Guyana Energy Conference: Oando’s GCE Offers Strategic Roadmap for Oil and Gas Triumph
At the 3rd Guyana Energy Conference and Supply Chain Expo, Mr. Adewale Tinubu, Group Chief Executive of Oando PLC, delivered an enlightening keynote address titled “The Winning Oil & Gas Industry Strategy.” He shared profound insights into navigating the intricacies of the oil and gas sector, offering a blueprint for success by emphasizing innovative approaches to ensure long-term sustainability and profitability.
Taking place at the Guyana Marriott Hotel in Georgetown from February 19 to 22, under the theme “Fueling Transformation and Modernization,” the conference attracted a diverse array of participants from various regions. They engaged in discussions aimed at shaping the future of the energy sector, highlighting current investment opportunities, and exploring developments to drive positive change and innovation.
Guyana’s oil industry has rapidly risen to prominence on the global energy landscape with the discovery of the offshore Stabroek Block, boasting over 9 billion barrels of oil equivalent. Since 2015, the country has emerged as a significant player, echoing the trajectory of Nigeria’s early oil industry. Both nations share a narrative of substantial offshore oil discoveries, presenting economic opportunities that have profoundly impacted their GDPs.
Mr. Tinubu’s address delved into the parallels between the oil industries of both countries, positioning Oando as a pivotal contributor to the discourse. Drawing from his role as Group Chief Executive of Oando, operating in Nigeria’s mature oil sector, Mr. Tinubu provided invaluable insights from a nation that has navigated similar challenges and opportunities over the years. This wealth of experience potentially serves as a blueprint for Guyana’s burgeoning oil industry.
His comprehensive address covered a spectrum of challenges, ranging from the impact of COVID-19 and geopolitical tensions to inventory gaps and the evolving energy landscape. Reflecting on experiences in Nigeria, where issues like crude oil theft and pipeline vandalization lead to a daily decline of over 400,000 barrels, he underscored the significance of taking proactive measures to address operational security threats.
Addressing operational costs, infrastructure deficiencies, and regulatory frameworks, Mr. Tinubu’s insightful analysis offered a comprehensive overview of industry obstacles globally, particularly in Nigeria, while highlighting their relevance to Guyana’s emerging industry. He stressed the need for strategic planning and international cooperation to effectively tackle these challenges.
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Furthermore, the keynote highlighted essential points crucial to Guyana’s oil and gas sector development, including creating an enabling environment, establishing alternative financing institutions, and maximizing opportunities during peak oil prices. Mr. Tinubu emphasized proactive investments in infrastructure ahead of demand, linking GDP growth as vital for economic activities to thrive beyond the oil sector.
While advocating strategic partnerships, Mr. Tinubu cautioned against over-reliance on international oil companies, promoting the empowerment of national entities, aggressive skills transfer, and the development of a robust indigenous energy sector. He also highlighted the importance of policy reforms, national infrastructure development, and proactive planning for population growth as critical success elements. Urging against subsidies, he emphasized the need for unified foreign exchange rates and diversified energy sources for long-term resilience.
The presentation concluded with a call to invest in people, recognizing them as pivotal assets in propelling the industry forward. The Guyana Energy Conference provided Oando with a unique platform to showcase its expertise and achievements as a leading indigenous energy company in Nigeria and Africa, fostering dialogue and collaboration to overcome obstacles and embrace sustainable practices in Guyana’s evolving energy sector.
