Subscribe To Our Monthly Newsletter
Executive Interview
Dr Gabriel Onagoruwa, Co-founding partner and Chair of the Project Development and Finance Practice
Olaniwun Ajayi
Published 26 October 2023
Nigerian law firm Olaniwun Ajayi is one of the largest and most prominent legal practices in Africa and is closely involved in the oil and gas industry. Olaniwun Ajayi advised on NNPC’s transition into a private company, Nigeria LNG’s Train 7 project and was involved in the financing for the Dangote refinery and the Anoh gas processing plant, among many other developments. A Co-founding partner and Chair of the Project Development and Finance Practice of the firm’s London office, Dr Gabriel Onagoruwa, spoke with Petroleum Economist about how Nigeria’s oil and gas sectors are changing, and on the growing role played by indigenous companies.
Do you see Nigeria being able to reverse declining oil production and once more make its OPEC quota?
Largely, the factors that have influenced the decline in Nigeria’s oil production and hampered its ability to meet the 1.74m b/d oil production target set by OPEC, are crude oil theft and infrastructural deficit, amongst other factors. We maintain the view that with the implementation of the host-communities development trust program under the [Petroleum Industry Act] PIA, the issue of insecurity which is discouraging onshore oil operations in the Niger Delta region will be addressed.
At the risk of [making a] prediction, the current administration’s objective of shoring up its foreign exchange reserves, may encourage it to address these challenges. Coupled with the government’s drive to encourage private-sector-driven investment into the oil and gas industry, we can expect to see some active steps being taken to attain short-term fixes.
Other long-term fixes, such as encouraging the involvement of indigenous oil companies in the oil production value chain, are currently being set in motion, as seen in the recent regulatory approvals of the Seplat-ExxonMobil and Oando-NAOC acquisition deals. These trends suggest that with the onboarding of domestic companies onto the oil production value chain, Nigeria’s production quota will be met in the medium to long term.
What moves are the Nigerian government and Nigerian companies making to utilise associated gas, and what is being done to raise LNG production?
As I see it, the Nigerian government and private players in the Nigerian oil and gas industry alike are making concerted efforts towards utilization of associated gas, in alignment with the ‘Decade of Gas’ declaration made by President Buhari in 2021. For instance, for the second time in Nigeria’s history, the new President has appointed a junior minister focused on gas in the petroleum ministry, a signal that the prioritization of gas as a natural resource will be integrated into Nigeria’s energy strategy. Recently, Nigeria’s midstream and downstream regulator issued a wholesale gas supply licence to a private sector operator for the first time, potentially allowing the entity to develop more gas pipeline networks to transport natural gas.
On 3 August, NNPC announced that it is partnering with [Nigerian fuel retailer] NIPCO for the delivery of compressed natural gas (CNG) to Nigerians, including the construction of CNG infrastructure to be completed in 2024. Other NNPC gas developments include the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, which is expected to flow 2bcf/d upon completion, as well as the Obiafu-Obrikom-Oben (OB3) gas pipeline in Rivers State.
LNG is not left out from the mix as NLNG’s Train 7 project is expected to expand Nigeria’s LNG production capacity from 22m t/yr to about 30m t/yr.
While there is more to be done in Nigeria in terms of infrastructure development, the concerted efforts of regulators in issuing operational licenses, and a joint effort by government-owned entities and private sector participants in unlocking production means that the utilization of gas is on the rise.
How much of a role will Floating Liquefied Natural Gas (FLNG) have?
FLNG brings a unique piece in the puzzle into Nigeria’s gas infrastructure demands. NNPC signed pioneering FLNG deals with [Nigerian firm] UTM Offshore and [Norway’s] Golar LNG in 2022 and 2023 respectively, which are laudable considering their potential to significantly boost the domestic utilisation and export of LNG. While both deals are still at the early stages, and considerably long-term projects, the impact of the role of FLNG will hinge on how it helps Nigeria utilize stranded gas reserves in remote or offshore areas without the need for extensive pipeline infrastructure. The mobility of FLNG facilities allows for flexibility in gas production, as well as shorter development timelines compared to onshore liquefaction plants, which are some of its biggest attractions to the Nigerian market, with its nascent pipeline infrastructure.
What changed with the passage of the PIA, and do you think Nigeria needs further reforms to benefit its oil and gas sector?
The PIA introduced a raft of changes aimed at revolutionizing the oil and gas industry, attracting investment, and ensuring the sector benefits both the Nigerian people and the Nigerian economy. One of the major changes was the restructuring of the state-owned national oil company NNPC into a limited liability company with shares jointly held by the country’s Ministry of Finance and Ministry of Petroleum on behalf of the Federation. The restructuring is aimed at reforming the NNPC to operate as a profit-oriented entity and without recourse to government funding. Another major change was the bifurcation of the petroleum resource industry into crude oil on the one hand, and gas on the other. This reform, reflected in the distinct licensing for the two subsegments, will remove the role of gas production as a side attraction and promote its integral role in driving investment into Nigeria’s petroleum industry. In addition, the PIA mandates oil and gas companies with oil mining and prospecting licences to contribute a percentage of their annual operational expenses to a Host Community Development Trust Fund. This change is intended to address the concerns of host communities and ensure that they benefit from the activities in their regions.
We have also witnessed the price deregulation of the downstream petroleum market, as the federal government seeks to shake off the domestic market’s reliance on subsidy-backed pricing models. Overall, the influence of the PIA on the Nigerian oil and gas industry has been nothing short of transformative. Its reach has been profound, with tangible impacts resonating across the upstream, midstream and downstream sub-sectors respectively.
On the need for further reforms to benefit the sector, the PIA allows for subsidiary legislations to be made by the Nigeria Upstream Regulatory Commission and the Nigeria Midstream and Downstream Petroleum Regulatory Authority, subject to the extent they are permitted to make such subsidiary legislations under the PIA. Coupled with the reforms being made by the subsidiary legislations, the general outlook of the impact of the PIA is still being judged by stakeholders and it is expected that, subject to the urgent need for some reforms, the legislative framework under the PIA will remain in place, in the meantime, with minimal changes, as required.
The oil majors are selling off non-core assets in mature production basins, including Nigeria. Do you see Nigerian independents benefiting most from that trend?
The divestment of non-core assets by oil majors in mature production basins presents a significant opportunity for indigenous oil and gas companies. These indigenous entities are often better positioned to seize these opportunities due to the provisions of local content laws, their local knowledge, familiarity with the operating environment, and flexibility in adapting to changing market dynamics. It is however important to acknowledge that, while oil majors may divest from certain assets, they may not necessarily be reluctant to invest in Nigeria altogether. As a matter of fact, the recent investment drive by Nigeria’s new administration across the European and Asian markets has yielded some positive results in terms of investment commitments made by foreign investors. Understandably, the government has also committed to addressing some challenges such as security, which has been a challenge for IOCs operating onshore assets.
