What is the Nigeria Assembly
The Nigeria Assembly took place on the 7th & 8th of November 2017. The assembly brought international financiers and investors to Nigeria to meet and discuss how to overcome funding challenges currently facing the Nigerian oil and gas industry. Stakeholders who were in attendance and part of the speaking faculty were representatives from IOC’s, Mid & Larger Caps as well as indgenous small independent gas companies.
Key take-aways from the 2017 Event:
The Choice of the Investor
There is no denying that Nigeria has an abundance of resources as well as the infrastructure and workforce capacity to take advantage of the opportunity. However, international investors are still somewhat deterred from investing. During the discussions titled: A View from the Outside: What is the Appetite for International Investment into the Nigerian Oil & Gas Sector?
Bridging the Gap: How do Oil & Gas companies and local banks secure international investment? It was highlighted that investors have a choice and international competition to secure their backing is fierce, therefore whilst Nigeria is a key prospect, it has to ensure that it is more attractive by meeting international standards and requirements.
The question that is now posed to stakeholders in the industry is whether they are going to raise their standards and compete internationally or allow investment to dwindle.
Collaboration & Partnership
A key theme throughout the two days of conversation was the strategies of ensuring successful and mutually beneficial partnerships. Moreover throughout the discussions there was a call from speakers and attendees a like, for the ocntinued efforts to increase levels of collaboration within the industry in Nigeria between IOC’s and local E&Ps, as well as the more effective partnership between the finance community and the energy industry in Nigeria. This would ensure better contract renegotiation and thus opportunity for growth not only in the oil and gas service market, but also in the sector as a whole.
Government Communication and Policy Development
In the light of recent passing of significant legislation, there were many conversations around implementation and improvement of policy. Many agreed that policy should be developed incrementally and integrated, unlike previous legislation which had often been introduced and then scrapped and replaced to overcome the challenges that had arisen with the policy. Moreover attendees and speakers alike agreed that there needed to be clearer avenues to communicate with government. A few suggested that writing to Senators and government representatives was often an effective method of raising issues and finding solutions.
The Potential of Gas
Throughout the two days of conversations there was a clear optimism about the gas market in Nigeria. Arguably this was rooted in the recent passing of the National Gas Policy as well as the Ministry announcing clarifications surrounding the influence of the PIB on the gas sector in Nigeria. Whilst many suggested that the gas to power sector could be the golden ticket to restoring Nigeria’s position as a leader in the international energy sector many also highlighted the potential for gas to be used in domestic commercial markets. A concern that was highlighted is the potential for international gas pricing competition to reducing Nigeria’s opportunity to become an international seller of gas and for domestic users to look outside of Nigeria.
Therefore, it is key that preventative methods are implemented to establish the security of the gas for future domestic commercial use and international pricing competitions.
Diversification and Collaboration of the entire Value Chain
Highlighted in the opening session of the assembly, which was co-hosted with Future Energy Nigeria, was the importance of the Nigerian energy industry to diversify and enable collaboration between the oil and gas sector and the power sector. Whilst the power sector is continuing to grow in Nigeria, many of the participants suggested that with the backing of the oil and gas sector the power sector could grow much more rapidly and more effectively.
For further analysis of discussions at the Nigeria Assembly 2017 please see the following articles:
- The Happenings.com – Photos
- Punchng.com – Oil & Gas Council Conference on Investment in sectors
- This Day Live.com – OIl & Gas Council
The takeaways will be key themes at our future events in Africa including our annual Africa Assembly 2018 which will take place in Paris 6 – 7 June.
To read further information about this event please visit the Africa Assembly website or contact Simon Hoare, Africa Portfolio Manager
+44 20 7384 8060.
2017 Agenda at a Glance
Please contact Simon Hoare for more information.
Day 1 - 7 November 2017
8 am Morning Coffee and Registration
Opening Keynote Address
10:15 am Networking Coffee Break
A Review: What is the Current Climate for Investment, Exploration & Production in Nigeria?
A View from the Outside: What is the Appetite for International Investment into the Nigerian Oil & Gas Sector?
13:00 pm Networking Lunch Break
A Briefing from the Legislators: What are the Aims & Desired Impact of the PIGB, National Gas Policy and the Petroleum Policy?
PIGB, National Gas Policy and Petroleum Policy: Reactions from Industry
3:45 pm Networking Coffee Break
Bridging the Gap: How do Oil & Gas companies and local banks secure international investments
5:00 pm – 6:30 pm Close of Day 1 & Networking Drinks Reception
Day 2 - 8 November 2017
Registration Opens & Networking Coffee & Breakfast
10:00 am Networking Coffee Break
Finding the Funding: What alternative are Junior Producers, Independents and Indigenous Oil and Gas Companies using to raise funding?
12:30 pm Networking Lunch
Modular refineries: What Prospect Do They Post for Investors & What is the Implication for the Upstream Sector?
– Close of day Two & Close of the Assemby
“The conference was a mutually beneficial networking session for us and our clients. I met a few new African players that were not on my radar”Bayo Adebayo
“It was a pleasure and fun participating in the meetings this year. I really had a great time being there and meeting the different group of people the assembly gave us an opportunity to see”Adeola Olugbenga Ogunsemi
“The conference was very positive indeed. Well attended by high level executives, and some of the panels provided a deeper insight into the matter of Gas to Power in particular that I found extremely enriching”Vincent Gueneau
2017 Featured Speakers
H.E Gabriel Mbega Obiang Lima
Minister of Petroleum, Industries and Energy, Republic of Equatorial Guinea