Second right, Mr. Bala Wunti in a panel session at NOGEnergyWeek
Speaking in a Panel Discussion on “The Investor’s Perspective: Assessing the Attractiveness of Nigeria’s Energy Sector,” at the #NOGEnergyWeek, Mr. Bala Wunti, Chief Upstream Investment Officer of NNPC Limited, presented an optimistic outlook for Nigeria’s energy sector, particularly in the realm of foreign direct investment (FDI).
Highlighting several upcoming upstream projects, including the Ubetta and Prowei projects (Total Energies), FDI on Bonga-North (SNEPCO), Agbami Gas Project (Stardeep), and Owowo (Esso), Wunti said that these ventures, worth over $18 billion, symbolize the substantial opportunities for FDI in the sector. He however emphasized that for Nigeria to effectively capture this capital, it’s crucial to swiftly align with global discourses on hydrocarbon management and emissions reduction.
He also spotlighted the need to address ongoing industry issues, particularly in relation to the Petroleum Industry Act. Key areas of focus include the Host Community Fund, Flare Management and Penalty, and the Decommissioning and Abandonment Framework. Alongside this, he stressed the importance of cost optimization, advocating for the development of local contracting capacity through a balance of local and international contractors.
Concluding his remarks, he urged a departure from insular practices whilst advocating for collective action in project execution.
Wunti stated that a commitment to co-creation and collaboration is critical to developing clear, stable, secure, and competitive project prospects that will continue to attract robust investment into Nigeria’s oil and gas sector.
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