouz to Discuss African Exploration at African Energy Week in Cape Town

    The African Energy Chamber (AEC) is proud to announce that Eyas Alhomouz, President of the independent oil and gas company, PetroNor E&P, will attend the African Energy Week (AEW) (https://AECWeek.com) 2022 , taking place from October 18-21 in Cape Town, to discuss African exploration and production (E&P) in a post-COVID-19 climate. As PetroNor looks to strengthen its presence in the African oil and gas market and African countries look to maximize resources with the aim of making energy poverty history by 2030, Alhomouz will be central to all dialogues, participating in a series of discussion panels and hydrocarbon forums in Cape Town, later this year.

    Prior to his CEO role at PetroNor, Alhomouz worked at a number of global companies, including Schlumberger Oilfield Services, Cromwell Energy, Prism Seismic and Jaidah Energy, holding various positions including International Business Development Manager, COO , financial director and fixed telephony engineer. With years of experience in the energy sector and now representing the independent PetroNor globally, Alhomouz embodies an ideal participant at this year's event for all discussions related to oil and gas in Africa: a key theme of AEW.

    As an independent oil and gas explorer and producer, PetroNor is led by an experienced board and management team, holding licenses in key basins in Africa comprising a combined resource base of 20.2 million barrels of proven reserves, they produce an average of 3,850 barrels of oil. per day (bpd), especially in West Africa, where the company is boosting exploration and production activity in the Republic of the Congo, Gambia, Guinea-Bissau, Senegal and Nigeria. In the Congo, following the company's entry into the market in 2017, significant operational improvements were made to the production fields, with gross production increasing by 30,000 bpd. In Nigeria, the company is moving forward with plans to acquire a stake in the Aje field, seeking high-potential deposits and maximizing asset value.

    Meanwhile, the company's portfolio includes exploration licenses in Guinea-Bissau, Gambia and Senegal, a particularly lucrative hydrocarbon destination where significant oil and gas fields have recently been discovered. In Bissau, PetroNor entered into an agreement to purchase shares of SPE Guinea Bissau AB from Svenska Petroleum Exploration AB, giving PetroNor a 78.57% stake and a role as operator of the Sinapa (Block 2) and Esperanҫa (Blocks 4A and 5A); in Gambia, the company regained the A4 license in 2020; and in Senegal, the company reserves its 90% operating interest rights in the exploration blocks, Rufisque Offshore Profond and Senegal Offshore Sud Profond.

    “As PetroNor expands its presence in the African oil and gas sector, acquiring new assets and boosting exploration and production, the company will play an increasing role in positioning the continent as a competitive hydrocarbons market. Africa is committed to maximizing its oil and gas, and companies like PetroNor will be instrumental in ensuring that resources are maximized,” said NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), adding, “By coming to AEW 2022 in Cape Town, Alhomouz, who personally has a strong faith in the potential of African oil and gas, will help drive the discussion on Africa's oil, gas and energy future, making a strong case for the development of hydrocarbons in a post-COVID-19 future, energy transition context. Now, more than ever, Africa needs to increase exploration and production and PetroNor has shown its commitment to doing just that.”

    With the theme "Exploring and Investing in Africa's Energy Future While Driving an Enabling Environment," AEW focuses on the role oil and gas play in Africa's energy future. At a time when global supply chains are disrupted, oil prices have soared to record levels, and demand for oil and gas continues to grow, Africa's oil and gas resources have attracted significant attention, due to the role that these resources play in addressing global energy security. For African countries, upgrading exploration represents a critical step in boosting production as the need to make energy poverty history becomes more pressing, while for global energy companies, rich basins and largely untapped part of Africa represent a unique opportunity.

    As global independents like PetroNor further expand their footprints in Africa, AEW 2022 offers the most suitable platform to sign deals, secure partnerships and expand the African portfolio. Dedicated upstream panel discussions, investor forums, and national and international oil company summits led by industry experts like Alhomouz offer the best opportunity to gain insight into emerging trends while advancing oil and gas investment and development. in 2022 and beyond.