Will independent Nigerian firms be able to fill the gap, if energy transition concerns continue to discourage IOCs from investing? Where will these firms source their finance?
Nigerian companies have the potential to play a key role in filling the gap, especially if concerns about the energy transition continue to discourage IOCs from investing. Some of these entities have demonstrated their agility and resilience and are well-placed to adapt to changing market dynamics. In terms of securing financing — as you may have noticed from some recently concluded deals — the gap created by the exit and reduced participation of the usual western international commercial banks in Nigeria’s energy space is quickly being plugged by the increased participation of African domestic, regional and international banks. Oil and gas traders and specialised private credit houses are also playing a very active role in providing financing to the sector under bespoke multi-sourced blended financing arrangements. Certain Africa-focused development finance institutions like the Africa Finance Corporation and [multilateral lender the] Afreximbank also continue to provide much needed support to ensure that energy access and security in the continent remains a priority in a balanced approach to the energy transition. However, more needs to be done. Additional funds and investments are required to execute the projects needed to plug the energy deficit and accelerate the level of production in the sector. Global energy players, IOCs and international financial institutions should be more willing to deploy the necessary financial resources and expertise.
Will African and Middle East sources of funding take on a greater role in Nigeria's upstream in the coming years?
African and Middle Eastern sources of funding are likely to assume a more prominent role in Nigeria's upstream sector in the coming years. Recently, we have seen a growing trend of regional collaboration and investment within Africa and the Middle East. Nigerian companies are increasingly seeking funding and expertise from regional entities. For instance, NNPC is in talks with Afreximbank for a $3.3b facility. Afreximbank provided a $635m reserve-based facility to fund the development of OML 52 and OML 112 — the Okoro and Tubu oil and gas fields — in Nigeria. The African Finance Corporation also continues to support international and indigenous players in the Nigerian oil and gas sector. Whilst these are positive signals, more investments are required for the efficient exploitation of the vast reserves available in the country.
Have you seen more renewed IOC interest in Nigeria's upstream oil and/or gas since the Ukraine invasion highlighted the importance of energy security?
Russia’s invasion of Ukraine and the ongoing conflict has continued to have ripple effects across the globe with a series of economic and trade sanctions imposed on Russia. Given Russia’s [former] status as the second largest global exporter of crude oil and largest natural gas exporter, these sanctions have resulted in disruptions in the oil and gas global supply chain, with the bulk of Russia’s petroleum purchasers resorting to alternative suppliers, including Nigeria. The reduced dependency on Russian gas has resulted in renewed emphasis on oil and gas investments in some parts of Africa and the Middle East in recent times. With no end in sight to the Russia-Ukraine crisis, it is expected that the West will continue to explore further investments in oil and gas producing countries in Africa and the Gulf to bump up production levels to meet increasing energy needs. The EU currently imports 14% of its Liquefied Natural Gas from Nigeria and reports in the international oil and gas market indicate that the bloc could seek to double this figure.
How can the energy transition be conducted in a way that is fair to a country like Nigeria, which still depends heavily on oil revenue?
First and foremost, it is imperative to acknowledge that the energy transition cannot be sudden or drastic in countries like Nigeria. In other words, a ‘one size fits all’ approach cannot be adopted in regions like the African continent which is known to contribute less than 4% of global emissions and currently lags on all fronts in relation to energy access and security. To ensure fairness, a phased transition which enables the efficient maximisation of Africa’s natural resources is needed, under a framework which provides for the gradual reduction of fossil fuel dependence. Simultaneously, investments in renewable energy infrastructure and technologies should be prioritized. International cooperation on climate finance mechanisms is also crucial in supporting a fair energy transition. Financial and technical assistance for clean energy projects, capacity building, and technology transfer must form the bedrock of the energy transition policy on the African continent. In addition, strong governance, transparency, and inclusive decision-making processes are fundamental in ensuring that the benefits of the energy transition are distributed fairly across the globe.
What measures or regulations are being undertaken to reduce flaring and carbon intensity?
The Nigerian government has made demonstrable attempts to reduce gas flaring and carbon intensity. An example is the Nigerian Gas Flare Commercial Programme – aimed at reducing gas flaring by monetizing flared gas – which was relaunched by the Nigerian Upstream Petroleum Regulatory Commission in 2022, in alignment with the Nigeria Energy Transition Plan.
Riding on the back of the robust provisions of the PIA, the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently issued the Gas Flaring, Venting and Methane Emissions (Prevention of Waste and Pollution) Regulations, and the Midstream Gas Flare Regulations respectively, aimed at reducing and ultimately eliminating gas flaring in the midstream and upstream sectors, and promoting responsible gas utilization and environmental sustainability. The regulations provide a regime for flare gas commercialization, to implement the objectives of the Nigerian Gas Flare Commercialization Programme and ultimately deliver on the government’s commitment to a national flare-out target by the year 2025.
The government also encourages domestic gas utilization through policies like the Gas Master Plan and the Nigerian Gas Policy.
How disruptive has the end of fuel subsidies been in Nigeria and what results have you seen? Were subsidies ended too soon, considering the Dangote refinery is still not in operation?
Expectedly, the removal of fuel subsidies in Nigeria resulted in increased living costs due to inflation. The government has started implementing some social relief plans in response to this inflation, and largely the fiscal and monetary reforms being put in place by a newly appointed Central Bank Governor and Minister of Finance, are tilting the economy towards a freer markets-driven model, in contrast to the policies of the previous administration. The jury is still out in terms of the long-term economic gains and fiscal sustainability that might be gained from removing the subsidies, but most obvious so far, is the easing of the pressure on the country’s strained financial resources.
Ultimately, the success of this policy change will depend on factors like the operationalization of the Dangote Refinery, transparent pricing mechanisms, and effective social safety nets for vulnerable persons in the Nigerian polity, but that may be too early to call now.
To continue this conversation, join industry professionals at the World Capital Energy Assembly, organised by the Energy Council, in November 2023 in London, UK. Find out more about the event here.
PE Media Network is the modern multi-media, multi-channel option for energy industry information and communication. It brings together three streams of value-add subscription content—Petroleum Economist, Carbon Economist, and Hydrogen Economist—PE’s 30-year experience in cartography and infrastructure data, and the PE Events’ roster of focused boutique forums on specific underserved elements of the industry.

