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IPPG Forecasts Defining Moments for Oil, Gas Sector in 2023
•Pledges continued partnership with stakeholders
The Independent Petroleum Producers Group (IPPG) has said 2023 promises to be a defining moment for Nigeria as a country and the nation’s oil and gas industry owing to the general elections and a number of changes expected to happen in the petroleum sector.
The group, however, pledged to continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.
The Chairman of IPPG, Mr. Abdulrazaq Isa, stated this during the Group’s 2022 Annual Dinner which was held recently in Lagos.
Isa said the Nigerian oil and gas industry had evolved over the last two years with the enactment of the Petroleum Industry Act (PIA), large divestment announcements by the international oil companies (IOCs) and Nigeria’s commitment to 2060 net-zero aspirations.
He said this meant that a holistic re-positioning of the nation’s oil and gas industry had become necessary.
“The year 2023 promises to be a very important year for our industry; not only will our dear country be witnessing a political transition come May 2023, but we shall begin to see numerous changes across the entire oil and gas value chain”, Isa said.
He also commended the two industry regulators, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for their diligent implementation of the PIA and their adopted approach of engaging all stakeholders in this regards.
He said the tangible effects of the PIA implementation, conclusion of this IOC divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector would all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come.
The IPPG chair restated that the body has an important role to play going forward and are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demonstrated financial and technical capability to develop the country’s hydrocarbon resources, with proven appetite for supporting the government’s energy security vision through building a broader value-adding midstream and downstream businesses.
“It is therefore imperative that our advocacy effort in 2023 should be focused on creating collective support and deliberate collaboration with the Government, Industry Regulators and Nigerian Financial institutions, working in concert, to optimise the numerous growth opportunities available across the industry,” Isa said.
He reiterated that the group’s priority as an industry, in the short to medium term, “must be to rapidly exploit our hydrocarbon assets for the socio-economic transformation of our country.
‘To this end, IPPG will continue to work closely with the Government to achieve all its aspirations for the industry which is primarily centred on energy availability, affordability and security for all Nigerians now and in the coming years”.
In his lecture at the occasion, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, in his presentation entitled, “The Outlook for Financing the Energy Sector in Nigeria in the Light of the Energy Transition”, noted the funding challenges confronting the industry, outlook for the industry in terms of financing and insights on how to ensure sustainable financing solutions for the development of the nation’s hydrocarbon resources are defined.