  •   The Petroleum Technology Development Fund PTDF says its innovative research on developing zeolite refining catalyst from kaolin sources is a deliberate and strategic approach to providing solutions to specific industry challenges Executive Secretary PTDF Dr Bello Gusau said this on Thursday in Abuja at the Society of Petroleum Engineers SPE Annual Oloibiri Lecture Series and Energy Forum 2022 OLEF conference The Nigerian News Agency reports that the 2022 conference is themed Global Energy Transition Implications for Future Investments in Nigeria s Oil and Gas Industry Zeolite catalyst is an important chemical for petroleum refining and for a variety of applications in the petrochemical industry Gusau represented by Adebulehin General Manager Strategic Planning PTDF urged relevant stakeholders to partner with the Fund in developing a pilot plant for Zeolite production According to him the Fund under section one of the PTDF Act has the power to develop promote and implement petroleum technology and manpower development through research and training of Nigerians in relevant oil and gas fields The Executive Secretary stating that the PTDF had implemented these mandates for the past 20 years extended an open invitation to anyone who wanted to partner with the PTDF in this regard Speaking on the energy transition he underlined the need for training technology development and capacity building as important enablers to achieve the goals and aspirations of the energy transition in Nigeria He said that the Oil and Energy Industry urgently needed technology and skills to increase its viability and profitability In the wake of the energy transition especially for upskilling and technology development capacity building will be at the forefront when it comes to discussions on the energy transition in the Nigerian oil and gas industry he said He said in a recent publication that the Energy Information Administration EIA projected a nearly 50 percent increase in the use of renewable energy in the world While oil and other liquid fuels are projected to likely remain the world s largest energy source in 2050 renewable energy sources including wind and solar will grow at about the same rate he said Based on this projection he said that future investments in Nigeria s oil and gas industry may decline due to the global push for clean energy According to him currently the Nigerian Petroleum Industry contributes about 80 percent of the Federal Government s revenue and 90 percent of Nigeria s export earnings However he said it had become very important that we start thinking about alternative sources of energy outside of the fossil based energy production and consumption system including oil natural gas and coal He said more attention should be paid to renewable energy sources like wind and solar as well as lithium ion batteries In addition the industry is struggling to recover from the negative effects of the COVID 19 pandemic and in the midst of this slow recovery faces rising oil prices as a result of the ongoing war between Russia and Ukraine Typically the sharp rise in crude oil prices from less than 60 a barrel last month to 120 a barrel today is what should benefit the country But the poor state of Nigeria s refineries makes it very difficult to maximize profits as is the case in other oil producing nations around the world he said He expressed the guarantee of the absolute commitment of PTDF to continue supporting the activities of SPE in the future
    PTDF’s breakthrough research on zeolite for tackling industry challenges – ES
      The Petroleum Technology Development Fund PTDF says its innovative research on developing zeolite refining catalyst from kaolin sources is a deliberate and strategic approach to providing solutions to specific industry challenges Executive Secretary PTDF Dr Bello Gusau said this on Thursday in Abuja at the Society of Petroleum Engineers SPE Annual Oloibiri Lecture Series and Energy Forum 2022 OLEF conference The Nigerian News Agency reports that the 2022 conference is themed Global Energy Transition Implications for Future Investments in Nigeria s Oil and Gas Industry Zeolite catalyst is an important chemical for petroleum refining and for a variety of applications in the petrochemical industry Gusau represented by Adebulehin General Manager Strategic Planning PTDF urged relevant stakeholders to partner with the Fund in developing a pilot plant for Zeolite production According to him the Fund under section one of the PTDF Act has the power to develop promote and implement petroleum technology and manpower development through research and training of Nigerians in relevant oil and gas fields The Executive Secretary stating that the PTDF had implemented these mandates for the past 20 years extended an open invitation to anyone who wanted to partner with the PTDF in this regard Speaking on the energy transition he underlined the need for training technology development and capacity building as important enablers to achieve the goals and aspirations of the energy transition in Nigeria He said that the Oil and Energy Industry urgently needed technology and skills to increase its viability and profitability In the wake of the energy transition especially for upskilling and technology development capacity building will be at the forefront when it comes to discussions on the energy transition in the Nigerian oil and gas industry he said He said in a recent publication that the Energy Information Administration EIA projected a nearly 50 percent increase in the use of renewable energy in the world While oil and other liquid fuels are projected to likely remain the world s largest energy source in 2050 renewable energy sources including wind and solar will grow at about the same rate he said Based on this projection he said that future investments in Nigeria s oil and gas industry may decline due to the global push for clean energy According to him currently the Nigerian Petroleum Industry contributes about 80 percent of the Federal Government s revenue and 90 percent of Nigeria s export earnings However he said it had become very important that we start thinking about alternative sources of energy outside of the fossil based energy production and consumption system including oil natural gas and coal He said more attention should be paid to renewable energy sources like wind and solar as well as lithium ion batteries In addition the industry is struggling to recover from the negative effects of the COVID 19 pandemic and in the midst of this slow recovery faces rising oil prices as a result of the ongoing war between Russia and Ukraine Typically the sharp rise in crude oil prices from less than 60 a barrel last month to 120 a barrel today is what should benefit the country But the poor state of Nigeria s refineries makes it very difficult to maximize profits as is the case in other oil producing nations around the world he said He expressed the guarantee of the absolute commitment of PTDF to continue supporting the activities of SPE in the future
    PTDF’s breakthrough research on zeolite for tackling industry challenges – ES
    General news6 months ago

    PTDF’s breakthrough research on zeolite for tackling industry challenges – ES

    The Petroleum Technology Development Fund (PTDF) says its innovative research on developing zeolite (refining catalyst) from kaolin sources is a deliberate and strategic approach to providing solutions to specific industry challenges.

