*We are proud to host the NNPC as a diamond sponsor of AEW 2022, says NJ Ayuk, Executive Chairman of African Energy Chamber

Gbenga Kayode | 绿帽献妻

Affirming the caliber of the event as the premier forum driving investment in African energy, the African Energy Week (AEW) has disclosed the Nigerian National Petroleum Company (NNPC) Limited is supporting Africa鈥檚 premier event for the oil and gas industry as a Diamond Sponsor. 绿帽献妻 reports the continental event, which is expected to bring frontline Oil and Gas industry stakeholders together, holds October 18-21, 2022, in Cape Town, South Africa.

According to organisers of the week-long international forum, representing the biggest energy event taking place on the continent, African Energy Week 2022 stated it is proud to be joined by the NNPC.

NNPC is an ‘example for other NOCs in Africa,鈥� says AEW

The AEW has described the Nigerian National Oil Company as “one of the continent鈥檚 biggest national oil companies (NOC), as a diamond sponsor.”

It also stated: “With the sponsorship, the NNPC will make a strong case for investment in 2022 and beyond, while leading critical discussions around the need to increase exploration and production, opportunities created through progressive legislation and positioning NOCs as the energy companies of the future in Africa.

The AEW further noted “for years, the NNPC served as an ideal partner for international oil companies (IOC) in Nigeria, representing the Nigerian government in all oil and gas-related matters.

“Driving local content, strengthening the domestic market and ensuring Nigerian citizens benefit from the country鈥檚 oil and gas resources, the NOC served as an example for other NOCs in Africa.”

Nigeria鈥檚 NOC as AEW 2022 Diamond Sponsor

Meanwhile, as a Diamond Sponsor, the African Energy Week also disclosed that the NNPC delegation would be attending AEW 2022 in Cape Town.

“The organisation will participate in and lead discussions around the role of NOCs in Africa鈥檚 energy future, with dedicated NOC forums serving to broaden dialogue and redefine current narratives, said the AEW.

绿帽献妻 had reported that following years鈥� of being an NOC in the West African country, the NNPC, July 19 this year, formally transformed into NNPC Limited, which now makes the Company “a fully commercial venture without government funding or control.”

The Federal Government’s decision to transform the NNPC from an NOC into a private enterprise was sequel to implementation of Nigeria’s Petroleum Industry Act 2021.

The AEW stated the PIA focuses on improving transparency and productivity across the energy sector in the country.

Regulated by the Companies and Allied Matters Act (CAMA) 2020, NNPC Limited will focus predominantly on its role as an operator, prioritising exploration and production and working closely with International Oils Companies (IOCs).

Benefits of NNPC鈥檚 transformation into private enterprise

As regards the transformation from an NOC into a private enterprise, the Nigerian energy sector has apparently entered into a new era of transparency and regulatory certainty, according to report.

“With NNPC Limited expected to grow exponentially as 20 percent of the organisation鈥檚 profits are re-injected to grow the business.

“The transformation comes at a time when Nigeria鈥檚 production has been on the decline, owing largely to reduced investment in exploration, declines in legacy fields and post-COVID-19 impacts,” said AEW.

As the oil company is focused on expanding exploration and production, the NNPC Limited is set to make a strong case for investment and IOC participation in the sector, while setting the tone for other NOCs across the continent.

In this regard, during AEW 2022, NNPC Limited will drive discussions on the impact an enabling environment and the implementation of progressive legislature has on Africa鈥檚 energy sector.

With the PIA and subsequent NNPC transformation, Nigeria has managed to establish a competitive and highly attractive market for regional and international players, while at the same time demonstrating the effectiveness of African-independent-led developments.

As a Diamond Sponsor, the NNPC will provide insight into the newly-formed organisation鈥檚 plans for 2022 and beyond, while emphasising the role NOCs and private oil companies will play in Africa.

NJ Ayuk, Executive Chairman of AEC, stated: 鈥淗aving the NNPC as a diamond sponsor of AEW 2022 is huge.

“The sponsorship not only positions the newly privatised company at the forefront of dialogue but further consolidates AEW 2022鈥檚 role as the continent鈥檚 premier energy event.”

Ayuk also said: “Centered around oil, gas and making energy poverty history, AEW 2022 is committed to strengthening investment and development across the entire energy value chain.

“What once was one of Africa鈥檚 biggest NOCs, the NNPC now represents one of the continent鈥檚 leading independents, driving exploration and production and emphasising the role African companies will play in expanding the energy sector.

“We are proud to host the NNPC as a diamond sponsor, and we look forward to discussions, deals and engagement led by the organidation.”

About AEW 2022

AEW 2022, taking place in Cape Town, is the AEC鈥檚 annual conference, exhibition and networking event.

AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

Key organisations, such as the African Petroleum Producers Organisation, as well as African heavyweights, including Equatorial Guinea and Nigeria, have partnered with AEW, to strengthen the role the event will play in Africa鈥檚 energy future.

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