The Energy Republic July Edition 2022

Funding
The
Nigerian Energy
Mix For
Sustainable
Economic
Growth
By Ndubuisi Micheal Obineme
Nigerian energy, oil, and gas industry is
transforming following the recent policy
enactment by the government to reposition
the industry for growth opportunities and attract
more capital investment to the country's energy
sector. The Federal Government is making
tremendous efforts and creating global
opportunities under the Petroleum Industry Act
(PIA) and the 'Decade of Gas' initiative as part of
it's energy evolution pathway. As of 2019, Nigeria
was contributing about 2.2 percent of global oil
reserves, based on our findings. The country's
crude oil reserves have grown steadily from about
22 billion barrels in 1999 to over 37 billion barrels
presently. Between 2015 and 2019, the country
generated roughly 2 million barrels per day. In
2021, Nigeria was the world’s most significant oil
producer, accounting for an average of 1.27 million
barrels per day. Nigeria is the second country with
the largest oil reserve in Africa after Libya and the
11th worldwide.
According to the US Energy Information
Administration (EIA), security concerns and other
commercial risks have slowed oil exploration
operations in the country which has also led to a
production decline.
However, the NOG Conference & Exhibition,
organized by dmg Nigeria events, has therefore
partnered with the Nigerian government, industry
stakeholders, and players to showcase Nigeria's oil
and gas potential to the world.
Since its inception in the year 2000, NOG has played a key role in shaping policies in
the Nigerian oil and gas industry. The yearly outcomes of the conference have
contributed positively to influencing policies in areas such as marginal field bid
rounds, local content, and gas prices.
The NOG Conference and Exhibition is Nigeria’s most important oil, gas, LNG, and
energy event, where energy professionals convene to exchange ideas and dialogue
on issues affecting the oil and gas industry in Nigeria. It also provides the
opportunity for industry leaders, innovators, and experts to showcase technological
advancements, identify innovative solutions and forge business partnerships.
This magazine is a Special Edition for NOG
Conference & Exhibition 2022 with the theme:
'Funding The Nigerian Energy Mix For
Sustainable Economic Growth’.
For over 20 years, NOG has been serving and
unlocking new opportunities for the Nigerian oil
and gas industry.
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In 2021, H.E President Muhammadu Buhari declared 2021-2030 as the Decade of
Gas in Nigeria. The Decade of Gas initiative of the government is aimed at making
the country a gas-powered economy by 2030. The key objectives of the initiative
include increasing access to electricity, building a stronger economy, addressing
poverty, and reduction in carbon emissions by deepening domestic utilization of
gas.
Funding The Nigerian
Mix For Sustainable Economic Growth
THE ENERGY REPUBLIC I SPECIAL EDITION