Home » Top Stories » IOCs Stopped Funding Exploration and Production in Nigeria in 2010 – NAPE President

IOCs Stopped Funding Exploration and Production in Nigeria in 2010 – NAPE President

…….blamed lack of funding to dwindling oil production………
……….by Ben Ndubuwa……..

The President of Nigerian Association of Petroleum Explorationists (NAPE), Dr James Edet, has said that the International Oil Companies (IOCs) stopped funding the exploration and production of fossil fuel in Nigeria since 2010.

This he attributed to the global focus on the campaign for energy transition. However, he maintained that Nigeria cannot stop the production of fossil fuel for the sake of energy transition.

Speaking on Wednesday in Lagos during a media workshop, the NAPE President said that the Association’s forthcoming 40th Annual lnternational Conference and Exhibition will beam a searchlight on transition energy towards more sustainable energy sources, energy poverty among others.

Edet pointed out that the current declining oil out-put from Nigeria is attributable to the lack of funding by the IOCs not necessarily as a result of oil theft. “Money has been taken out of exploration and production by the IOCs since 2010. So we were not having funding needed to develop Nigeria oil and gas. That is why we are advocating for African Energy Bank” the NAPE boss said.

The NAPE boss told Financial Energy Review at the sideline that this proposed bank when it comes on stream will be a place where the indigenous operators can access fund. “This bank is where those who acquired divested blocks can access fund to develop our oil and gas” he said.

The International conference which will commence on the 14th to 17th November, 2022 with the them “Global Energy Transition & the Future of the Oil and Gas Industry: Evolving Regulations, Emerging Concepts & Opportunities.” will host the top industry stakeholders and speakers.

According to the NAPE boss, Mr Mele Kyari, the Chief Executive Officer of Nigerian National Petroleum Company Ltd. (NNPC) and the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote would be the special guest speakers at the conference.

The keynote paper will be delivered by Mr Roger Brown, Chief Executive Officer Seplat Energy Plc.

NAPE is the umbrella association for persons involved in the professional application of geosciences and related disciplines to the exploration and production of oil and gas in the country.

It has over 12,000 members cutting across the oil and gas industry.

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