World Energy Capital Assembly
December 2025 | London
The meeting place for senior energy executives, investors and financiers to connect and do deals.
You might also be interested in

World Energy Capital Assembly 2024 Key Takeaways: Powering through volatility: Innovation, security and capital in transition
Download the key takeaways report from the 2024 World Energy Capital Assembly, which took place in November 2024. Read insights from the likes of Shell, Saudi Aramco, Quantum Capital Group, and more, focusing on the balance between energy security, sustainability, and financial growth. read more

Key Themes in Energy Transition, Financing, and Market Dynamics
Crescent Petroleum held its 3rd energy finance lunch in November 2024 as part of the Energy Council’s annual WECA (World Energy Capital Assembly) conference in London. This year’s lunch was attended by 12 senior bankers and energy industry participants together with senior Crescent Petroleum management. read more

Press Release: Awards of Excellence 2024 Winners
Find out who the winners were at the 2024 Energy Council Awards of Excellence. read more

World Energy Capital Assembly: 2024 Key Takeaways Report
Download the key takeaways report from the 2024 World Energy Capital Assembly, which took place in November 2024. Read insights from the likes of Shell, Saudi Aramco, Quantum Capital Group, and more. read more

ENERGY COUNCIL & KONGSBERG: THE CO-INNOVATION PARTNERSHIP – Shaping the Future of Energy through Digital Transformation
This article is brought to you as part of The Co-Innovation Partnership, whose mission is to accelerate progress in meeting the challenges of the energy trilemma through co-innovation across the value chain using digital technologies. read more

Legacy of Leadership: Reflecting on Lord John Browne's Transformative Impact in Energy
Seven years after his 2017 Lifetime Achievement Award, we catch up with Lord John Browne, whose visionary career still shapes the global energy landscape. read more

Budget 2024: Impact on North Sea operators and investors
The UK Labour government raised the Energy Profits Levy to 38% and extended it to 2030, setting oil and gas taxes at 78% to fund renewable energy initiatives. read more

Autumn Budget 2024: Shaping the Future of UK Oil and Gas
In just eight days, Rachel Reeves will deliver the first Labour budget in 14 years! Expect a shift towards clean energy. Implications for UK North Sea? read more

Steering Serica: Chris Cox's Visionary Leadership and the Future of North Sea Energy
The Energy Council sat down with Serica's Chris Cox to discuss their strategy on the Future of North Sea Energy. Find out more. read more