    Executive Secretary, PTDF, Dr. Bello Gusau, said this on Thursday, in Abuja, at the Society of Petroleum Engineers (SPE) Annual Oloibiri Lecture Series and Energy Forum 2022 (OLEF) conference.

    The Nigerian News Agency reports that the 2022 conference is themed "Global Energy Transition: Implications for Future Investments in Nigeria's Oil and Gas Industry."

    Zeolite catalyst is an important chemical for petroleum refining and for a variety of applications in the petrochemical industry.

    Gusau, represented by Adebulehin, General Manager, Strategic Planning, PTDF, urged relevant stakeholders to partner with the Fund in developing a pilot plant for Zeolite production.

    According to him, the Fund, under section one of the PTDF Act, has the power to develop, promote and implement petroleum technology and manpower development through research and training of Nigerians in relevant oil and gas fields. .

    The Executive Secretary, stating that the PTDF had implemented these mandates for the past 20 years, extended an open invitation to anyone who wanted to partner with the PTDF in this regard.

    Speaking on the energy transition, he underlined the need for training, technology development and capacity building as important enablers to achieve the goals and aspirations of the energy transition in Nigeria.

    He said that the Oil and Energy Industry urgently needed technology and skills to increase its viability and profitability.

    “In the wake of the energy transition, especially for upskilling and technology development, capacity building will be at the forefront when it comes to discussions on the energy transition in the Nigerian oil and gas industry,” he said. .

    He said in a recent publication that the Energy Information Administration (EIA) projected a nearly 50 percent increase in the use of renewable energy in the world.

    “While oil and other liquid fuels are projected to likely remain the world's largest energy source in 2050, renewable energy sources, including wind and solar, will grow at about the same rate,” he said.

    Based on this projection, he said that future investments in Nigeria's oil and gas industry may decline due to the global push for clean energy.

    According to him, currently, the Nigerian Petroleum Industry contributes about 80 percent of the Federal Government's revenue and 90 percent of Nigeria's export earnings.

    However, he said it had become very important that we start thinking about alternative sources of energy outside of the fossil-based energy production and consumption system (including oil, natural gas and coal).

    He said more attention should be paid to renewable energy sources like wind and solar, as well as lithium-ion batteries.

    “In addition, the industry is struggling to recover from the negative effects of the COVID-19 pandemic and in the midst of this slow recovery; faces rising oil prices as a result of the ongoing war between Russia and Ukraine.

    “Typically, the sharp rise in crude oil prices from less than $60 a barrel last month to $120 a barrel today is what should benefit the country.

    "But the poor state of Nigeria's refineries makes it very difficult to maximize profits as is the case in other oil-producing nations around the world," he said.

    He expressed the guarantee of the absolute commitment of PTDF to continue supporting the activities of SPE in the future.

  •   The Nigerian Petroleum Upstream Regulatory Commission NUPRC says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability Mr Gbenga Komolafe Executive Director of the Commission NUPRC unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 OLEF organized by Petroleum Engineers SPE The theme of the forum Global Energy Transition Implications for Future Investments in the Nigerian Oil and Gas Industry was organized and sponsored by the Technology Development Fund PTDF Komolafe represented technical adviser Mr Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry For example in the UK the North Sea Transition Authority NSTA formerly the Oil and Gas Authority is considering a round of leasing and licensing for oil and gas development and future projects Therefore reaffirming the relevance of oil and gas in the future energy mix Given this scenario it is clear that to meet the growing demand for energy in the short and medium term we need to carry out more exploration and development drilling he said This he said would optimize reservoir extraction drill new targets and employ technological advances to maximize production yields for the right energy mix The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria s oil and gas industry but stakeholders were working assiduously to mitigate every negative impact According to him as all geopolitical zones grasp for the right energy mix for its energy security Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security He said the commission authorized by the Industry Act PIA 2021 had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected Komolafe said that in light of the global energy transition financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects He further said that clarity on the fiscal regime provided would help turn the tide especially with regard to some major projects that have been stalled due to ficing Some of these projects including the Preowei project Bonga South West Aparo project and Bonga North project among others when completed have the combined capacity to add over 800 000 BOPD to Nigeria s production figures He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices as well as the emergence of the energy transition to fully exploit our hydrocarbon resources in a timely manner The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored to get these projects back on track he added Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized to ensure smooth operations as it gradually rolls out necessary key policy initiatives According to him section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition in commemoration of Nigeria s first commercial oil discovery in Oloibiri Bayelsa State in 1956
    Increase in crude oil price, energy disruption call for security – Komolafe
      The Nigerian Petroleum Upstream Regulatory Commission NUPRC says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability Mr Gbenga Komolafe Executive Director of the Commission NUPRC unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 OLEF organized by Petroleum Engineers SPE The theme of the forum Global Energy Transition Implications for Future Investments in the Nigerian Oil and Gas Industry was organized and sponsored by the Technology Development Fund PTDF Komolafe represented technical adviser Mr Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry For example in the UK the North Sea Transition Authority NSTA formerly the Oil and Gas Authority is considering a round of leasing and licensing for oil and gas development and future projects Therefore reaffirming the relevance of oil and gas in the future energy mix Given this scenario it is clear that to meet the growing demand for energy in the short and medium term we need to carry out more exploration and development drilling he said This he said would optimize reservoir extraction drill new targets and employ technological advances to maximize production yields for the right energy mix The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria s oil and gas industry but stakeholders were working assiduously to mitigate every negative impact According to him as all geopolitical zones grasp for the right energy mix for its energy security Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security He said the commission authorized by the Industry Act PIA 2021 had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected Komolafe said that in light of the global energy transition financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects He further said that clarity on the fiscal regime provided would help turn the tide especially with regard to some major projects that have been stalled due to ficing Some of these projects including the Preowei project Bonga South West Aparo project and Bonga North project among others when completed have the combined capacity to add over 800 000 BOPD to Nigeria s production figures He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices as well as the emergence of the energy transition to fully exploit our hydrocarbon resources in a timely manner The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored to get these projects back on track he added Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized to ensure smooth operations as it gradually rolls out necessary key policy initiatives According to him section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition in commemoration of Nigeria s first commercial oil discovery in Oloibiri Bayelsa State in 1956
    Increase in crude oil price, energy disruption call for security – Komolafe
    General news6 months ago

