Stakeholders to reposition oil, gas sector through more private participation

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Critical stakeholders in the Oil and Gas sector have expressed readiness to reposition the industry via by advocating for more private sector participation.

They made their resolve known through the just concluded Business Petroleum Club’s 2021 Annual Business Dinner held in Lagos.

They expressed the desire to deliberate on the present state and future of the Nigerian petroleum industry.

Sponsored by AA Holdings, a proprietary investment company,it afforded them to also elaborated extensively on sustaining the impact of the Oil and Gas sector in the Nigerian economy albeit the global drive for energy transition.

While presenting a paper titled, “A discussion on the future of the Nigerian Petroleum Industry” the guest speaker for the event, Director-General, Department of Petroleum Resources (DPR), Engr. Sarki Auwalu (FNSE), highlighted some of the key challenges limiting growth.

He also provided insights into relevant strategies from reservoir optimisation to improved collaboration between stakeholders that when adopted should led to improved and sustained growth.

On the future, the Director stated Africa’s demand for energy would continue to grow and Nigeria would have a significant role to play by unlocking a lot of its resources to contribute to that future need.

Also at the business dinner, the Chairman, Petroleum Club, Dr. Layi Fatona, expressed excitement over the support the club has received and what it means for the future of the petroleum industry.

“The Oil and Gas industry in Nigeria in relation to the emerging energy transition must be addressed in a way that enables the sector to maximise its potential. This is necessary to ensure the development and transformation of the Nigerian society.”

The Executive Chairman and Founder, AA Holdings, Austin Avuru expressed the company’s desire to continuously support key sectors in Nigeria.

“The Petroleum club remains a vital platform for the enhancement of the Oil and Gas industry in Nigeria. As a proprietary investment company, AA Holdings understands this value and impact and is proud to sponsor the Petroleum Club 2021 Business Dinner. We believe that the discussions held will be effective in driving growth for the industry as well as foster economic development.”

The Petroleum Club is a non-political and non-profit making advocacy group comprising leaders in the Oil and Gas industry in Nigeria. The club’s principal mandate is to work with stakeholders in the Oil and Gas industry formulating policies and actions necessary for the growth and sustenance of the industry in Nigeria.