Fuel scarcity: “Diversify transportation of petroleum products now; Heritage Energy boss challenges operators
CHIGOZIE AMADI
“98% of refined petroleum products within Nigeria are moved by road transportation, leading to high cost per unit volume and safety concerns.” “There’s need to find a solution to this,” says Sola Adebawo, Heritage Energy’s GM, Government Joint Ventures and External Relations. Sola said this during a panel session, which he moderated, at the ongoing Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (Nigeria council), on Tuesday, 6th August, 2024, in Lagos.
The panel, which was titled: Unlocking upstream value: developing markets, trade access and facilitating partnerships in the midstream and downstream, featured seasoned industry professionals. These included Engineer Oluseyi Afolabi, Principal Consultant & Chief Executive Officer, Reservoir & Facilities Solutions Ltd; Babafemi Onasanya, General Manager, Subsurface, Oando Energy Resources; Dr Goodluck Enimakpokpo, the Major Strategic Accounts, Nigeria & Anglophone WA GE Venoa; Gbite Falade, MD/CEO, Aradel Holdings and Ogbugo Kalu Ukoha, Executive Director, Distribution Systems, Storage, and Retailing Infrastructure, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The panellists examined the crucial role of regulatory frameworks in fostering market access within the oil and gas value chain, analysed policies that streamline trade, incentivize partnerships, and cultivate an environment conducive to market growth. The panellists also analysed how regulatory frameworks act as dynamic enablers, promoting not only efficient trade practices but also strategic partnerships. Solutions were proffered to the challenge of attracting capital market to the regional market integration framework and that of sustainability across the value chain.
