The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
The Foreign Investment Network (FIN) has organised a virtual meeting for Leading Petroleum Industry Leaders tagged ”Global Investment Outlook for Upstream Oil & Gas Post Covid-19”.
The meeting which held on Tuesday – December 12th, had in attendance, the Director Invictus Energy Australia, Dr. Sturt Lake , C.E.O Crystol Energy London, Dr. Carole Nakhle & C.E.O Waltersmith Petroman Oil Nigeria, Chike Nwosu.
It drew participation from four Continents, twenty one countries, twenty Operating Oil Companies, three Investors, Governments across Africa and Senior Oil & Gas Managers from all over the world.
In her welcome address, Foreign Investment Network’s Head of Oil & Gas, Wofai Samuel explained that, ”Every sector has been negatively hit by COVID-19, but perhaps the Oil & Gas Industry has endured the most colossal setback, compelling Exploration and Production Companies to either halt or slow down their physical operations.
The Director Invictus Energy, Dr. Stuart Lake, who also previously served as Vice President Exploration Shell Russia & Hess Corporation, & Past CEO of African Petroleum Corporation spoke extensively on the status of Global Exploration and Production. Lake mentioned that ”the price war between Russia and Saudi Arabia, OPEC’s collapse in Oil Prices and the global demand dropped by 30 million barrels of oil per day which wiped off about a decade of demand growth has made E&P activities even more challenging than previous years.
“In Africa we’ve seen a lot of spendings go down. Final investment decisions that were planned on many projects haven’t actually been executed this year.
“We’ve also seen production down with the NOCs, particularly our OPEC members. It’s been a very challenging year for everyone irrespective of race or nationality”.
On E&P investments in Africa, he explained that Invictus Energy is the only operator on ground in Zimbabwe with exploration assets, having taken over from Mobil”.
The CEO Waltersmith Petroman Oil Limited, Nigeria’s frontline Independent Upstream Exploration & Production Company, Engr. Chikezie Nwosu, mentioned the biggest challenge to Petroleum investments across the continent of Africa to be the regressive nature of some policies.
”I know the government has reduced taxes but it doesn’t necessarily affect the kind of Foreign Direct Investment that you need. When an investor comes in, he is first faced with the Fiscal nature of the regime as they are to pay higher royalties.
“There should be no royalty on gas until we get our gas business and market in place, even then we shouldn’t be too keen to raise more government revenue through taxes.’
“In the downstream and modular refineries, government has to get involved in Crude fixed up supply process with other producers. The refining margins so far, are very low.
“Furthermore, the Government needs to implement policies that at the very minimum gas purchase and crude oil fixed stock for domestic consumption is priced in Nigeria’s local currency, Naira.
CEO Crystol Energy London, Dr. Carole Nakhle spoke about the challenges in the UK North sea. She also noted that the availability of infrastructures eases the pressure of cost and technical aspects of investment.
Immediate past COO of the Nigerian National Petroleum Corporation, Engr. Henry Ikem Obi reiterated that Waltersmith Petroman Oil’s delivery of Nigeria’s first modular refinery would eliminate import and increase local availability.
”The realization of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today”. he concluded.
Other dignitaries at the event include Chief of staff to Nigeria’s Minister of Petroleum Resources represented by his STA, Ugbizi Ogar, Director EMEA – Bank of America Merrill Lynch, Division Manager Nigeria & West Africa Schlumberger – Prince Abangwu, Business Unit Advisor Chevron Texas – Lanre Badmus, Secretary General-Global Chamber Of Commerce & Industry India – Er. Aashish Gupta, Edem Dakpazu – Investment Principal Future Energy Fund Chevron, Oil & Gas Operations Director ALM- Arvy Nahar.
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