Nigeria oil summit 2018 expectations

The first Nigeria International Petroleum Summit, currently ongoing in Abuja, has brought together key players in the oil and gas industry to discuss the future of Nigeria's oil sector and its impact on the continent. CNBC Africa had an exclusive interview with Ahmadu Kida-Musa, Deputy Managing Director of Deep Water District at Total E&P Nigeria, to gain insights into his expectations for the summit and the challenges facing the country's oil industry. The interview shed light on the importance of Nigeria's role in championing an African movement in the oil sector and the key challenges that need to be addressed to drive growth and competitiveness. Kida-Musa highlighted the need for African countries to learn from Nigeria's experiences, both the successes and the setbacks, in order to make informed decisions and avoid repeating past mistakes. He emphasized the significance of conferences like the Nigeria International Petroleum Summit in rekindling interest and fostering collaboration among African nations to find indigenous solutions to the continent's unique challenges. The summit is seen as a platform for stakeholders to engage in constructive dialogue and explore opportunities for growth and investment in Nigeria's upstream oil sector. Kida-Musa pointed out two major challenges that have historically hindered the sector's progress: funding and exploration. He commended the government's efforts in overcoming funding obstacles, particularly in the Joint Ventures (JVs), which have paved the way for increased investment and project development in the country. However, he stressed the importance of further exploration to enhance Nigeria's reserves and tap into new frontiers to sustain long-term growth. The interview also delved into Total's Agena FPSO project, a significant milestone in Nigeria's oil industry. Kida-Musa provided insights into the project's timeline, from its initial exploration in 2003 to the final investment decision in 2013, highlighting the complexities involved in bringing such projects to fruition. The Agena FPSO serves as a testament to the potential of deep-water exploration in Nigeria and the opportunities it presents for future developments in the sector. As the summit continues to unfold, stakeholders are optimistic about the outcomes and the prospects for collaboration and innovation in Nigeria's oil and gas industry. With a focus on sustainable growth and investment, the summit aims to chart a path for the sector's resilience and competitiveness in the global market.