    Increase in crude oil price, energy disruption call for security – Komolafe

    The Nigerian Petroleum Upstream Regulatory Commission (NUPRC) says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability.

    Mr. Gbenga Komolafe, Executive Director of the Commission, NUPRC, unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 (OLEF), organized by Petroleum Engineers (SPE).

    The theme of the forum: “Global Energy Transition: Implications for Future Investments in the Nigerian Oil and Gas Industry”, was organized and sponsored by the Technology Development Fund (PTDF).

    Komolafe represented technical adviser Mr. Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry.

    “For example, in the UK, the North Sea Transition Authority (NSTA), formerly the Oil and Gas Authority, is considering a round of leasing and licensing for oil and gas development and future projects.

    “Therefore, reaffirming the relevance of oil and gas in the future energy mix.

    "Given this scenario, it is clear that to meet the growing demand for energy in the short and medium term, we need to carry out more exploration and development drilling," he said.

    This, he said, would optimize reservoir extraction, drill new targets and employ technological advances to maximize production yields for the right energy mix.

    The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria's oil and gas industry, but stakeholders were working assiduously to mitigate every negative impact.

    According to him, as all geopolitical zones grasp for the right energy mix for its energy security, Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security.

    He said the commission, authorized by the Industry Act (PIA) 2021, had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected.

    Komolafe said that in light of the global energy transition, financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects.

    He further said that clarity on the fiscal regime provided would help turn the tide, especially with regard to some major projects that have been stalled due to ficing.

    Some of these projects, including the Preowei project, Bonga South West Aparo project, and Bonga North project, among others, when completed, have the combined capacity to add over 800,000 BOPD to Nigeria's production figures.

    He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices, as well as the emergence of the energy transition, to fully exploit our hydrocarbon resources in a timely manner.

    "The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored, to get these projects back on track," he added.

    Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized, to ensure smooth operations, as it gradually rolls out necessary key policy initiatives.

    According to him, section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract.

    Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition, in commemoration of Nigeria's first commercial oil discovery in Oloibiri, Bayelsa State in 1956.

