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Nigeria to host International Petroleum Summit in 2018 ― Osinbajo

Nigeria will from February 2018 begin to host a yearly international petroleum summit in Abuja, Acting President Yemi Osinbajo said on Monday.

Osinbajo said this when he declared open an extraordinary session of the council of ministers of the African Petroleum Producers’ Organization (APPO) in Abuja.

The conference will represent Nigeria’s contribution to the quest for a sustainable platform for global industry players to come to Africa in the interest of the oil industry, the Acting President also said.

Nigeria’s minister of state for petroleum Dr. Ibe Kachikwu Kachikwu had earlier in the year hinted plans by Nigeria to begin an African version of US-hosted Offshore Technology Conference (OTC) in 2018, which would be collapse all existing oil conferences in Nigeria into the new larger and improved one.

Ministers of oil producing countries, around 18 of them that make up the APPO, are meeting in Abuja this week to forge a common front.

Kachikwu in his welcome address to the delegates said the extraordinary meeting was called in response to the need to restructure the organization to give it a bite.

“It has become imperative for member countries to begin to look at African market,” Kachikwu said referring to US and Arab Gulf states that are now protecting their markets.

“If we do not make the dramatic move that are essential to get this organization to a point of rapid transformation of the oil industry of Africa we would have wasted our time.”

* Zero oil days clearly before us – Osinbajo

Acting President, Prof. Yemi Osinbajo, yesterday, expressed concern over the rising volatility in the global crude oil market, stating that the days of zero oil, where the commodity would become irrelevant, were clearly around the corner.

This came as the Nigerian National Petroleum Corporation, NNPC, also, yesterday, disclosed that vandals have sabotaged the Trans Niger Pipeline, TNP, in Ogoniland, forcing Nigeria’s crude oil output to drop by 150,000 barrels per day.

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Speaking at the opening ceremony of the extra-ordinary session of the Council of Ministers of African Petroleum Producers’ Organisation, APPO, in Abuja, Osinbajo said the volatility in the global crude oil market had triggered much soul-searching, adding that governments across the continent were compelled to ask themselves difficult but necessary questions about the present and the future.

He said: “Over the last three years or so, oil producing countries across the world have experienced the full impact of the drop in oil prices, with significant negative impact on government revenues and budgets and of the value of national currencies.

“Besides, the reality of the future, where demands for and revenues from oil drop sharply, is already upon us; and almost every major oil importing country today has embarked on an aggressive non-fossil fuel alternative programme.

“China, Japan and some Scandinavian states have already set dates within the next 10 to 15 years, to produce and use only electric vehicles.”

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