Ayobami Adedinni
Operators and regulators in Sub Sahara Africa oil and gas will discuss regulatory reforms and other issues faced by the sector with a focus on East Africa at the upcoming Sub Saharan Africa upstream oil and gas summit and exhibition in Nairobi, Kenya.
This uniquely placed platform will be held from July 24 to 26 at the prestigious Serena Hotel, Nairobi.
The summit was recently endorsed by the Kenyan government.
In an official letter detailing the reason for its endorsement, the Ministry stated that the summit will put Kenya in the limelight of oil producing nations of the world hence its support.
Speaking with the media, Dapo Ayoola, Chief Executive Officer of Sub-Sahara Africa upstream oil and gas summit and exhibition said all an investor wants to know is transparency on the part of the regulatory body.
“Like in any sector, the challenges are there but the way we are approaching the challenges is focusing on opportunities and talking to regulators.
“If regulators are upfront with investors by telling them what they need to do and then we get a checklist, that’s all an investor wants to know.
” The investor wants to know what the challenges are and that’s why on the 25 we will be bringing key regulators to come and talk to investors and say, “this is what we’d be asking of you”.
According to Ayoola, a major challenge faced by the sector is funding.
“The other challenge is funding.
“On the other hand, is technology. In terms of manpower, Nigerians are as brilliant as any other part of the world.
“What we have not been able to put together is our own funding mechanism. Another issue we have not perfected is technology.
“We know that if you have the right personnel, you know the fiscal policies of the country, then you can bring a huge pocket to your advantage, then you buy the technology and then we have the capacity to deliver.
“At the summit, we will also discuss funding opportunities. Can we pull together as a continent and fund genuine investment opportunities on our soil?”he added.
Petrolgasreport.com is the Official Event Publication.