Financial Energy Review
Photo: L-R Mr. Abel Nsa, Senior Technical Adviser, Honourable Minister of Petroleum (Gas); Salahuddeen Tahir, Chairman, Society of Petroleum Engineers (SPE), Nigeria Council; Dr Salihu Jamari, Chief Investment Officer, Nigerian National Petroleum Company (NNPC) Gas & Power Investment Services; Amb. Nicholas Agbo Ella, Permanent Secretary, Ministry of Petroleum Resources; Mr. Taji Ogbe, Executive Secretary Nigerian Gas Association (NGA) & Prof. Joseph Ezigbo, President, Association of Local Distributors of Gas, (ALDG)/Chairman, Falcon Corporation Ltd at the maiden edition of Africa Gas Innovation Summit (AGIS 2024) held in Abuja recently…
……….by Victor Egbo…….
The Africa Gas Innovation Summit (AGIS) 2024 held recently in Abuja has emphasized the urgent need for innovation in Africa’s energy landscape. With new players like Ghana, Tanzania, Senegal, Mauritania, Mozambique, Namibia, and Uganda joining traditional leaders such as Nigeria, Egypt, Algeria, Gabon, and Angola, Africa’s vast gas resources present a path to a sustainable future.
“Our easiest path to a sustainable future lies in our gas resources and the shortest path to developing these gas resources is through collaboration and innovation”, said Salahuddeen Tahir Chairman, Society of Petroleum Engineers (SPE), Nigeria Council.
Despite the potentials, several challenges persists.
“Africa’s energy sector is at a critical juncture, facing challenges such as financing gaps, technological and skills deficiencies, high production costs, inadequate infrastructure, global pressure for cleaner energy, and security concerns”, Tahir said.
Envisioned as Africa’s premier annual gas event, AGIS is set to rotate across African states in the future, serving as a hub for the exchange of ideas on harnessing Africa’s gas resources to drive economic growth and prosperity. This summit promotes the Penta Helix model, engaging government, industry, academia, the entrepreneurial community, and venture financial institutions to foster innovation.
It is hoped that this inaugural edition of AGIS will herald a new era of innovation and collaboration aimed at leveraging Africa’s abundant gas resources for sustainable development.
“Collaborative initiatives, such as the Nigeria-Morocco Gas Pipeline and the Tanzania-Uganda Gas Pipeline, highlight the importance of cooperation. Moreover, the African Energy Bank (AEB) establishment by Afreximbank and the Africa Petroleum Producers Organisation (APPO) underscores the collective efforts required to support African gas producers,” Tahir said.
In his keynote address, Mallam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Limited, represented by Olalekan Ogunleye, Executive Vice President, Gas, Power and New Energy, NNPC Ltd, emphasized Nigeria’s substantial natural gas resources and their potential to address energy deficiencies and drive economic growth. Kyari reiterated NNPC’s commitment to sustainable energy solutions through various gas infrastructure projects, floating LNG projects, and initiatives to commercialize gas.
“Nigeria’s abundant natural gas resources, approximately 209 TCF, can address Sub-Saharan Africa’s energy deficiency by providing electricity, clean cooking fuel, auto gas, and industrial feedstock, thereby generating wealth and improving well-being”, Kyari said.
Speaking on behalf of Association of Energy Correspondents of Nigeria (NAEC), its Chairman, Ugo Amadi, emphasized the summit’s importance in exploring opportunities within Nigeria’s gas sector and fostering technological development and innovation across Africa. He called for supportive policies, strengthened capacities, and collaboration among key sectors to drive sustainable energy development.
AGIS 2024 is a prestigious lineup of collaborators, led by the Society of Petroleum Engineers (SPE), Nigeria Council. Others include Nigerian Gas Association (NGA), Nigerian Association of Petroleum Explorationists (NAPE), Abuja Chamber of Commerce and Industry (ACCI), The Decade of Gas Secretariat, Association of Local Distributors (ALDS), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Association of Energy Correspondents in Nigeria (NAEC), and Institute of Petroleum and Energy Studies (IPES). The event was supported by the Nigerian National Petroleum Company (NNPC) Limited, Petroleum Technology Development Fund (PTDF), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the African Energy Chamber (AEC).