The Energy Council to Honour Julian Mylchreest with the Lifetime Achievement Award at the 2024 Awards of Excellence Gala
The Energy Council are pleased to announce that the 2024 Awards of Excellence Lifetime Achievement Award will be presented to Julian Mylchreest, Executive Vice Chairman of Global Corporate & Investment Banking at Bank of America. read more

Executive Interview: Sunday Shepherd, General Manager, Corporate Strategy, Chevron
The Energy Council sat down with Chevron's Sunday Shepherd to discuss their strategy on balancing energy, innovation, and talent. Find out more. read more

Podcast: Haavard Oestensen and Grant Christie, Kongsberg Digital
Haavard Oestensen and Grant Christie, Kongsberg Digital join the podcast to discuss the Co-Innovation Partnership in the energy sector and more. read more

Press Release: Awards of Excellence 2024 Shortlist
The Energy Council are pleased to announce the 2024 Awards of Excellence shortlists. read more

Navigating the Nexus of Digital Transformation and Energy: An Interview with MARA’s Manoj Narender Madnani
The Energy Council's Head of Investor Research, Tazmyn Gounden, sat down with MARA’s Manoj Narender Madnani to discuss the Nexus of Digital Transformation and Energy. Find out more. read more

Road to WECA 2024: Changing Business Models: An industry in Transition
The global energy landscape is undergoing a seismic shift as the world grapples with the dual challenges of climate change and the need for reliable, affordable energy. Exploration and Production (E&P) companies, traditionally focused on oil and gas extraction, are increasingly under pressure to adapt their business models in response to the energy transition. read more

Family Offices: Unconventional Players in the Conventional Energy
Family offices are increasingly shifting from passive participants to active players, not only backing funds but also leading direct investments. This proactive approach is establishing them as pivotal figures in the evolving energy landscape. read more

Road to WECA 2024: State of the Oil and Gas Industry in 2024: A Resilient and Dynamic Sector
The global oil and gas industry in 2024 stands at a fascinating juncture, marked by resilience, adaptability, and a renewed sense of optimism. Despite the ongoing challenges posed by geopolitical tensions, economic uncertainty, and the accelerating energy transition, the sector has shown remarkable strength and flexibility. read more

Technological Innovation in O&G: Exclusive Insights with Climate Investment
Digital transformation is reshaping industries globally, driven by rapid advancements in technology and changing consumer expectations. Companies are adopting digital tools to stay competitive, improve efficiency, foster innovation and become more sustainable. read more

APAC Energy Capital Assembly: 2024 Key Takeaways Report
Download the key takeaways report from the 2024 APAC Energy Capital Assembly, which took place in June 2024. Read insights from the likes of Petronas, Pertamina, TotalEnergies, Equinor, Woodside, Repsol, Hibiscus Petroleum, ADZ Energy, Medco Energi, Melbana Energy, Valeura Energy, Matahio Energy and many more. read more

Global Deals, European Impact: The Consolidation Wave in Oil & Gas
As we approach the midpoint of 2024, the Oil and Gas (O&G) industry continues to experience a significant consolidation boom that began in late 2023. Within the European sector, the momentum is equally robust, with 60 M&A transactions reported in Q1 2024, accumulating a total value of $3.4 billion, according to Global Data’s Deals Database. read more

Energy & Emissions: Investing in a Low-Carbon Future
Despite global challenges, 2023 saw only a slight rise in energy-related CO2 emissions, increasing by just 1.1% to total 37.4 billion tonnes. This markedly slower pace of growth compared to previous years reflects the powerful impact of breakthroughs in clean energy technologies—including solar, wind, nuclear power, and electric vehicles. read more

Enabling the C-Suite Through the Energy Transition: Understanding the Power of AI, Digital & Co-Innovation
This article is brought to you as part of The Co-Innovation Partnership, whose mission is to accelerate progress in meeting the challenges of the energy trilemma through co-innovation across the value chain using digital technologies. read more

From Polls to Policies: Assessing the 2024 European Elections Impact on the Oil and Gas Sector
The outcomes of the 2024 European elections are set to influence the EU’s energy framework, balancing environmental goals with the necessities of energy security and economic stability. The interplay between established powers and emerging populist forces will shape the trajectory of Europe's energy policies. read more

Road to WECA 2024: Who Is & Who Isn’t Financing The Future Of Oil & Gas?
The energy sector is undergoing a profound transformation driven by the need to decarbonise and transition to more sustainable energy sources. Understanding who is, and who isn’t, financing the future of oil and gas is crucial for those navigating this evolving landscape. read more

Headline Highlights: European Energy Policy & Regulation
A spotlight on some of the top headlines in the European energy policy and regulation space, looking at the 2024 outlook and beyond. read more

A Balancing Act: What Labour’s Energy Policy Might Mean for the O&G Sector
A spotlight on how Labour's energy policy could impact the O&G sector, sparking debate over the delicate balance between sustainability and economic growth. read more

Energy Council 2024 Global Industry Survey Report
The Energy Council's annual Global Industry Survey Report 2024 takes opinions from 500+ people from across our network, and from these responses, we have put together the macro picture of the industry today including oil price predictions, the energy trilemma, finance and investment plans and exploration updates. read more

