Leaders in the Oil and Gas sector in Nigeria have set an agenda to reposition the industry for wider private sector participation.
They made their input to the ongoing government industry transformation initiatives when they gathered at the recent Petroleum Club’s 2021 Annual Business Dinner, to deliberate on the present state and future of the Nigerian petroleum industry.
The business dinner, which was sponsored by AA Holdings, a proprietary investment company, also elaborated extensively on sustaining the impact of the Oil and Gas sector in the Nigerian economy albeit the global drive for energy transition.
Presenting a paper titled, “A discussion on the future of the Nigerian Petroleum Industry” the guest speaker for the event, Director-General, Department of Petroleum Resources (DPR), Engr. Sarki Auwalu (FNSE), highlighted some of the key challenges limiting growth.
He also provided insights into relevant strategies from reservoir optimisation to improved collaboration between stakeholders that when adopted should led to improved and sustained growth. Speaking on the future, The Director stated Africa’s demand for energy would continue to grow and Nigeria would have a significant role to play by unlocking a lot of its resources to contribute to that future need.
While speaking at the business dinner, the Chairman, Petroleum Club, Dr. Layi Fatona, expressed excitement over the support the club has received and what it means for the future of the petroleum industry. “The Oil and Gas industry in Nigeria in relation to the emerging energy transition must be addressed in a way that enables the sector to maximise its potential. This is necessary to ensure the development and transformation of the Nigerian society.”
Also speaking, Executive Chairman and Founder, AA Holdings, Austin Avuru expressed the company’s desire to continuously support key sectors in Nigeria. “The Petroleum club remains a vital platform for the enhancement of the Oil and Gas industry in Nigeria. As a proprietary investment company, AA Holdings understands this value and impact and is proud to sponsor the Petroleum Club 2021 Business Dinner. We believe that the discussions held will be effective in driving growth for the industry as well as foster economic development.”
At the dinner, The Petroleum Club also honoured its newest octogenarian members: Dr. Godswill Ihetu and Chief Chambers Oyibo. The Petroleum Club is a non-political and non-profit making advocacy group comprising leaders in the Oil and Gas industry in Nigeria. The club’s principal mandate is to work with stakeholders in the Oil and Gas industry formulating policies and actions necessary for the growth and sustenance of the industry in Nigeria.