Stakeholders seek collaboration to boost regional oil output

Poised to ensure energy sufficiency in the Sub-Saharan Africa, concerned stakeholders in the sector have called for partnership among operators to improve output in the region.

The Chief Executive Officer of the Sub Saharan Africa Upstream Oil and Gas, Dapo Ayoola, at the just-concluded the Sub-Saharan Upstream Oil and Gas Summit and Exhibition at Accra, Ghana, said: “Oil and gas companies in the region can benefit from each other when individual experiences are shared for the sole benefit of stakeholders and end users”.

He urged International Oil Companies (IOCs) to promote local content in areas where their organisations are operating, adding that supporting local skill development will in turn boost return on investments for the companies.

The Former Group Executive Director (Exploration and Production), Nigeria National Petroleum Corporation (NNPC), Philip Chukwu, disclosed that over the past 20 years, several world class oil and gas fields have been discovered in the deep offshore Nigeria and Ghana, adding that a further collaboration would lead to more offshore discovery offshore Nigeria and Mauritania .

“In the sub-Saharan regions, it is evident that many new opportunities still exist, especially for the exploration and production (E&P) companies that are willing to take risks,” he stated.

Chukwu however recommended strategies to address the prevailing challenges in the industry, which includes: implementation of collaborative strategies with regards to the success of the industry; better security for workers in the oil and gas industry; more effective counter-strategy against oil theft and sabotage; quick passage of industry regulations and bills; better funding for capital projects and clear pending payments on expenditure among others..