Is Africa Competitive? Africa Oil & Power (AOP) Panelists Question the Continent’s Attractiveness

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

GTBank Releases Q3 2019 Unaudited Results, Reports Profit After Tax of ₦146.99 Billion

Key Highlights  Gross Earnings decreased by 3.3% to N326.03bn from N337.27bn in Q3 2018 Profit before Tax increased by...

Owo Arugbo: Ekiti Begins N20,000 Payment To The Elderly As Monthly Stipend For Social Security Scheme

Ekiti State Governor, Dr Kayode Fayemi on Wednesday re-launched the social security Scheme for elderly citizens in the state with,...
- Advertisement -
- Advertisement -

Casting a spotlight on exploration and production in Africa’s oil and gas sector, the first day of the Africa Oil & Power conference and exhibition concluded with a panel discussion on Africa’s upstream sector.

Moderated by NJ Ayuk, Executive Chairman of the African Energy Chamber, the panel invited Robin Sutherland, General Manager of New Ventures at Tullow Oil; Kevin Vorhaben, Africa Unit Business Manager, Noble Energy; Geraud Moussarie, Country Manager, BP; Bongani Sayidini, CEO of PetroSA and David Grislain, Senegal Country Manager for Woodside Energy to discuss the future of exploration and production in Africa.

NJ Ayuk facilitated the conversation through various topics, including the competitiveness of Africa’s upstream sector on a global scale, whether the sector is indeed entering a new era, what makes Africa’s upstream attractive, what is holding the continent back, where the biggest opportunities in the sector are, how the continent can attract further investment, and how private investors can participate in Africa’s greater vision for its economy.

Responding to the leading question: “what makes Africa attractive?” the panellists agreed that it is important to look at African countries individually and study their geological terms in comparison to their fiscal terms in order to understand the performance of the upstream sector and where it stands on the global stage.

Read:  GTBank Releases Q1 Unaudited Results, Reports PBT Of N57.0 Billion

On collaboration and maintaining business in Africa, BP’s Geraud Moussarie, using the Grand Tortue Ahmeyim project as an example, said relationships between investors and the national oil companies are essential. “Dialogue, partnership and commitment from the two partners was tremendous,” he said, referring to the GTA project in particular and adding that, “for a big project to work the companies and national oil companies have to stay committed.”

Representing South Africa’s national oil company, PetroSA, Bongani Sayidini said that although the country is currently inactive in the sector, it is watching and learning from its neighbouring countries who are making great progress.

Read:  Nigeria to raise up to $1.48bln from bond sale by Q3 - DMO

“While we are not actively drilling, we are watching what the industry is up to,” he said. Also explaining that while PetroSA has not yet been in discussions with Total regarding its plans for the Brulpadda discovery, it is also keen to see what the French major does with the discovery and where it takes the sector.

Addressing the SADC regions reaction to the natural gas trend on the continent, Sayidini noted that: “the biggest challenge in the SADC region is that the gas market is not that developed and there are very few markets that are developed.”

Read:  Stomach Infrastructure: Nigeria is trying to spend its way out of extreme poverty by cash handouts

In discussing how to make E&P work in Africa, the panellists provided their visions for Africa’s E&P’s sector. “For Woodside, in the next five to ten years, we are focusing on commercializing the SNE phase 1 project and of course, SNE 2, SNE 3. So, it is full steam ahead for us,” said Woodside’s David Grislain.

“We are very very excited to be now in ten different countries in Africa, our focus is the MSGBC which has a special place for us being a new basin with lots of potential and lots of gas and we will work closely with the government to make it a very competitive basin”, said Moussarie.

“We are committed to Africa; I know we recently had a discovery in South America but that is because the geology is similar to Africa where we feel very much at home. We have a long history of opening bases that were deemed to be non-productive by others,” said Tullow Oil’s Robin Sutherland

The Africa Oil & Power conference and exhibition continues until October 11. Learn more at www.AOP2019.com

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

“Best Global Brands 2019” – Mercedes-Benz is once again the world’s most valuable luxury car brand

Mercedes-Benz further increased its brand value and is once again the world's most valuable luxury automotive brand. In the...

Average Prices of Petrol and Cooking Gas drop in September – NBS

The average price per litre paid by consumers for Cooking Gas decreased to N1,976.11 in September 2019 from N2,000.34 in August 2019., according to...

Nestlé reports nine-month sales for 2019, revamps waters business as organic growth slows

Organic growth of 3.7%, with real internal growth (RIG) of 3.0% and pricing of 0.7%. Growth was supported by strong momentum in the...

GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion

Guaranty Trust Bank plc (GTBANK) has released its unaudited financial results for the period ended September 30, 2019, to the Nigerian and London Stock...

More Articles Like This