Importance of Supportive Policies for Oil and Gas Investors
Victor Bandele, Deputy Managing Director of Deepwater Assets at TotalEnergies Nigeria, emphasized the need for effective policies and a favorable environment in order to retain investors in Nigeria’s oil and gas sector. Moreover, he highlighted that greater efficiency and collaboration are key to making the energy industry competitive and attractive.
Insights from the Conference
Bandele shared his views at the “Driving Africa’s Energy” session during the Sub-Saharan Africa International Petroleum Exhibition and Conference on February 11, 2025. In addition, African independent oil companies (IOCs) are navigating the complexities of the oil and gas industry. Consequently, strategic developments and portfolio management were key focuses of the three-day conference, which was themed “Building Africa’s Future.”
Competition for Resources
Bandele expressed confidence in the relevance of oil and gas to Africa’s development while also acknowledging the increased competition for resources. He stated, “There’s significant competition globally and within Nigeria. Therefore, investments can easily shift from one region to another.” He urged the need for ongoing projects to boost cost efficiency, delivery, and sustainability.
Commitment to Gas Supply
In response to praise from Nigeria Liquefied Natural Gas Limited (NLNG) about its reliability in gas supply, Bandele noted that TotalEnergies has maintained zero routine gas flaring for over a year. Furthermore, he reaffirmed the company’s commitment to meeting supply obligations, especially with the Final Investment Decision (FID) on the UBETA gas project. He pointed out that the quick decision on UBETA, following the right incentives from an executive order, illustrates how a supportive environment can attract investment.
Conference Leadership
The session was moderated by Engineer Elisabeth Rogo, CEO of Tsavo Oilfield Services Limited from Kenya. In addition, other leaders included Akeem Ariyo, Managing Director of AOS Orwell; Osayande Igiehon, Managing Director of Heirs Energies; Nnamdi Anowi, GM Production at NLNG; and Jim Swartz, representing Chevron Nigeria.
Minister’s Address
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), highlighted the need for consistency and predictability in Nigeria’s energy sector to attract investment. Additionally, he noted that Nigeria has developed significant expertise that other African nations could learn from. Ultimately, the Minister also announced that the proposed African Energy Bank (AEB) will launch in the first quarter of 2025, starting with $5 billion in capital.
