Chairman of Platform Petroleum Ltd, Chief Dumo Lulu-Briggs Delivers A Keynote Address At African Energy Week
Dez Mayorz Report.
The 2023 DMOMA Awards ’Man of the Year’ in southern Nigeria (inview), Chief Dumo Lulu-Briggs delivers an applauding keynote address at the 2023 Africa Energy week.
The egalitarian philanthropist advocates a fruitful foundation and mutually beneficial discourse that not only enriches understanding but also paves the way for strategic investments that will shape the energy landscape in Nigeria and beyond.
Below is the full address:
My Keynote Address at African Energy Week 2023 – Special Strategic Session
“Minister of State for Petroleum Resources, Distinguished Senator, Heineken Lokpobiri.
Distinguished Panelists, Special Guests and Conference Delegates.
Distinguished Ladies and Gentlemen.
Good morning, and welcome to this strategic session on Investing in Nigeria Energies.
I thank the leadership of African Energy Chamber for the honor to address this special session. Very special thanks also for letting our dear company – Platform Petroleum Limited – sponsor the session.
I am deeply honored to address this esteemed gathering today and shed light on an extraordinary opportunity that beckons to the global energy community: investing in Nigeria’s Energy Sector. As we convene at this significant event, we recognize that energy plays a pivotal role in shaping the destiny of nations and advancing the well-being of our people. Nigeria, an economic giant of Africa, stands at the forefront of this transformative journey, and I humbly take this opportunity to reveal a secret to all the individuals, organizations and representatives of countries here present to, without hesitation, actively participate in the energy revolution unfolding in Nigeria..
Nigeria’s energy sector boasts immense resource, ranking amongst Africa’s foremost hydrocarbon producers, with proven reserves and extensive oil and gas infrastructure that underpin vast investment potential. Blessed with a large population and an ever-expanding urban and industrial landscape, Nigeria presents one of the most significant energy markets on the continent. The demand for energy services continues to surge, offering a compelling sense of urgency and incentive for investment.
One of Nigeria’s standout attributes in the energy sector is its extensive network of pipelines and other transportation infrastructure that facilitates the efficient movement of resources from production sites to processing facilities and export terminals notably such as the Forcados, Lagos, Bonny, Brass terminals, and FPSOs that enable the export of crude oil and liquefied natural gas (LNG) to international markets.
Nigeria’s energy sector is governed by a comprehensive regulatory framework designed to oversee the various aspects of the industry. One of the most significant recent developments in the regulatory landscape being the transition to the Petroleum Industry Act (PIA), which introduces a more modern and transparent system, ushering in several key changes. It also offers a more competitive fiscal regime, including lower taxes and royalties aimed at stimulating exploration and production activities making investment in these areas more attractive. With strong emphasis on gas development, utilization and infrastructure, aligning with global trends towards cleaner energy sources. The PIA recognizes the significance of Nigeria’s vast gas reserves and encourages investors to participate in the growth of the gas sector.
In addition, The Nigerian government has introduced several policies and incentives to attract investment in the gas sector. These include the Nigerian Gas Flare Commercialization Program (NGFCP) and the Nigerian Gas Transportation Network Code (NGTNC), which aims to encourage gas utilization and infrastructure development.
The recent ramp-up of Nigeria’s crude oil production to circa 1,35 Million on the back of improved surveillance and security around pipeline infrastructure is a testament to the Federal Government determination to attract requisite investment and bring back the glory days.
Again, Platform Petroleum Ltd is honored to be the proud sponsor of the Investing in Nigeria Energies Session at this year’s African Energy Week. Please, permit me to extend our warmest greetings on behalf of the Board, Management, and dedicated staff of Platform Petroleum Limited, a Nigerian content brand and a prominent indigenous player in the marginal field space, having won its flagship asset, the Umutu/Asuokpu Marginal field (renamed as Egbaoma Field) in the 2003/2004 marginal field bid round.
We take great pride in being pioneers in our class, as evidenced by our achievement of bringing our field into production in 2007. Subsequently, in 2010, we embarked on a strategic partnership with Shebah E&P and Maurel & Prom of France to establish Seplat, a Special Purpose Vehicle aimed at acquiring onshore assets during the initial divestments by the Shell Petroleum Development Company (SPDC). Today, Seplat stands tall as one of the leading energy companies on the African stage, enjoying listings on both the Nigerian Stock Exchange and the London Stock Exchange.
At Platform Petroleum Limited, we are committed to responsible operations. Our dedication to the Egbaoma asset has resulted in the production of over 12 million barrels of crude oil and condensates, along with a remarkable 112 billion standard cubic feet of associated gas over the past 15 years. Notably, we have also achieved full gas commercialization on our asset, supplying approximately 35 million standard cubic feet of gas daily to the local market through CNG offtakers and Lean Gas via the NGC’s OB3 Gas pipeline network.
Furthermore, our recent endeavors have seen Platform expand its horizons. We have acquired interests in three marginal fields, marking significant progress toward our near-term goal of boosting production to around 10,000 barrels of oil and 50 million standard cubic feet of gas daily. Additionally, we have deepened our footprint in the LPG sector by increasing our equity interest to 45% in PNG Gas Limited, a prominent LPG producer with a daily production capacity of approximately 30 tons of LPG.
These milestones underscore our unwavering commitment to growth, sustainability, and excellence in the energy sector. We look forward to continuing our journey with dedication and innovation, contributing to the energy landscape and the development of Nigeria and beyond.
As we embark on this enlightening journey into the realm of investing in Nigeria’s energies, I would like to express my sincere gratitude for your presence here today. Your participation would be invaluable towards what promises to be a thought-provoking and impactful session.
Nigeria’s energy sector, with its vast potential and abundant resources, is a canvas on which we can collectively paint a brighter and more sustainable future. It is a sector where innovation, collaboration, and investment converge to fuel progress and drive positive change.
Let our deliberations in this session serve as a beacon, illuminating the path to prosperity, sustainability, and shared success. As we delve into the intricacies of investing in Nigeria’s energies, I encourage you to engage actively, ask questions, and seek out opportunities that align with your vision and aspirations.
Together, let us lay the foundation for a fruitful and mutually beneficial discourse that not only enriches our understanding but also paves the way for strategic investments that will shape the energy landscape in Nigeria and beyond.
Further acknowledging the presence of my brother, friend and boss, the Hon. MoS, Petroleum Resources (Oil) of the Federal Republic of Nigeria, Distinguished Senator, Heineken Lokpobiri, I implore that we commence this session with enthusiasm and a shared commitment to the limitless possibilities that investing in Nigeria’s energies holds for us all.
Thank you and welcome once again. God keep us.
Chief Dumo Lulu-Briggs,
Chairman, Platform Petroleum Ltd. ”