Tuesday, February 27Inside Business Africa

Operators focus on asset acquisitions, divestments in oil, gas industry

About 64 years after commercial oil discovery in Oloibiri Oilfield, oil and gas operators under the aegis of the Society of Petroleum Engineers (SPE), have concluded plans to explore issues bordering on the divestment of oil and gas assets in Nigeria, how to derive optimum value from acquired assets among other concerns.

According to the operators, the current wave of divestment hitting the nation’s oil and gas industry was necessary to allow smaller entities contribute to economic activities, in areas that have become less attractive to international oil companies (IOCs).

Speaking ahead of the yearly, Oloibiri Lecture Series and Energy Forum (OLEF), expected to hold tomorrow, Chairman SPE Nigeria Council, Joseph Nwakwue however noted that driving force for the divestment included lack of clarity as well as uncertainties.

Indeed, the 2020 edition of the Oloibiri Lecture and Energy Forum (OLEF) series organized by Society of Petroleum Engineers (SPE), Nigeria Council, will focus on “Asset Acquisitions and Divestments in the Nigeria Oil and Gas Industry; Status, Challenges and the Way Forward.”

Scheduled for Abuja, tomorrow, the event will see the Minister of State for Petroleum Resources deliver the goodwill message, while Mallam Mele Kele Kyari, Group Managing Director, Nigerian National Petroleum Corporation (NNPC) will deliver the keynote address. The lead paper will be delivered by Bayo Ojulari, Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCO).

Experts in the course of the panel discussion, will dissect the divestment of oil and gas assets in Nigeria, how to derive optimum value from acquired assets, effective regulation of acquisitions and divestment processes, promoting local content in the ownership and management of assets, deriving economic value and revenue to the states from the operations of divested assets amongst other issues.

“OLEF has become an annual industry reference point and melting pot for core issues affecting the oil and gas industry in Nigeria”, says Joseph Nwakwue, Chairman, SPE Nigeria Council and chief host.

The panel session which will be moderated by Dr. Bello Aliyu Gusau, Executive Secretary, Petroleum Technology Development Fund (PTDF) will include other industry experts as panelists such as Engr. Sarki Auwalu, Director/CEO, Department of Petroleum Resources (DPR), Dr. Layi Fatona, Founding Managing Director, Niger Delta Exploration and Production Plc. Other panelists include Mr. Alex Osho,Chief Financial Officer, Waltersmith Petroman Oil Ltd, Mr. Patrick Olinma, Executive Director, Asset Management and New Energy, Total E & P, Bola Adigun, Director, Corporate Finance, Deals Advisory PwC, Dr. Kanayo Odoe, General Manager, Joint Venture Operations, National Petroleum Investment Management Services (NAPIMS), Dr. Soky Amachree, Managing Director, Del Sigma Petroleum.

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