Niger Delta to attract fresh investments

By Clara Nwachukwu
WITH the return of peace to the Niger Delta through the federal Government’s amnesty programme, the oil rich region is now set to attract fresh foreign direct investment, not only for the oil and gas sector, but in the wider economy, Senator Liyel Imoke, the Governor of Cross River State has said.

Imoke, who spoke at the opening ceremony of the 34th edition of the Society for Petroleum Engineers, SPE Nigeria Annual International Conference and Exhibition, which took place at the Tinapa Free Trade Zone, Calabar, said the hosting of the conference was an indicator to future investments in the region.

He said, “The hosting of the conference is evidence of the success of Federal Government’s fight against violence and militancy in the Niger Delta, and a testimony that peace has returned to the region and this will increase investment opportunities in the region.”

Energy supply mix
In a keynote delivered at the conference, which ended on Saturday, the governor noted that the theme of the conference, “Meeting World’s Energy Supply and Demand: The Role of Africa,” was particularly apt and significant because of the leading role Nigeria plays in the global energy supply mix.

According to him, “More attention will be drawn to the potential in the industry such that Nigeria remains the leading global supplier, with opportunities to improve on its efficiency and capacity.”

He further observed that global demand for energy has seen a trend in investments in oil and gas resources, and with Nigeria having huge oil reserves and tremendous gas potential, there is a need for greater industry collaboration and cooperation.

The governor added that the challenge of growing demand is the increase in the search for alternative sources of energy, saying that the search will become more competitive with improvement in technology.

Against this backdrop, he said Cross River State has also increased investments in energy, particularly in the area of gas piping that will supply gas to the state for domestic and industrial use as well as for its independent power plant.
Furthermore, he said, “Cross River State is doing what it can in the development of the energy industry.

and that is why we have invested in the Calabar Energy City, which will provide first class energy infrastructure accompanied with a number of incentives aimed at taking advantage of the local content law.”

Expressing regrets that the invited presidents of emerging African oil producing countries including Ghana, Congo, Uganda and Equatorial could not attend the conference on account of “protocol issues”, the Senior Presidential Adviser to the President on Energy, Dr Emmanuel Egbogah, said the conference offered the SPE members the opportunity to discuss prevailing industry issues with a view to problem solving.

The Executive Director, Exploration and Production, Nigerian National Petroleum Corporation, NNPC, Mr Phil Chukwu, on his part said the SPE Nigerian Council, is the bedrock of the industry in Nigeria, as its members played a crucial role in Nigeria’s oil wealth.

On his part, the Director, SPE Africa Region, Mr Alec Musa, argued that optimising oil and gas resources in the continent will require greater collaboration and cooperation among key players as well as sharing of experience and technology to enhance capacity in the industry.