Investor Insight Series Ep20: Tom Field
Tom Field from Quantum Energy Partners, joins investor insights to elaborates on the firm's domestic and international investment approach. read more

Investor Insight Series Ep19: Jacques Tohme
Jacques Tohme, Chair of Samos Energy, discusses the market opportunities that drove the development of their recently established upstream strategy on Investor Insights. read more

Investor Insight Series Ep18: Michael Bertuccio & Shalin Shah
Michael Bertuccio, Founding & Managing Partner & Shalin Shah, Founding Partner at Wincoram Asset Management joined us to discuss how investment strategies vary in the O&G industry. read more

Investor Insight Series Ep17: Matthew Harwood
Matthew Harwood, Chief Strategy Officer at Climate Investments joined us to discuss the intricate interconnectivity between the Oil & Gas industry and Renewable energy. read more

Investor Insight Series Ep16: Patrick Peura & Hilkka Komulainen
Patrick Peura, ESG Engagement Manager, & Hilkka Komulainen, Head of Responsible Investment, join us to provide insights into the future of investor engagement. read more

Investor Insight Series Ep15: Andres van der Linden
Andres van der Linden, PGGM Investments joins us to discuss crucial topics from assessing companies' alignment with the Paris Agreement to portfolio decarbonization strategies. read more

Press Release: Awards of Excellence 2023 Winners
Find out who the winners were at the 2023 Energy Council Awards of Excellence. read more

Viaro Energy CEO Francesco Mazzagatti Emphasises the Need for a Strong UK Net-Zero Strategy to Boost Global Competitiveness
Viaro Energy's CEO, Francesco Mazzagatti, looks at what a coherent net-zero strategy in Great Britain looks like, stating that the UK should play to its own strengths, on its own scale - with existing UK energy companies at its core. read more

Executive Interview: Stephanie Del Carpio, BCG
The Energy Council sat down with BCG's Stephanie Del Carpio ahead of WECA 2023 to discuss the nature of workforce planning in the energy industry and the skills needed to fuel the future. Find out more. read more

Executive Interview: Oliver Dunn, The Prax Group
Oliver Dunn, Global Head Of M&A at The Prax Group joined us to provide insights into their recent endeavors in acquisitions in the North Sea, as well as plans to expand their portfolio. Read more. read more

Executive Interview: Joel Riddle, Tamboran Resources
The Energy Council's partner, The Petroleum Economist, sat down with Tamboran Resources' Joel Riddle to discuss their intent to develop a large-scale gas business in the Beetaloo basin, as well as the wider regulatory and political environment in Australia. Find out more. read more

Executive Interview: Alan Carnrite, Alvarez & Marsal
The Energy Council caught up with Alvarez & Marsal's Managing Director, Alan Carnrite on their panel session at WECA 2023 on plugging the financial gap in the energy industry. Find out more. read more

Executive Interview: Andy Cox, Howden Group
The Energy Council caught up with Howden Group's Head of Energy Transition, Andy Cox, on the role of insurance in advancing energy transition. Find out more. read more

Executive Interview: Dr Gabriel Onagoruwa, Olaniwun Ajayi
The Energy Council's partner, The Petroleum Economist, sat down with Olaniwun Ajayi's Dr Gabriel Onagoruwa to discuss how Nigeria’s oil and gas sectors are changing, and the growing role played by indigenous companies. Find out more. read more

Press Release: Awards of Excellence Executive of the Year Award 2023
The Energy Council are pleased to announce that the 2023 Awards of Excellence Executive of the Year Award will be presented to Gilad Myerson, Executive Chairman, Ithaca Energy. read more

Executive Interview: Amy Miller, Energy Council
The Energy Council's partner, The Petroleum Economist, sat down with our very own Amy Miller to discuss the underinvestment in oil and gas. Find out more. read more

Executive Interview: Andrea Bonzanni, IETA
The Energy Council's partner, Carbon Economist, sat down with IETA's Andrea Bonzanni ahead of WECA 2023 about curbing emissions globally by using international carbon market mechanisms reduces the cost of mitigation. Find out more. read more

Press Release: Awards of Excellence Lifetime Achievement Award 2023
The Energy Council are pleased to announce that the 2023 Awards of Excellence Lifetime Achievement Award will be presented to Sam Laidlaw, Founder & CEO, Neptune Energy. read more

Executive Interview: Francesco Mazzagatti, Chief Executive Officer, Viaro Energy: North Sea Focus
The Energy Council sat down once more with Francesco Mazzagatti, the Chief Executive Officer at Viaro Energy and an expert speaker for the World Energy Capital Assembly 2023, this time to focus in on the North Sea. Find out more. read more

Special Report: A Decade of Israel's Natural Gas Revolution
See the full report by BDO and The Israeli Natural Gas Trade Association, looking at the natural gas revolution in Israel between 2013 - 2022 and how the production of natural gas has increased 5 fold in the past decade. read more

Executive Interview: Amy Miller, CEO, Energy Council
We caught up with the Energy Council CEO, Amy Miller, ahead of the World Energy Capital Assembly to hear more about what's new for 2023 and what she's most excited about for this year's gathering. read more

