Bandele stresses efficiency, collaboration to drive Africa’s Energy
Deputy Managing Director in charge of Deepwater Assets at TotalEnergies in Nigeria, Engr Victor Bandele, has stressed the need for greater efficiency and collaboration among players to enable Nigeria’s energy industry attract investments; noting that the right environment increases the appetite of players to invest.
Bandele who was a panel debater on Driving Africa’s Energy at a session of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) highlighted how African international oil companies (IOCs) and independent oil companies are navigating the complexities of the oil and gas industry.
He also provided insights on strategic developments and portfolio management.
While expressing optimism that oil and gas which Africa needs for its development would remain relevant, he noted the heightened level of competition for resources as it impacts the industry.
“There’s a lot of competition going on worldwide. There is competition within us in the country. Extrapolate a bit; there is big competition for investments in Africa. There is that big competition playing around the world,” he said.
He explained that investment designated for one region could go to another under heightened competition.
“So, we need to be desperate for projects that are ongoing to meet efficiency in costs, delivery and sustainability”, he stated.
Responding to a commendation from NLNG about the company’s consistency in meeting its gas supply obligations, Bandele noted that TotalEnergies’ had achieved zero routine gas flare over a year ago and was committed to fulfilling its supply obligations and offering more with the final investment decision (FID) on UBETA gas project.
He pointed at the speed with which the FID on UBETA was taken as an index to how right environment enables a large appetite for investments. He noted that the investment decision came just a few months after government provided a set of investment incentives.
The panel had the Chief Executive of Tsavo Oilfield Services Limited, Engineer Elisabeth Rogo, from Kenya, as moderator. Other panelists were the Mr. Akeem Ariyo, Managing Director, AOS Orwell; Osayande Igiehon, Managing Director, Heirs Energies; Nnamdi Anowi, GM Production at NLNG; and the Chairman & Managing Director of Chevron Nigeria, Jim Swartz who was represented by the General Manager, Wells, Chevron Nigeria, Mrs Maureen Ikenedu.
Earlier, the Minister of State, Petroleum Resources (Oil), Heineken Lokpobiri, in his address noted the importance of consistency and predictability for the energy industry in Nigeria to attract investments and propel growth. He maintained that other African countries could learn a lot from Nigeria’s developed expertise and experience.
The minister also disclosed that the proposed African Energy Bank (AEB) will commence operations in the first quarter of 2025, with an initial capitalization of $5 billion.
