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Africa must attract foreign investors in oil, gas—Julius Rone

by Business News Report

UTM Offshore Limited Chief Executive Officer, Mr. Julius Rone, has said that African nations must work hard to attract foreign investors in oil and gas industry to adequately harness their potential in the industry.  Rone also pointed to the significance of creating an enabling environment for the growth of the oil and gas industry. He said this while delivering a keynote address at the ongoing Nigeria International Energy Summit 2024. He also said that there was need for financial resilience, and adaptability in the face of the dynamic energy landscape. The oil and gas expert noted that government had encouraged private investment in developing gas resources and that the “Decade of Gas” policy had provided clarity to investors. 

“Currently, there are only three floating LNGs in Africa, all foreign-owned. We can develop such technology but need regulators, government, and frameworks. In the second quarter of this year, we will announce the FID for a floating LNG in Nigeria, which will likely be the first indigenous-owned floating LNG in Nigeria by 2028. The current administration has put lots of focus on gas when the President came in less than 50 days in office, we had the opportunity to visit him with our team of investors and he gave the clear directive that Nigeria should lead in gas supply while others follow. He showed his disappointment that despite our gas, Nigeria has lagged behind. He also reiterated that we need technology to make this happen and the technology has since improved. He also said further that Nigeria is showing the way, and is  leading the way because we believe that the only way to develop as an African nation is to show the investors that the continent is serious and we are ready to attract that investment. That it is  the reason we  are putting our best  foot forward and developing this project in line with international best practice,” he stated.

The 7th edition of Nigeria International Energy Summit, NIES 2024, held from 26th February to 1st March, 2024, themed “Navigating the new energy World Order: Security, Transition and Finance”  is a high-level business event that provides opportunities for companies to showcase their expertise and market their goods and services directly to key decision makers. industry leaders and all stakeholders from both the public and private sectors through the plenary sessions, networking events, and the well-located international exhibition.

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