EQT Methane Site Visit in Pittsburgh, Pennsylvania
This May, the Energy Council visited EQT’s facilities in Pittsburgh, Pennsylvania. EQT is the largest natural gas producer in the US, and their CEO, Toby Rice, led a group of investors to view their production facilities. read more

A Retrospective Analysis of the Natural Gas Market in the U.S.A and Europe
The intricate nature of natural gas markets is underscored by a multitude of factors that contribute to price dynamics, supply conditions, and market behavior. This report concentrates on four pivotal temporal segments marked by historical events that have exerted significant influence on the Natural Gas market over more than the past decade. read more

Webinar Key Takeaways: The Global Exploration Opportunities at Your Fingertips
In the recent Energy Council Global Survey, 22% of respondents believed that West Africa held the biggest exploration opportunities for 2023 and beyond, closely followed by South America, Guyana and the East Med. With mounting uncertainty around the UK’s fiscal regime, are there more attractive opportunities to be found internationally? read more

Webinar: The Global Exploration Opportunities at Your Fingertips
In the recent Energy Council Global Survey, 22% of respondents believed that West Africa held the biggest exploration opportunities for 2023 and beyond, closely followed by South America, Guyana and the East Med. With mounting uncertainty around the UK’s fiscal regime, are there more attractive opportunities to be found internationally? read more

Energy Council 2023 Global Industry Survey Report
The Energy Council's annual Global Industry Survey 2023 is now available. Over 500 people from across our network responded to our survey, and from these responses we have put together the macro picture of the industry today including oil price predictions, the energy trilemma, finance and investment plans and exploration updates. read more

WECA 2023: Advisory Board Key Takeaways
Close to 40 senior executives from across the energy industry joined the World Energy Capital Assembly’s annual advisory board to discuss the key challenges and opportunities facing the sector in 2023. Download the report here. read more

Executive Interview: Francesco Mazzagatti, Chief Executive Officer, Viaro Energy
The Energy Council sat down with Francesco Mazzagatti, Chief Executive Officer, Viaro Energy, who is an expert speaker for the World Energy Capital Assembly 2023. Find out more. read more

Podcast: Martha Vasquez, Associate Director Upstream Oil & Gas at BCG
We are joined by Martha Vasquez, Associate Director Upstream Oil & Gas, Boston Consulting Group, to hear how BCG are committed to their energy clients and how they partner together on the biggest challenges currently facing the sector. read more

Awards of Excellence 2022 Winners: World Energy Capital Assembly
The Energy Council are pleased to announce the Winners for the Awards of Excellence 2022: World Energy Capital Assembly. read more

Executive Interview: Simon Tysoe, Partner at Latham & Watkins
The Energy Council sat down with Simon Tysoe, Partner at Latham & Watkins, who is an expert speaker for the World Energy Capital Assembly 2022. Find out more. read more

Executive Interview: Lars Eirik Nicolaisen, Deputy CEO, Rystad Energy
The Energy Council sat down with Lars Eirik Nicolaisen, Deputy CEO, Rystad Energy, who is an expert speaker for the World Energy Capital Assembly 2022. Find out more. read more

Executive Interview: Dan Morrison, Industry Principal Consultant O&G, Hexagon, in Partnership with Progressive TSL
The Energy Council sat down with Dan Morrison, Industry Principal Consultant O&G, Hexagon in Partnership with Progressive TSL, who is an expert speaker for the World Energy Capital Assembly 2022. Find out more. read more

Podcast: Grayson Andersen, Head of Capital Markets, ReconAfrica & Román Rossi, Vice President, Research Analyst, Canaccord Genuity Corp
Grayson Andersen, Head of Capital Markets, ReconAfrica, and Roman Rossi VP, Research Analyst, Canaccord Genuity Corp join us to discuss the exploration and production landscapes in Africa and Latin America reviewing similarities and parallels as we go into energy access, regulatory frameworks, financing, investment and opportunities in both regions. read more

Expert Insight: Kongsberg Digital: Why digitalization should be a driver for energy investments
Read Kongsberg Digital's expert insight on why digitalization should be a driver for energy investments. read more

Awards of Excellence 2022 Shortlists: World Energy Capital Assembly
The Energy Council are pleased to announce the Shortlists for the Awards of Excellence 2022: World Energy Capital Assembly. read more

Executive Interview: Dr Gabriel Onagoruwa – Chair, Finance and Project Development at Olaniwun Ajayi (UK) LLP, London
The Energy Council were joined by Dr Gabriel Onagoruwa of Olaniwun Ajayi for an Executive Interview ahead of the World Energy Capital Assembly 2022. read more

Executive Interview: Tassos Vlassopoulos, CEO, HELPE Upstream – A Deep Dive into CCS
The Energy Council sat down with Tassos Vlassopoulos for a Deep Dive into CCS ahead of the World Energy Capital Assembly 2022. read more

Executive Interview: Kaveh Pourteymour, Founder & CEO, CIO Global Solutions
The Energy Council sat down with Kaveh Pourteymour, Founder & CEO, CIO Global Solutions ahead of WECA 2022. His area of expertise Digital Strategy and transformation in highly complex environments. Find out more. read more

