Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Nigeria heavily reliant on foreign funding for oil and gas exploration – Aiteo

William Ukpe by William Ukpe
May 5, 2022
in Energy
Nigeria heavily reliant on foreign funding for oil and gas exploration – Aiteo
Share on FacebookShare on TwitterShare on Linkedin

Mr Victor Okoronkwo, Group Managing Director, Aiteo Exploration and Production stated that Nigeria is heavily reliant on foreign funding for oil and gas exploration and production.

He disclosed this at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, the United States, in a panel themed “Energy Transition and the Future of Africa”, moderated by Vice Chairman of Platform Petroleum, Mr Austin Avuru.

He also stated that the Paris Agreement on climate change has left Nigeria with increasing difficulties in raising funding for exploration coupled with the fact that IOCs are divesting from Nigerian explorations.

RelatedPosts

Nigeria raises $477 million in Marginal Oil Field development Licenses – Report

African Development Fund approves $2 million to boost electricity reforms in Nigeria and others

What they are saying

Okoronkwo stated that Nigeria and most African countries lack the strategy to generate the energy needed in the face of reduced funding for fossil fuel-related projects by foreign financial institutions.

He said that over 90 per cent of the funds used for oil and gas exploration as well as production come from abroad. He added that the Paris Agreement on climate change had put Nigeria and the rest of the world in a dilemma in terms of where to raise funds from.

He warned that compared with the United States, where the Government subsidizes renewable energy projects, African governments do not have the resources to boost gas production and transition to solar and wind energy

The Moderator of the session, Mr Austin Avuru, said that Nigeria’s oil and gas sector was able to get funding in the past because Nigeria provided “energy security for the geographies that provided the funding.”

“Now that they have said they will no longer provide funding for fossil fuel projects, where do we turn to?,” Avuru added

He said that the industry is presently asking “where will the funding for gas production come from, let alone talking about funding for cleaner energy?”, citing that forecasts for the industry predict by 2040, Africa’s crude oil production “would not be capable of meeting its oil demand.”

He emphasised that solutions need to be implemented by Africa’s leaders.

In case you missed it

  • Nairametrics reported last month that French energy giant, TotalEnergies attributed its plans to join the bandwagon of other oil majors and sell its stake in an onshore oil production joint venture in Nigeria to the disruption of local communities which has become a source of great concern.
  • The French oil firm will put up for sale its 10% interest in a company operating 20 licenses onshore Nigeria.
  • The licenses are being operated by another supermajor, Shell, which is also looking to divest its Nigerian assets as it has been reported that it was already considering bids from 4 indigenous oil firms for its 30% shareholding of the joint venture.

Related

Tags: Aiteo Exploration and ProductionMr Victor Okoronkwo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigerian Stocks lose over N85 billion in a day
    • Workers Strike: Gov Abiodun says workers to receive alerts in 24 hours
    • Nigeria raises $477 million in Marginal Oil Field development Licenses – Report

    Follow us on social media:

    Recent News

    Bears dominate Nigeria’s stock market

    Nigerian Stocks lose over N85 billion in a day

    June 29, 2022
    Governor Dapo Abiodun

    Workers Strike: Gov Abiodun says workers to receive alerts in 24 hours

    June 29, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com