The 4th Annual Nigeria Petroleum Summit, (NIPS) kicked off on Sunday, 6th June 2021. The summit which has gathered momentum globally, is a platform for Nigeria to engage both local and international stakeholders to effectively develop the oil and gas sector for economic growth.
The five-day conference featured a CEO roundtable with Mr. Huub Stokman, Chief Executive Officer of OVH Energy Marketing Limited (Oando licensee), to discuss the future of natural gas in Nigeria, the impact of COVID-19 and the effect of oil price crash on the downstream sector.
Mr. Stokman commended the efforts of the organisers in bringing together industry stakeholders to share ideas on how to improve the energy sector. He stated that, “this is an ideal opportunity to bring together these experts to exchange ideas & opinions, to understand trends and the future of the industry”. He also stated the importance of the presence of the downstream oil and gas sector, explaining that whilst upstream is key for production, downstream is responsible for delivering products to customers or end users. Seamless integration between the two sectors is crucial.
He expressed optimism in the future of the gas industry, in his words, “this is the decade for gas exploration. Nigeria has the largest natural gas reserve in Africa, and the 9th largest in the world, so Nigeria can leverage its reserves to diversify and promote local growth and OVH Energy Marketing is best placed to deliver to the local market”.
In recent times, Nigeria has positioned itself strategically to become the foremost oil and gas investment destination, through ongoing strategic sectoral reforms and engagement with host communities. This year’s NIPS conference tagged “From Crisis to Opportunities: New Approaches to The Future of Hydrocarbons” continues to engage industry experts and investors on developing hedging strategies to combat prevailing sectoral challenges aimed at unlocking inherent value in the near future.
The summit’s overarching message of building the Nigerian oil and gas sector through the collaborative efforts of all relevant stakeholders through the exchange of new technologies and industry know-how cannot be overemphasized.