The Outlook for Accessing Capital in the Oil & Gas Sector
At the World Energy Capital Assembly on 29 November 2021, a panel of experts provided their insights on the ability of companies in the oil and gas sector to access and maintain capital in the current economic and political climate. This article builds on that panel discussion and considers how (E&P) companies are balancing their corporate image with the need to remain profitable and deliver investor returns. read more

A cold or costly winter? Uneasy uncertainty for European gas consumers
As winter’s cold touch spreads across Europe, there is an uneasiness about how the frigid temperatures will be weathered as gas prices creep ever higher. The source of uncertainty for Europe’s gas consumers is broad; the traditional push and pull of Russian-EU energy geopolitics is alive and well, Covid demand and supply contractions have created imbalances throughout the value chain, while the global production levels of oil and gas remain constrained by OPEC+ and the surging market prices. read more

Executive Interview: Scot Evans, CEO, ReconAfrica
The Energy Council sat down with Scot Evans, CEO of ReconAfrica ahead of the World Energy Capital Assembly and Africa Energy Capital Assembly 2021. read more

Executive Interview: Tassos Vlassopoulos, CEO, HELPE Upstream
The Energy Council sat down with Tassos Vlassopoulos ahead of the World Energy Capital Assembly 2021. read more

Executive Interview: Mitch Flegg, CEO, Serica Energy
The Energy Council sat down with Mitch Flegg ahead of the World Energy Capital Assembly 2021. read more

Executive Interview: Dr Nick Mayhew, Chief Commercial Officer, Axora
The Energy Council sat down with Dr Nick Mayhew, Chief Commercial Officer at Axora, to discuss the business' approach to working with O&G leaders and their recent Innovation Report. read more

Digital Roadmaps – Comparing The Steps Taken By Energy Giants
Many of the household major oil and gas companies have begun shifting their market position to better prepare for the impending climate revolution. This energy supply shift has been imagined in several scenarios, which in essence are distilled to: our current path, our stated path and the necessary path needed to reach net-zero emissions. Inevitably, the stuttering and profiteering has led us to the brink and now we, as a global society, must rely on our ingenuity to restore the planet to a stable state. Easier said than done, of course, however making this process possible is the integration of advanced digital technologies into robust, legacy mechanical technologies. The rise of this digitalization has been known in the industry, as Oil and Gas 4.0 – referring to the technological era of the 4th Industrial Revolution. read more

Digital Twins – Virtually Reflecting The Physical
Energy companies have engaged in developing the concept of ‘digital twins’ – a digital model that reflects the physical. By integrating a network of sensors and monitoring equipment throughout a system, there can be a real-time oversight of operations and wider capabilities to analyse system efficiencies over time. read more

Executive Interview: Steve Edwards, CEO, Tailwind Energy
The Energy Council sat down with Steve Edwards, CEO of Tailwind Energy, to discuss how our industry will grow and innovate over the next few years. read more

From NOC to NEC – A changing of the guard?
It may seem as if the NOCs time as pure O&G players may be limited, but they are certainly not leaving the game. Oil and gas will remain central to energy security throughout the developing world and across much of the developed world, in industrial settings at the very least. What can be said with some certainty, is that a diverse energy mix that includes significant renewable generation is crucial to the mandate of NOCs to supply affordable and consistent energy to their population. read more

Analysis on M&A so far in 2021 and what to expect now
The global oil and gas markets have been awash with deals as oil and gas players alike scramble to rebalance their portfolios in light of supranational climate goals. While the market has not been as active in the second half of 2021, as commodity prices began to stabilise toward pre-Covid levels, there were still a number of significant mergers and acquisitions that will add much needed liquidity to the markets. read more

Podcast: Brian Carey, Strategic Growth Director, Kongsberg Digital
Brian Carey, Strategic Growth Director of Kongsberg Digital joins the podcast to discuss the role of digitilisation and innovation in the Oil & Gas industry and how ESG will continue to shape and mould the sector. Listen to the full episode here. read more

WECA Advisory Board #2: Key Takeaways
In anticipation for the Energy Council’s World Energy Capital Assembly (WECA) to take place in December, an advisory board of the industry’s leading figures was held to inform the agenda. Among the attendees were representatives from Petrobras, Morgan Stanley Energy Partners, BlackRock, Shell, Kongsberg Digital, Ecopetrol, The Carnrite Group, Hellenic Petroleum, Eco Atlantic Oil and Gas, Helios Investment Partners, Addleshaw Goddard, YPF, Reflex Marine and Axora. read more

WECA Advisory Board #1: Key Takeaways
In anticipation for the Energy Council’s World Energy Capital Assembly (WECA) to take place in December, an advisory board of the industry’s leading figures was held to inform the agenda. Among the attendees were representatives from INEOS Energy, BlackRock, Standard Chartered, Kerogen Capital, Lloyds Banking Group, ADNOC, Mizuho, Morgan Stanley, BP IST, Bluewater Energy, Wentworth Resources, Sector Investment Managers, Harbour Energy, NEO Energy and Jerset Oil and Gas. read more

Interview with Kwaku Boakye-Adjei, Commercial Consultant, TEMA LNG
Following on from WECAX Jack Ingram sat down with Kwaku Boakye-Adjei to discuss Ghana’s Tema LNG project – find out more and read about Sub Saharan Africa’s first regasification facility read more

