For five decades and counting, Nigeria has been in the ranks of oil producing countries, even achieving the feat of becoming the largest oil producer in Africa. Yet, the development of deepwater projects in the country has been slow, with regulatory uncertainties and unfavourable fiscal terms hampering investment opportunities.
In a recent report, TheCable's petrobarometer said the Nigeria Extractive Industries Transparency Initiative (NEITI) said Nigeria lost as much as $28.61 billion in seven years alone, from failure to review the production sharing contract (PSC) terms guiding oil production from seven deepwater fields in the country.
The revenue loss could be more if an analysis is made of all the deepwater projects under the PSC arrangement which accounts for 40.78% of upstream concessions.
Out of 211 open blocks from a total of 390, only 42 have been allocated as of December 31, 2017, the Department of Petroleum Resources (DPR) revealed in the Nigeria Oil and Gas Industry Annual Report (NOGIAR) of the same year.
It will be interesting to see how this and other developments play out at the Offshore Technology Conference (OTC) 2019 in, Texas, US. TheCable’s Oluwatoyin Bayagbon is live at the conference to bring you real-time updates on the key deliberations that will be made by Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), and the contingent of Nigerian oil and gas industry professionals.
There will also be updates on how Nigeria can tap into new technologies and apply them to future exploration and production operations.
Here is schedule of activities for the Nigerian delegation.
OTC 2019 ACTIVITIES
Formal opening of the Nigerian Pavilion at the Reliant Centre by NNPC GMD. The Pavilion will remain open from May 6 to May 9.
Luncheon and panel session
Nigeria Oil Industry Awards Dinner and Cocktail
African Technical Workshop