  •  Grace Orife CEO of Adelaar Energy active member of various industry groups and societies including Women in Energy Nigeria SPE Nigeria She currently sits on the SPE Africa Advisory Council she is the latest addition to the AEC board www EnergyChamber org With 21 years of experience in the oil and gas industry Adelaar Energy Limited CEO Grace Orife has joined the African Energy Chamber AEC as its latest board member A seasoned energy economist and strategist with over 21 years of multifunctional experience of which 19 years spent in the oil and gas industry Orife brings her invaluable knowledge experience and insights to the AEC Grace began her consulting career at Price Water CooperHouse PWC before moving on to Shell Exploration and Production Company in Cameroon and later Shell Petroleum Development Company SPDC in Nigeria After Shell she worked at Addax Petroleum Development Company and Eroton Exploration and Production Company Limited as Manager of Corporate Planning Economics and Strategy Grace is currently the CEO of Adelaar Energy a full flow energy exploration and production company operating in engineering procurement consulting and services I am delighted to welcome Grace Orife as the latest board member of the African Chamber of Energy She is a strategic thinker and creative leader with a track record of success integrating business functions and establishing mentoring and managing teams to achieve supervisory business results She will be an asset to our team says NJ Ayk president of the African Chamber of Energy Grace has a comprehensive education that started at the University of Buea in Cameroon with a BSC in Accounting She is an alumna of Warwick Business School s MBA program in the UK and is currently pursuing her PhD at the International School of Management in Paris France She is an active member of various industry groups and societies including Women in Energy Nigeria SPE Nigeria She currently sits on the SPE Africa Advisory Council Grace is also a fitness enthusiast with a passion for Formula One racing nbsp
    Adelaar Energy CEO Joins African Energy Chamber as Board Member
     Grace Orife CEO of Adelaar Energy active member of various industry groups and societies including Women in Energy Nigeria SPE Nigeria She currently sits on the SPE Africa Advisory Council she is the latest addition to the AEC board www EnergyChamber org With 21 years of experience in the oil and gas industry Adelaar Energy Limited CEO Grace Orife has joined the African Energy Chamber AEC as its latest board member A seasoned energy economist and strategist with over 21 years of multifunctional experience of which 19 years spent in the oil and gas industry Orife brings her invaluable knowledge experience and insights to the AEC Grace began her consulting career at Price Water CooperHouse PWC before moving on to Shell Exploration and Production Company in Cameroon and later Shell Petroleum Development Company SPDC in Nigeria After Shell she worked at Addax Petroleum Development Company and Eroton Exploration and Production Company Limited as Manager of Corporate Planning Economics and Strategy Grace is currently the CEO of Adelaar Energy a full flow energy exploration and production company operating in engineering procurement consulting and services I am delighted to welcome Grace Orife as the latest board member of the African Chamber of Energy She is a strategic thinker and creative leader with a track record of success integrating business functions and establishing mentoring and managing teams to achieve supervisory business results She will be an asset to our team says NJ Ayk president of the African Chamber of Energy Grace has a comprehensive education that started at the University of Buea in Cameroon with a BSC in Accounting She is an alumna of Warwick Business School s MBA program in the UK and is currently pursuing her PhD at the International School of Management in Paris France She is an active member of various industry groups and societies including Women in Energy Nigeria SPE Nigeria She currently sits on the SPE Africa Advisory Council Grace is also a fitness enthusiast with a passion for Formula One racing nbsp
    Adelaar Energy CEO Joins African Energy Chamber as Board Member
    Africa7 months ago

    Adelaar Energy CEO Joins African Energy Chamber as Board Member

    Grace Orife, CEO of Adelaar Energy, active member of various industry groups and societies including Women in Energy Nigeria, SPE Nigeria. She currently sits on the SPE Africa Advisory Council, she is the latest addition to the AEC board (www.EnergyChamber.org).With 21 years of experience in the oil and gas industry, Adelaar Energy Limited CEO Grace Orife has joined the African Energy Chamber (AEC) as its latest board member. A seasoned energy economist and strategist with over 21 years of multifunctional experience, of which 19 years spent in the oil and gas industry, Orife brings her invaluable knowledge, experience and insights to the AEC.Grace began her consulting career at Price Water CooperHouse (PWC), before moving on to Shell Exploration and Production Company in Cameroon and later Shell Petroleum Development Company (SPDC) in Nigeria. After Shell, she worked at Addax Petroleum Development Company and Eroton Exploration and Production Company Limited as Manager of Corporate Planning, Economics and Strategy.Grace is currently the CEO of Adelaar Energy, a full-flow energy exploration and production company operating in engineering, procurement, consulting and services.“I am delighted to welcome Grace Orife as the latest board member of the African Chamber of Energy. She is a strategic thinker and creative leader with a track record of success integrating business functions and establishing, mentoring, and managing teams to achieve supervisory business results. She will be an asset to our team,” says NJ Ayk, president of the African Chamber of Energy.Grace has a comprehensive education that started at the University of Buea in Cameroon with a BSC in Accounting. She is an alumna of Warwick Business School's MBA program in the UK and is currently pursuing her PhD at the International School of Management in Paris, France.She is an active member of various industry groups and societies including Women in Energy Nigeria, SPE Nigeria. She currently sits on the SPE Africa Advisory Council.Grace is also a fitness enthusiast with a passion for Formula One racing. 

