Kachikwu to give keynote speech at Marginal Field B2B Workshop

The Nigerian Honorable Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu will give a keynote speech at the Marginal Oil Field Workshop/B2B Matchmaking event on October 19th, 2017 at the Civic Center in Lagos convened by Businessday Media and Meiracopp Nigeria Limited (MNL).

The Nigerian government is planning to farm-out dozens of marginal oil fields geared towards growing the participation of indigenous firms in the upstream sector. The forthcoming marginal oil field bid round is particularly strategic for a number of reasons, which underscores the anxious posture of both the oil and gas community in Nigeria and the Federal Government.

The last major bid round was 14 years ago (in 2003), with several proposed award rounds that were deferred by past governments and which consequently heightened the anxiety.

Declining oil production in Nigeria has made the country desperate to develop idle fields to grow national output. Falling oil prices also highlights the inferior economics of developing small oil fields using superior IOC capacities, while simultaneously making a strong case for the use of prudent development approaches that has become a culture within marginal oil field asset holders. In addition, the economically troubled Nigerian Government is desirous of raising some money from signature bonuses in the award round.

Kachikwu will give the Keynote speech at the marginal field workshop which is the first upstream B2B event in Nigeria. He is expected to highlight government’s strategic vision for the much expected marginal field award round.

Expected at this all important workshop are stakeholders in the Nigerian marginal oil field space and indeed the oil and gas industry, which is structured for learning, deal making, clarifications and de-risking. In addition to the Petroleum Minister’s speech there will be expert presentations to further address private sector concerns, share experiences (by current small field operators) and highlight the risks/opportunities of small field development. Experts from Udo Udoma & Bello Osagie law firm, Simbi Wabote (of Nigerian Content Development and Monitoring Board), are all expected to make high level presentations.

Chijioke Mama, CEO, MNL said of the workshop; “This kind of private-sector led, pre-award learning and conversations has been largely absent in the Nigerian Oil and Gas industry. But we all agree that it is essential if these fields are expected to be successfully developed”

Frank Uzuegbunam, Editor, Businessday West Africa Energy added that “these kinds of public-private dialogues are crucial. Beyond technical and financial abilities they provide the softer tools and regulatory assurances needed for successful field development”

For participation inquiries please email frank.uzuegbunam@businessdayonline.com