TheCable

Odein Ajumogobia, former minister of state for petroleum resources and chairman of FIRST Exploration and Petroleum Development Company Limited (FIRST E&P), says the company is focused on increasing Nigeria’s oil production.

Speaking at a seminar themed ‘Scarcity in Abundance; How Gas Can Enable Energy Access in Nigeria and Africa’, Ajumogobia said the company is committed to increasing Nigeria’s energy access. 

The seminar, which was held at The WheatBaker Hotel, Lagos to commemorate FIRST E&P’s 10th anniversary of commencement of operations was attended by key stakeholders in the oil industry, including representatives from the state oil company, NNPC.

“Today, we are celebrating a decade of successful partnerships and collaborations as we remain committed to increasing our contribution to Nigeria’s energy needs in the coming years,” Ajumogobia said.

“We at FIRST E&P are fully committed to playing a vital role in increasing energy access in Nigeria and by extension, Africa. We are focused on growing and maintaining daily oil production from 40,000bopd to 60,000bopd while setting up a shallow offshore-based midstream gas business that will be fully operational by 2025.”

He urged all oil and gas industry players to see gas as being more than a transition fuel for the continent and which can chart a new course for economic prosperity for Nigeria and Africa, stating that gas is the future of Nigeria and Africa.

“With this, our future Gas Hub is expected to provide gas to the domestic market and address the energy deficit,” he added.

While delivering his keynote, Mele Kyari, the NNPC GMD,  who was represented by Umar Ajiya, the group executive director, Finance and Accounts, congratulated the former minister and his team on the 10th anniversary.

“Over the last one decade, the Nigeria oil and gas industry has witnessed FIRST E&P’s remarkable growth from strength to strength evolving into what we see today as a fully-fledged exploration and production company,” he said.

“I sincerely commend your organization as you have remained focus in your aspiration as the leading indigenous and independent Nigerian company hinged principally on developing and operating a portfolio of oil and gas asset along the entire upstream value chain.”

Ajumogobia and some thought leaders at the event

Addressing the need to harness Nigeria’s abundant gas resources, Ajiya noted that the Nigerian government is committed to cutting its carbon emissions to net-zero by 2060. 

“In recent times, developed nations of the world are clamouring for a cleaner and healthy environment which however poses a threat to emerging and developing oil countries, especially nations that are currently dependent on oil like ours,” Ajiya said.

“But I use this opportunity to reaffirm that the government of Nigeria is ready to speed up the identification and development of both existing and new gas resources, and the decade of gas declared.

“With the Nigeria gas transportation network code established, Nigeria seeks to achieve significant reduction in gas flaring and create a conducive environment for investors through the introduction of an appropriate institutional legal, regulatory and commercial framework for the gas sector as well as establish strong linkages for the gas sector to power agriculture and transporting the industry.

“The NNPC will continue to support these gas aspirations by increasing gas penetration as this in the long run will diversify Africa’s energy supply links and improve security of supply”.

Also speaking at the event, Ademola Adeyemi-Bero, MD/CEO, FIRST E&P, said that the expected growth in domestic demand will create significant opportunities for gas by 2030. 

According to him, the run up to 2030 will be a decade of accelerated growth for gas as domestic demand grows from 30 percent to 60 percent of total demand, which will create a supply gap of up to 10bcf.

Chibuzor Ifeanyi, Peter Obaseki, Opuiyo Oforiokuma and Bolaji Osunsanya at the event

He noted that this shift in market dynamics will expand opportunities across the value chain in upstream gas to fill the supply gas and infrastructure to transport and treat the wet gas. 

Thought leaders from within the industry also had a panel sessions at the event, moderated by Chibuzor Ifeanyi of Vitol and Rolake Akinkugbe-Filani of African Energy Chamber.

The panel featured Roger Brown, CEO Seplat Energy Plc; Audrey Joe-Ezigbo, DMD Falcon Corporation, Bolaji Osunsanya, CEO Axxela Limited, and Opuiyo Oforiokuma, senior partner at Africa50 Infrastructure Acceleration Fund.

Other speakers were Peter Obaseki, Partner at Mckinsey; Yinka Sanni,  CEO Africa Regions at Standard Bank Group; Mukund Dhar, Partner at White & Case LLP; Nike Kolawole of  LNG Investments Services; and NNPC’s Farouk Ahmed.