EVP Upstream, Oritsemeyiwa Eyesan speaks during a Panel themed: “Innovation, Collaboration, and Resilience: Empowering Independent Producers in the Dynamic Energy Era” in the ongoing Nigeria International Energy Summit taking place at the International Conference Centre in Abuja, on Thursday.

In a bid to tackle the hurdles hindering the effective development of divested assets in Nigeria’s oil and gas industry, the Nigerian National Petroleum Company Limited (NNPC Ltd) has advocated for deeper collaboration among upstream operators, particularly independent producers.

Mrs. Oritsemeyiwa Eyesan, the company’s Executive Vice President, Upstream, made this call during a panel session at the ongoing 2024 Nigerian International Energy Summit (NIES 2024) held in Abuja on Wednesday. The discussion revolved around the theme: “Innovation, Collaboration, and Resilience: Empowering Independent Producers in the Dynamic Energy Era.”

Eyesan highlighted past experiences with divestments and the operational challenges faced by these assets, emphasizing a drop in production rather than growth. She underscored key indicators such as production growth, reserves growth, and asset integrity, noting the discrepancies between investment initiatives and actual outcomes.

While acknowledging some success stories among independent producers, Eyesan pinpointed challenges including insecurity, lack of finance, and technological capacity. She stressed the pivotal role of collaboration among industry players in surmounting these obstacles.

Eyesan proposed the establishment of a collaborative “war room” to address these challenges proactively, advocating for concrete action plans rather than individual stakeholder initiatives.

The panel session featured prominent figures in the sector, including Mr. Adegbite Falade, Chief Executive Officer of Aradel Holdings; Mrs. Elohor Aiboni, Managing Director of SNEPCo; Mr. Demola Adeyemi-Bero, Managing Director of First E & P Development Company; and Mr. Matthieu Bouyer, Chief Executive Officer of TotalEnergies.

Also present were Mr. Shane Harris, Chief Executive Officer of ExxonMobil Nigeria; Dr. Ainojie Alex Irune, Chief Operating Officer of Oando Energy Resources; and Mr. Cosmas Iwueze, Director of Joint Venture at Chevron Nigeria.

The panel session at NIES 2024 serves as a platform for industry stakeholders to collaborate, innovate, and strategize for the sustainable growth and development of Nigeria’s oil and gas sector.