Engr Victor Bandele, DMD, Deepwater Assets has stressed the need for greater efficiency and collaboration for the energy industry in Nigeria to be competitive and attract investments, as the right environment increases the appetite to invest.
Bandele stated this when he joined other company executives to share perspectives on “Driving Africa’s Energy” at a session of the Sub-Saharan Africa International Petroleum Exhibition and Conference, tagged SAIPEC 2025 in Lagos.
The session highlighted how African IOCs and independents are navigating the complexities of the oil and gas industry, with insights on strategic developments and portfolio
While expressing optimism that oil and gas which Africa needs for its development would remain relevant, he noted the heightened level of competition for resources as it impacts the industry. “There’s a lot of competition going on worldwide. There is competition within us in the country. Extrapolate a bit, there is big competition for investments in Africa. There is that big competition playing around the world,” he said, explaining that as a result, investment designated for one region could go to another. “So, we need to be desperate for projects that are ongoing to meet efficiency in costs, delivery and sustainability”, he added.
Responding to a commendation from NLNG about the company’s consistency in meeting its gas supply obligations, Engr Bandele noted that TotalEnergies’ had achieved zero routine gas flare over a year ago and was committed to fulfilling its supply obligations and offering more with the FID on UBETA gas project.
He indicated that the speed with which the FID on UBETA was taken, few months after an executive order with the right incentives, was an index to the fact that the right environment enables a large appetite for investments.
The panel had the Chief Executive of Tsavo Oilfield Services Limited, Engineer Elisabeth Rogo, from Kenya, as moderator. Other panelists were the Mr. Akeem Ariyo, Managing Director, AOS Orwell; Osayande Igiehon, Managing Director, Heirs Energies; Nnamdi Anowi, GM Production, NLNG; and the Chairman & Managing Director of Chevron Nigeria, Jim Swartz represented by the General Manager, Wells, Chevron Nigeria, Mrs Maureen Ikenedu.
Earlier, the Minister of State, Petroleum Resources (Oil), Heineken Lokpobiri, in his address noted the importance of consistency and predictability for the energy industry in Nigeria to attract investments and grow.
He mainted that other African countries could learn a lot from Nigeria as the country had developed a lot of expertise and experience.
The minister also disclosed that the proposed African Energy Bank (AEB) will commence operations in the first quarter of 2025, with an initial capitalization of $5 billion.
Dignitaries at the conference also took time to visit TotalEnergies’ s booth as the exhibition was declared open.
