Key players and stakeholders in the Nigeria Oil & Gas sector are set to discuss the recent reforms in the industry, particularly in view of the rising profile of indigenous players, as the International Oil Companies, IOCs, divest their stakes from onshore fields.
The event, the ESQ Oil & Gas Conference 2013, Scheduled to hold between 9 and 10, April, is the second in the series, brings together energy, finance and legal experts to examine regulatory and business issues in Oil & Gas industry in Nigeria.
Speaking to journalists on the event, Lere Fashola, Chief Executive Officer, CEO, Legal Blitz, publishers of ESQ Legal Practice Magazine, organisers of the summit, said the two-day conference would promote strategies for open business model, business mentorship, collaborations, ideas and knowledge sharing among industry players and networking among companies.
According to him, “the conference provides a key platform for stakeholders to discuss the recent challenges facing the Nigerian Oil and Gas sector including the threat of a reduction in US importation of our crude oil, the impending shale gas revolution, the sophistication of technologies for resource exploration and retrieval, and a rash of divestment of equity by some international oil companies. The big question is: does the rising presence of local players in Oil & Gas operations hold the key to a brighter future for the country?”
Lere also said, “Notwithstanding the prolonged reforms of the legal and regulatory framework governing petroleum operations in the Nigerian oil and gas industry, especially due to the non-passage of the Petroleum Industry Bill (PIB), international and local companies continue to find and take advantage of several investment opportunities. Such opportunities arise amidst substantial legal risks and regulatory challenges.
“How has the industry capitalized on the opportunities and dealt with the legal risks and regulatory challenges? Looking ahead, what are the options to be considered in creating a fair and effective legal/regulatory framework in the mid and long-term to enhance investments and growth in the industry?”