Nembe E & P Ltd GMD Speaks on Challenges of Oil and Gas
....access to capital on competitive terms continues to be a challenge, particularly for indigenous players - Okoronkwo
Emmanuel Oduara
The Group Managing Director, Nembe Exploration and Production Company Ltd, Dr Victor Okoronkwo, says the oil and gas sector is facing multifaceted challenges in a bid to offer cleaner energy while ensuring energy affordability and security.
"These challenges, according to Dr Okoronkwo are "outdated infrastructure, regulatory inconsistency, funding gaps and community disruptions".
Speaking to to journalists during the just concluded Nigeria Oil and Gas NOG Energy Week in Abuja, Dr Okoronkwo explained that "Access to capital on competitive terms continues to be a challenge, particularly for indigenous players. Climate policies add another layer of complexity - balancing and urgent need for cleaner energy while ensuring energy affordability and security".
According to him, "Africa is at a dynamic crossroads. The continent is richly endowed with oil and gas, and minerals, and is one of the fastest growing energy markets globally.
The rise in electrifications, expanded manufacturing and digital growth presents significant demand-side opportunities. Liquefied natural gas in particular remains a priority cleaner, burning fuel to power industrialization."
On Nembe Exploration and Production Company Ltd, a flagship upstream subsidiary of Aiteo Group, the Group Managing Director disclosed that the "leading indigenous Exploration and Production Company is committed to raising production capacity, enhancing gas monetisation and providing dependable and sustainable energy to power Africa's future.
Events like NOG Week sharpen our focus, expands our collaboration horizons and reinforces our belief in Africa's vast potential.
Dr Okoronkwo added that the Energy Week Conference and Exhibition was a platform for forging "new partnership - domestic and international - with financiers and service providers, stressing that"every handshake here is a potential game-changer to Africa's energy roadmap."
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