Wale Tinubu, Ibe Kachikwu, others represent Nigeria at Africa Oil Week
This week, the most prominent figures in Africa’s oil and gas scene gather in Cape Town, South Africa, for Africa Oil Week (AOW). Africa Oil Week, now in its 25th year, is the leading oil and gas event on the continent. Wale Tinubu’s Oando supports the event this year as platinum sponsors.
In the past 25 years, Africa Oil Week has provided an avenue for government officials, national and international oil companies, independents, investors, corporate players and financers, to share their strategies for growth. Another major focus of the event is how to foster national participation in the oil and gas sector. At Africa Oil Week, stakeholders will also engage in high-level discussions on the future of the continent’s oil and gas industry, focusing on current challenges and trends, while proffering solutions that will provide a positive and lasting impact for all.
The conference which kicked off yesterday in South Africa, with the theme ‘The Leading Business Intelligence and Transaction Platform for Africa’s Oil and Gas Sector’, plays host to 16 oil ministers from across the continent, delegates from over 70 countries, 1,300 international CEOs and senior decision makers.
As Nigeria’s leading indigenous oil and gas player, Adewale ‘Wale’ Tinubu, the Group Chief Executive of Oando PLC will lead discussions on a panel session titled ‘Can Africa upstream play a significant role in the context of the global and regional energy landscape?’ This session will offer an objective analysis of the African oil and gas landscape, addressing the challenges and opportunities in the industry.
Oando has carved a niche for itself as an independent indigenous oil and gas company flying the Nigerian flag at global events that shape the future of the sector and Africa. At a cross-section of local and international events, Oando has engaged in dialogue with a broad range of stakeholders to analyse and proffer solutions to issues that transcend the oil and gas industry and in the process has contributed to a more positive conversation around the African continent.
Speaking on the future of oil and gas in Africa, Phil Dimmock, Upstream Commercial Advisor, Oando said: “…over the next 25 years, Africa will play a more significant role than it does today in oil production because of the quantum of unexploited areas in the central basins and the 16 mature basins in deeper horizons. As a result, governments will become more competitive and start to introduce regimes to react more quickly to the industry’s needs, both in terms of costs and geological difficulties. I foresee an increase in the number of African citizens who will become geoscientists, engineers and oil and gas specialists, which will cause a decline in the import of expatriates from Europe and North America.”
Phil Dimmock will be speaking at the Independents session, specifically on the Niger Basin.
The Chief Operating Officer of Oando’s upstream division Oando Energy Resources, Ainojie Alex Irune will lead discussions on the panel ‘Creating equitable frameworks and high-quality local supply chains.’
Africa Oil Week presents a forum for global perspectives from world-class speakers, farm-in opportunities, bidding rounds, local content policy and business transactions will all be showcased during the 5 days of networking and dialogue.
Oando recently released it’s YTD September 2018 financial results, increasing turnover by 32%, N505.1 billion, and Profit-After-Tax by 46%, N10.4 billion. Commenting on the results Wale Tinubu was quoted as saying:
“Today’s positive result is further evidence of the progress made by Oando in 2018 driven by our continued focus on execution and operational efficiency, supported by buoyant commodity prices. The outlook for the remainder of the year is positive, and we remain committed to delivering on our value-based strategy towards improving our liquidity by reducing our gearing, improving our profitability by increasing production, and achieving growth via strategic alliances.”