Value chain in oil, gas is enough to transform entire African economy — Odinuwe

By Uthman Salami

The Chairman of Petroleum Technoy Association of Nigeria (PETAN), Mr. Nicolas C. Odinuwe has decribed the value chain in the oil and gas industry enough to power the transformation of the economy of the entire continue.

Odinuwe stated this during his address speech at the 6th Sub-Sahara Africa  International Petroleum Exhibition and Conference (SAIPEC) in Lagos.

While welcoming the speakers, exhibitors, National regulators, IOCs, NOCs sponsors and guests from all over the continent and beyond who have joined the conference, he said, “The Value chain in the Oil, gas energy industry is such that if properly harnessed, will transform the economy of the entire continent.”

He maintained that the challenge had always been about creating an enabling environment that will see private firms leading and playing frontal roles in the industry.

“The challenge has been an enabling environment to create a private sector-led industry. Government across Africa, especially the Oil and gas producing sub-Saharan countries, should provide necessary incentives to attract private-sector investments across the entire value chain,” he explained.

He asserted that once the right environment and incentive are channeled at attracting private sector investment, “this will trigger a massive economic revolution, human capital development and deepen local content across Africa.

“Stabilised and stabilising markets have all encouraged innovation in several industries despite supply chains disruptions. Private-market investors are uniquely positioned to benefit from the innovation super cycle that is being driven by digitisation of the global economy, a decade-long transformation accelerated by the pandemic.

“This presents huge opportunities for regional collaboration and partnerships. Sub-Sahara Africa is said to be the last energy frontier and global hub. A key enabler is to create a collaborative ecosystem between the local industry stakeholders within the Sub-region alongside the Africa continental free trade Area (AfCFTA),” Odinuwe added.

While affirming that COVID-19 pandemic “has changed the global economy in unexpected ways, he said it has come with “innovation, driven by digitisation of the global economy,” assuring that “protocols are now in place for measured and adopted life and economic continuity.”

Speaking on the theme of this year’s edition of the Conference tagged: “Fostering collaboration to create cross-boarder partnerships across the oil, gas and energy spectrum,” he said emphasis has always been “on the future of the oil/gas/energy industry through collaboration, entrepreneurship, and innovation.”

“Through topical discussions, debates and interactions, stakeholders and key players here will have ample opportunities to share ideas and critical insights into the region’s hydrocarbon and transition-energies businesses.

“Exhibitors, sponsors, and delegates, especially those who are joining us for the first time – we believe after now – will make this a permanent  feature of your annual calendars.

“Our desire is to build this conference to be enviable and innovative with as much regional spread across Sub-Sahara Africa.”

Meanwhile, the conference “is also designed to provide us the rare opportunity – as with previous ones – to renew our friendships, make new ones and strengthen the professional network that binds us together as one family dedicated to the advancement of the oil/ gas and energy industry and the sociopolitical and economic development of Sub Saharan Africa.

“For the benefit of those knowing PETAN for the first time; we are an association of leading Nigerian Indigenous Technical Oilfield service companies in the upstream, midstream, and downstream sectors of the Nigerian Oil amd gas industry.

“The Association is the largest and leading advocacy group representing Nigerian Oil and Gas service companies and our members cut across the entire value chain and have been delivering quality services to the industry for over 30 years.”

He added that, “We will continue to appeal to all Governments, representatives, policy makers, legislators, captains of industries and all industry stakeholders to incorporate the fall-outs of this conference into their plans, programmes and policies for a better operating environment that will have the desired positive effect on our respective economies.”