Ministers will speak at NOG on strategies to strengthen the energy sector

Minister of State for Petroleum Resources (Petroleum) Heineken Lokpobiri and Minister of State for Petroleum (Gas) Ekperikpe Ekpo are scheduled to address the 23rd annual NOG Energy Week 2024 following the Executive Order issued by President Bola Ahmed Tinubu on the Government’s strategy for to strengthen the country’s energy sector.

This comes as industry stakeholders participating in NOG Energy Week stressed the need for a clearer policy direction on unrelated gas exploration and production, stressing that Nigeria, which is a major contributor to Africa’s oil and gas potential, has significant natural gas reserves, ranking first as the ninth largest in the world.

NOG Energy Week 2024 will be held from June 30 to July 4, 2024 at the International Conference Center (ICC), Abuja.

According to the Nigerian Petroleum Regulatory Commission (NUPRC), Nigeria’s gas reserves currently stand at 208 trillion cubic feet and have the potential to increase production to over five billion cubic feet per day.

The Implementing Regulation provides much-needed policy direction that will enable stakeholders to make informed decisions regarding financing, gas business development and infrastructure development. The Order, particularly regarding fiscal incentives for unrelated development of midstream and deepwater natural gas resources, offers promising opportunities for the development of Nigeria’s gas resources.

Speaking at a retreat organized to develop an action plan to achieve the goals set by President Tinubu, Ekpo said: “Ensuring widespread penetration of gas across the country is essential to realizing its full potential as a transition fuel. This means not only increasing domestic gas production, but also promoting the adoption of gas as a cleaner alternative in energy generation, industrial processes, transport and domestic use. “Initiatives such as the ‘Decade of Gas Initiative’ play a key role in increasing gas utilization across sectors through targeted interventions, infrastructure development and policy incentives.”

To achieve successful implementation, the directives will require a sustained level of cooperation, which NOG Energy Week 2024 aims to facilitate. Theme: “Showing the Possible. Conducting investments. Meeting Energy Demands” NOG Energy Week will focus on the unique opportunities to transform the industry through strong legislation, technology and innovation, developing national capacity and achieving energy adequacy goals. The event will analyze emerging business contingencies, with a common goal with the President’s directive to build systems that will eliminate investment barriers in Nigeria’s energy sector.