Nigeria showcases oil and gas investment opportunities at world petroleum congress

It was a beehive of activities in South Africa recently as the World Petroleum Council held the 18th Edition of its triennial World Petroleum Congress (WPC) in Johannesburg, South Africa, between September 25th and 29th, 2005.

The event was not only remarkable but quite historical as it was the first to be held on the African continent in the over 70 years of the existence of the Congress. It was a gathering of oil ministers, top government functionaries and captains of the petroleum industry from across the world as they all came together to examine recent developments in the global oil and gas industry and chart a way forward.

The event provided an opportunity for the African continent to speak with one voice on several issues and be heard across the globe. However, one thing of common concern to all was the current all time high price of crude oil in the international market and its adverse effect on the economies of many nations, a fact not lost to the South African President, Mr. Thabo Mbeki, who was at hand to open the congress.

Speaking at the colourful opening ceremony, President Mbeki, expressed his delight for the opportunity afforded his country to host such an important event that brought together a large number of decision makers in an industry that controls the economies of many nations. He said that the theme of the congress “shaping the energy future, partners in sustainable solution’; conveys the firm message to the people of the world that the 18th World Petroleum congress is a messenger of hope to all the nations of the world.

Nigeria’s Minister of State for Petroleum Resources, Dr Edmund Daukoru, who led the nation’s delegation, was among the privileged few who presented keynote addresses at the opening ceremony. In his speech, Dr Daukoru touched on the significance of Africa’s hosting of the World Petroleum Congress for the first time in its history. He said ‘that Africa’s hosting of the 18th World Petroleum Congress has demonstrated Africa’s coming of age as a major player in the global oil and gas business. He stated further that the hosting of the congress at a time when the global oil and gas market is surging beyond forecast is an opportunity for Africa to contribute her wealth of experience and assert itself in the global business.

At the first Plenary Session after the opening ceremony, one of the highly acclaimed presentations was that of the Group Managing Director of NNPC, Engr. Funsho Kupolokun who led a powerful delegation of the corporation along side other private sector executives from Nigeria. He presented an overview of the Nigerian Petroleum Industry and Opportunities for Investment. Engr. Kupolokun informed the gathering that Nigeria is one of the world’s largest sources of light sweet crude and has the World’s 7th largest gas reserves. Nigeria, he said, holds ten per cent of OPEC’s total crude production capacity.