By Modupe Gbadeyanka
With the largest natural gas reserve in Africa and the 9th largest in the world, Nigeria has the prospect to earn big from the industry if the necessary tools are put in place.
This was the opinion of the Chief Executive Officer of OVH Energy Marketing Limited (Oando licensee), Mr Huub Stokman, at the CEO roundtable held at the five-day 4th Annual Nigeria Petroleum Summit (NIPS) in Abuja.
The summit, which kicked off on Sunday, June 6, 2021, provided a platform for both local and international stakeholders in the energy sector to rub minds to effectively develop the oil and gas sector for economic growth.
At the gathering, Mr Stokman said Nigeria can leverage its reserves to diversify and promote local growth, noting that OVH Energy Marketing was best placed to deliver to the local market.
“This is the decade for gas exploration. Nigeria has the largest natural gas reserve in Africa and the 9th largest in the world, so Nigeria can leverage its reserves to diversify and promote local growth and OVH Energy Marketing is best placed to deliver to the local market,” he said.
The energy expert commended the efforts of the organisers in bringing together industry stakeholders to share ideas on how to improve the energy sector.
“This is an ideal opportunity to bring together these experts to exchange ideas & opinions, to understand trends and the future of the industry,” he said.
Mr Stokman also stated the importance of the presence of the downstream oil and gas sector, explaining that whilst upstream is key for production, downstream is responsible for delivering products to customers or end-users. He emphasised that the seamless integration between the two sectors was crucial.
In recent times, Nigeria has positioned itself strategically to become the foremost oil and gas investment destination, through ongoing strategic sectoral reforms and engagement with host communities.
This year’s NIPS conference tagged From Crisis to Opportunities: New Approaches to The Future of Hydrocarbons continues to engage industry experts and investors on developing hedging strategies to combat prevailing sectoral challenges aimed at unlocking inherent value in the near future.
The summit’s overarching message of building the Nigerian oil and gas sector through the collaborative efforts of all relevant stakeholders through the exchange of new technologies and industry know-how cannot be overemphasized.