Wednesday , 25 April 2018

With huge oil, gas reserves, Nigeria remains relevant in OPEC

HE Mohammad Sanusi Barkindo, OPEC Secretary General

The Organisation of Petroleum Exporting Countries, OPEC, has disclosed that Nigeria will continue to be relevant in the organisation as a result of the nation’s huge oil and gas reserves.

In its latest Bulletin, OPEC stated that: ‘’According to OPEC’s Annual Statistical Bulletin, in 2016, Nigeria produced 1.43 million b/d of petroleum and earned a total of $27.79 billion through petroleum exports.

‘’This is set to continue and, looking ahead, with 37.45 billion barrels in proven crude reserves, the country has a place of importance in the energy supply of the future. It also has 5,480bn cubic metres of proven natural gas reserves, which provides it with yet another important national revenue stream.

‘’But it’s not just the country’s extensive natural resources and enviable raw commercial data that proudly puts Nigeria in the spotlight. Increasingly, the country has become a destination for international events — particularly those related to energy and hydrocarbons.’’

OPEC also indicated that: ‘’In February, for example, Nigeria played host to the first ever Nigerian International Petroleum Summit (NIPS) which, as our report in this edition explains, “was aimed at replicating in Africa the type of knowledge exchange, problem-solving discussions and networking opportunities” that other industry events provide. With the esteemed attendance of some of the leading personalities of the oil industry in Nigeria and the region, NIPS was an event not to be missed. (Even if one did, however, our round-up provides readers with the main take-aways of that successful event.)

‘’This ‘special edition’ of the OPEC Bulletin focusing on Nigeria also includes an exclusive interview with Dr Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources. With years of experience in his country’s oil industry — and wisdom that goes far beyond his years — the Minister speaks to us about the success of NIPS, the role of OPEC in energy affairs and the fundamental importance of the landmark ‘Declaration of Cooperation’. As he puts it, that decision was responsible for the “great rejuvenation of OPEC.”

It further stated that: ‘’It’s not all business and commerce, however. This edition also offers readers a brief profile of the city of Abuja, as well as an interesting description of some of the country’s most colourful and most famous cultural festivals.

‘’Perhaps in the future we might be able to offer readers a report from one of these cultural events and bring the country to life through the written word. For the moment, however, there can be little doubt that a visit to Nigeria is almost requisite for world travellers. Whether it is for business or touristic reasons, a Nigerian sojourn will allow one to experience the country’s lush natural beauty, the brightness of its colourful festivals and the sincere warmth of the people.’’

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