  •   But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau s economy over the next few years DAKAR Senegal September 28 2021 APO Group By Miguel Artacho field editor Oil and gas investors interested in Africa have made significant investments in some of the MSGBC basin countries which include Mauritania Senegal The Gambia Guinea Bissau and Guinea Conakry such as Senegal and Mauritania where the current Grand Tortue Ahmeyim GTA gas project grabbed the headlines Although Guinea Bissau has yet to receive the same level of attention from investors its offshore areas offer good prospects for a variety of independent exploration and production E amp P companies as well as companies International Oil Companies IOCs which currently operate throughout the MSGBC Basin Guinea Bissau has weathered a difficult 2020 2021 period due to the COVID 19 pandemic and has seen increased economic growth this year which is expected to accelerate further during 2022 Analysts from the Economist Intelligence Unit https bit ly 3zRkOP8 forecast real GDP growth of 2 5 in 2021 and 3 4 in 2022 in line with improved sentiment and higher exports of major crops of rent like cashews as economic conditions in the country continue to improve Guinea Bissau s economy is largely based on agriculture and the production and export of cashew nuts Guinea Bissau is the world s fifth largest producer of cashews and also exports significant amounts of fish and shrimp The mining industry is well developed with around 25 of the world s bauxite reserves and some rare earth elements are estimated in the country s subsoil But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau s economy over the next few years Offshore oil fields have been discovered https bit ly 2Y3EVN6 and several companies are already established in the country for exploration and production including Chinese CNOOC Swedish Svenska Petroleum Exploration and Australian FAR LTD which is also present in The Gambia and Senegal E amp P activities are carried out in partnership with Petroguin EP the national oil and gas company of Guinea Bissau As in several other countries that make up the MSGBC basin Guinea Bissau has very promising offshore areas In November 2020 independent oil and gas company PetroNor finalized the purchase of a permit from SPE Guinea Bissau AB a subsidiary of Swedish oil and gas company Svenska Petroleum The Norwegian company PetroNor E amp P recently noted https bit ly 39Kadek in Offshore Energy that the purchase gives it the right to assume the operation and the 78 75 stake in Sinapa Block 2 and Esperanca Blocks 4A and 5A The contiguous Sinapa and Esperan a permits are located in the Casamance saline sub basin off Guinea Bissau PetroNor CEO Knut Sovold said This is a key strategic addition to PetroNor s portfolio building in this very attractive exploration trend In addition to the re established A4 license in The Gambia and our acreage in Senegal the equity capital available for potential leasing is a very attractive material opportunity PetroNor continues to work to bring in partners to fund a drilling campaign on all assets over the next few years The Atum and Anchova prospects in the deeper waters of the western part of the licensed area are currently the main drilling targets They are analogous to the world class Sangomar field in Senegal Prospects are ready for drilling benefiting from the technical work delivered to date by Svenska Petroleum Exploration and its partner FAR Ltd Speaking https bit ly 3m2TwjT to The Energy Voice PetroNor noted that the region is expected to see potentially transformative exploration drilling in the near future Oil has already been discovered in the shallower waters of Guinea Bissau Sovold believes that going into deeper waters should lead to larger discoveries that will be commercially viable The move to Guinea Bissau fits well with PetroNor s portfolio We are a small E amp P company with ambitions for growth This comes from organic growth in Congo Brazzaville development in Nigeria and longer term exploration in MSGBC permits We want to have a large portfolio with multiple opportunities rather than a simple interest in a single asset In April 2021 Offshore Magazine reported that the AGC Authority Agency for Management and Cooperation between Senegal and Guinea Bissau https bit ly 3kKJjcl launched a call for tenders for the block AGC Shallow 100 km off the coast of the town of Bissau in northwest Africa According to MGGS and GeoPartners who support the promotion the block contains the Domes Flore and Gea discoveries and the prospect of exploration The first wells in shallow reservoirs covering the salt induced domes at Flore et Gea have proven volumes of oil The AGC Authority is looking https bit ly 3m9Pq9X for initiatives to market this oil some of which leaked during testing and is seeking bids for a future work program from interested parties who have studied all previous data and who can demonstrate competence to operate at sea But beyond the oil and gas sector as noted in www furtherafrica com it is not only hydrocarbons that hold the key to unlocking higher levels of growth and attracting new FDI Renewable energy sources are also particularly fertile ground for companies looking to capitalize on the many opportunities that will arise during the energy transformation to come across sub Saharan Africa Guinea Bissau is particularly promising for those who wish to invest in solar power plants and hydroelectric power generation projects Recently the Chinese company Sinohydro started construction of one of the first large scale solar power plants with the aim of selling electricity to the national company Electricit de Guin e Bissau under a long term contract term which will triple electricity production capacity Currently the installed power generation capacity is estimated at 11 MW Thus Guinea Bissau has enormous potential https bit ly 2XXUciJ for hydropower growth as much of the country does not have access to sufficient amounts of electricity New renewable energy projects could also help the country set up an energy mix that will support Guinea Bissau s rural electrification programs and the pursuit of the fight against energy poverty
    Guinea Bissau: Independent E&P, IOC Companies Unlock Potential MSGBC Offshore Area (by Miguel Artacho)
      But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau s economy over the next few years DAKAR Senegal September 28 2021 APO Group By Miguel Artacho field editor Oil and gas investors interested in Africa have made significant investments in some of the MSGBC basin countries which include Mauritania Senegal The Gambia Guinea Bissau and Guinea Conakry such as Senegal and Mauritania where the current Grand Tortue Ahmeyim GTA gas project grabbed the headlines Although Guinea Bissau has yet to receive the same level of attention from investors its offshore areas offer good prospects for a variety of independent exploration and production E amp P companies as well as companies International Oil Companies IOCs which currently operate throughout the MSGBC Basin Guinea Bissau has weathered a difficult 2020 2021 period due to the COVID 19 pandemic and has seen increased economic growth this year which is expected to accelerate further during 2022 Analysts from the Economist Intelligence Unit https bit ly 3zRkOP8 forecast real GDP growth of 2 5 in 2021 and 3 4 in 2022 in line with improved sentiment and higher exports of major crops of rent like cashews as economic conditions in the country continue to improve Guinea Bissau s economy is largely based on agriculture and the production and export of cashew nuts Guinea Bissau is the world s fifth largest producer of cashews and also exports significant amounts of fish and shrimp The mining industry is well developed with around 25 of the world s bauxite reserves and some rare earth elements are estimated in the country s subsoil But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau s economy over the next few years Offshore oil fields have been discovered https bit ly 2Y3EVN6 and several companies are already established in the country for exploration and production including Chinese CNOOC Swedish Svenska Petroleum Exploration and Australian FAR LTD which is also present in The Gambia and Senegal E amp P activities are carried out in partnership with Petroguin EP the national oil and gas company of Guinea Bissau As in several other countries that make up the MSGBC basin Guinea Bissau has very promising offshore areas In November 2020 independent oil and gas company PetroNor finalized the purchase of a permit from SPE Guinea Bissau AB a subsidiary of Swedish oil and gas company Svenska Petroleum The Norwegian company PetroNor E amp P recently noted https bit ly 39Kadek in Offshore Energy that the purchase gives it the right to assume the operation and the 78 75 stake in Sinapa Block 2 and Esperanca Blocks 4A and 5A The contiguous Sinapa and Esperan a permits are located in the Casamance saline sub basin off Guinea Bissau PetroNor CEO Knut Sovold said This is a key strategic addition to PetroNor s portfolio building in this very attractive exploration trend In addition to the re established A4 license in The Gambia and our acreage in Senegal the equity capital available for potential leasing is a very attractive material opportunity PetroNor continues to work to bring in partners to fund a drilling campaign on all assets over the next few years The Atum and Anchova prospects in the deeper waters of the western part of the licensed area are currently the main drilling targets They are analogous to the world class Sangomar field in Senegal Prospects are ready for drilling benefiting from the technical work delivered to date by Svenska Petroleum Exploration and its partner FAR Ltd Speaking https bit ly 3m2TwjT to The Energy Voice PetroNor noted that the region is expected to see potentially transformative exploration drilling in the near future Oil has already been discovered in the shallower waters of Guinea Bissau Sovold believes that going into deeper waters should lead to larger discoveries that will be commercially viable The move to Guinea Bissau fits well with PetroNor s portfolio We are a small E amp P company with ambitions for growth This comes from organic growth in Congo Brazzaville development in Nigeria and longer term exploration in MSGBC permits We want to have a large portfolio with multiple opportunities rather than a simple interest in a single asset In April 2021 Offshore Magazine reported that the AGC Authority Agency for Management and Cooperation between Senegal and Guinea Bissau https bit ly 3kKJjcl launched a call for tenders for the block AGC Shallow 100 km off the coast of the town of Bissau in northwest Africa According to MGGS and GeoPartners who support the promotion the block contains the Domes Flore and Gea discoveries and the prospect of exploration The first wells in shallow reservoirs covering the salt induced domes at Flore et Gea have proven volumes of oil The AGC Authority is looking https bit ly 3m9Pq9X for initiatives to market this oil some of which leaked during testing and is seeking bids for a future work program from interested parties who have studied all previous data and who can demonstrate competence to operate at sea But beyond the oil and gas sector as noted in www furtherafrica com it is not only hydrocarbons that hold the key to unlocking higher levels of growth and attracting new FDI Renewable energy sources are also particularly fertile ground for companies looking to capitalize on the many opportunities that will arise during the energy transformation to come across sub Saharan Africa Guinea Bissau is particularly promising for those who wish to invest in solar power plants and hydroelectric power generation projects Recently the Chinese company Sinohydro started construction of one of the first large scale solar power plants with the aim of selling electricity to the national company Electricit de Guin e Bissau under a long term contract term which will triple electricity production capacity Currently the installed power generation capacity is estimated at 11 MW Thus Guinea Bissau has enormous potential https bit ly 2XXUciJ for hydropower growth as much of the country does not have access to sufficient amounts of electricity New renewable energy projects could also help the country set up an energy mix that will support Guinea Bissau s rural electrification programs and the pursuit of the fight against energy poverty
    Guinea Bissau: Independent E&P, IOC Companies Unlock Potential MSGBC Offshore Area (by Miguel Artacho)
    Africa1 year ago

    Guinea Bissau: Independent E&P, IOC Companies Unlock Potential MSGBC Offshore Area (by Miguel Artacho)

    But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau's economy over the next few years.

    DAKAR, Senegal, September 28, 2021 / APO Group / -

    By Miguel Artacho, field editor

    Oil and gas investors interested in Africa have made significant investments in some of the MSGBC basin countries - which include Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry - such as Senegal and Mauritania, where the current Grand Tortue Ahmeyim (GTA) gas project grabbed the headlines. Although Guinea-Bissau has yet to receive the same level of attention from investors, its offshore areas offer good prospects for a variety of independent exploration and production (E&P) companies as well as companies. International Oil Companies (IOCs) which currently operate throughout the MSGBC Basin. .

    Guinea-Bissau has weathered a difficult 2020-2021 period due to the COVID-19 pandemic and has seen increased economic growth this year which is expected to accelerate further during 2022. Analysts from the Economist Intelligence Unit (https: // bit .ly / 3zRkOP8) forecast real GDP growth of 2.5% in 2021 and 3.4% in 2022, in line with improved sentiment and higher exports of major crops of rent like cashews as economic conditions in the country continue to improve.

    Guinea Bissau's economy is largely based on agriculture and the production and export of cashew nuts - Guinea Bissau is the world's fifth largest producer of cashews - and also exports significant amounts of fish and shrimp. . The mining industry is well developed with around 25% of the world's bauxite reserves, and some rare earth elements are estimated in the country's subsoil. But it is the oil and gas sector that really heralds the potential transformation of Guinea Bissau's economy over the next few years.

    Offshore oil fields have been discovered (https://bit.ly/2Y3EVN6) and several companies are already established in the country for exploration and production, including Chinese CNOOC, Swedish Svenska Petroleum Exploration and Australian FAR LTD - which is also present in The Gambia and Senegal. E&P activities are carried out in partnership with Petroguin EP, the national oil and gas company of Guinea Bissau.

    As in several other countries that make up the MSGBC basin, Guinea Bissau has very promising offshore areas. In November 2020, independent oil and gas company PetroNor finalized the purchase of a permit from SPE Guinea Bissau AB, a subsidiary of Swedish oil and gas company Svenska Petroleum.

    The Norwegian company PetroNor E&P recently noted (https://bit.ly/39Kadek) in Offshore Energy that the purchase gives it the right to assume the operation and the 78.75% stake in Sinapa (Block 2) and Esperanca (Blocks 4A and 5A). The contiguous Sinapa and Esperança permits are located in the Casamance saline sub-basin off Guinea-Bissau. PetroNor CEO Knut Sovold said: “This is a key strategic addition to PetroNor's portfolio building in this very attractive exploration trend. In addition to the re-established A4 license in The Gambia and our acreage in Senegal, the equity capital available for potential leasing is a very attractive material opportunity. PetroNor continues to work to bring in partners to fund a drilling campaign on all assets over the next few years. The Atum and Anchova prospects in the deeper waters of the western part of the licensed area are currently the main drilling targets. They are analogous to the world-class Sangomar field in Senegal. Prospects are "ready for drilling", benefiting from the technical work delivered to date by Svenska Petroleum Exploration and its partner FAR Ltd.

    Speaking (https://bit.ly/3m2TwjT) to The Energy Voice, PetroNor noted that the region is expected to see potentially transformative exploration drilling in the near future. Oil has already been discovered in the shallower waters of Guinea Bissau. Sovold believes that going into deeper waters should lead to larger discoveries that will be commercially viable. “The move to Guinea Bissau fits well with PetroNor's portfolio. We are a small E&P company with ambitions for growth. This comes from organic growth in Congo Brazzaville, development in Nigeria and longer term exploration in MSGBC permits. We want to have a large portfolio with multiple opportunities, rather than a simple interest in a single asset. "

    In April 2021, Offshore Magazine reported that the AGC Authority, (Agency for Management and Cooperation between Senegal and Guinea Bissau) (https://bit.ly/3kKJjcl) launched a call for tenders for the block AGC Shallow 100 km off the coast of the town of Bissau, in northwest Africa. According to MGGS and GeoPartners, who support the promotion, the block contains the Domes Flore and Gea discoveries and the prospect of exploration. The first wells in shallow reservoirs covering the salt-induced domes at Flore et Gea have proven volumes of oil. The AGC Authority is looking (https://bit.ly/3m9Pq9X) for initiatives to market this oil, some of which leaked during testing, and is seeking bids for a future work program from interested parties who have studied all previous data and who can demonstrate competence to operate at sea.

    But beyond the oil and gas sector, as noted in www.furtherafrica.com, it is not only hydrocarbons that hold the key to unlocking higher levels of growth and attracting new FDI. Renewable energy sources are also particularly fertile ground for companies looking to capitalize on the many opportunities that will arise during the energy transformation to come across sub-Saharan Africa. Guinea-Bissau is particularly promising for those who wish to invest in solar power plants and hydroelectric power generation projects. Recently, the Chinese company Sinohydro started construction of one of the first large-scale solar power plants, with the aim of selling electricity to the national company Electricité de Guinée-Bissau, under a long-term contract. term, which will triple electricity production capacity. Currently, the installed power generation capacity is estimated at 11 MW. Thus, Guinea Bissau has enormous potential (https://bit.ly/2XXUciJ) for hydropower growth, as much of the country does not have access to sufficient amounts of electricity. New renewable energy projects could also help the country set up an energy mix that will support Guinea Bissau's rural electrification programs and the pursuit of the fight against energy poverty.