What do the changing energy markets mean for raising debt in the upstream oil and gas sector?
Vinson & Elkins RLLP discuss E&P companies and how they will continue to require financing to meet development and production needs, whether in the form of traditional RBL products, corporate loans, bonds, high yield issuances, project financing, trade finance, equity financing or other more innovative or hybrid structures. read more

WECA X: 5 Key Takeaways
Expert Insight WECA X: 5 Key Takeaways Published 13 January 2021by Matt Maginnis, Portfolio Director, Energy ... read more

The drive to net zero – has the oil & gas industry got what it takes?
The drive to net zero: has the oil and gas industry got what it takes? Listen to a panel of experts discuss the journey ahead read more

A flexible approach can help investors deliver bold projects for Africa
Even the most experienced investor will see 2021 as one of the most challenging investment environments that they have encountered. However, Africa still offers significant upside potential for projects that have a clear demand and are led by experienced operators. read more

Eco Atlantic Re-issued all Namibia Offshore Licenses
Eco Atlantic Re-issued all Namibia Offshore Licenses: Increases its sizeable strategic position in sought after frontier exploration region read more

Introduction to Carnrite – Dedicated, Practical Business Partner for an Industry in Transition
Ahead of WECA 2020, we spoke with Nick Carnrite, Managing Director at The Carnrite Group, on their entrance to the UK market, the challenges facing the Energy industry and how they are supporting the sector through these times. read more

Vertis – On the Role of Voluntary Carbon Markets in the Energy Transition for Oil & Gas sector
We know what the target is as well as why we need to achieve it. The question is rather on the how. How do we transform our businesses and our life-styles without jeopardising the functioning of our society or global growth? read more

“Investors will go where the money is” – An Analysis of the Sentiment among Energy Investors
“Investors will go where the money is” remarked one of the Energy Council’s members when asked about the increased pressure on funds to be ESG driven and avoiding hydrocarbons altogether. read more

In The News: Institutional Investors Demand Greater ESG Adherence from Oil Majors, Can Independents Pick Up The Pieces?
Institutional funds have increased their pressure on the world’s largest oil and gas companies to further and hasten their commitments to meet a carbon output of net-zero by 2050. What happens to 'independents'? read more

In The News: Quality assets key in four major M&A deals this year
Mergers and acquisitions are heating up in the oil and gas sector as prices stabilise and quality assets enter the market. Over $20 billion in deals has been completed in recent months with more set to come. read more

In The News: The United Kingdom's Path to Net-Zero in the North Sea
A report by the OGTC & Wood Mackenzie highlights the array of opportunities in the United Kingdom's path to decarbonisation & net-zero. The United Kingdom Continental Shelf in the North Sea has long been a prominent location for the exploration and production of oil and gas. However, as the nation pushes toward carbon neutrality by 2050, how will these competing industries develop? read more

In The News: OGCI Reports Significant Progress On Upstream Methane and Carbon Intensity Targets
The OGCI announced significant progress in reducing both carbon dioxide and methane emissions in the upsteam sector. Industry collective invests over a billion dollars into emissions reductions technologies. read more

WECA Advisory Board Takeaways – Part 2
Part 2 of our takeaways picks up the conversation where we left off as our advisors’ peer into the rabbit hole of climate change and energy transition, and the future role of gas. read more

WECA Advisory Board Takeaways – Part 1
World Energy Capital Assembly Advisory Board Takeaways Part 1 March 2020 The Oil & Gas Council Advisory Board met ... read more

Awards Of Excellence 2019 – Female Executive of the Year Nominees Katie Jackson
Katie Jackson, Executive Vice President for Commercial and NBD at Shell, is one of the most active and prominent women in the business. Jackson’s range of expertise – including her start as a drilling engineer, her time in banking, followed by her move into industry management – have long made her a valuable asset and leader. Jackson delivers flagship deals for Shell building on her rich, industry experience, creativity, strong relationships, and understanding of the market. read more

Awards Of Excellence 2019 – Female Executive of the Year Nominees Fiona MacAulay
Fiona MacAulay’s technical credentials over 30 years of oil and gas experience is what now makes her one of the most respected CEO’s in the industry. Taking over the helm of Independent Oil & Gas at the start of 2019, follows a succession of appointments to boards of energy companies desperate for her knowledge and experience. Of the five women leading FTSE 100 oil and gas companies, MacAulay is the only one who built her experience as an oil professional. No wonder she’s in such demand! read more

Awards Of Excellence 2019 – Shortlisted Nominees for the Small-Cap of the Year Award
Last year’s winner, Energean, has enjoyed another headline-grabbing year, illustrating the opportunities available for Small Caps to expand operations and become household names. The shortlisted companies for this year’s award have all enjoyed significant success during the past 12 months. read more

Small and Mid-Cap Companies of the Future: Mitch Flegg, Serica Energy
Nimble, focused, bold – we believe small and mid-cap companies of the future will not sit back and rely on inherited approaches to asset management. The leaders in the sector will be action takers, blending the latest in technical innovation with people power. read more

Executive Interview: Abhi Kohok, Subsurface Director, INEOS Energy
We caught up with the Abhi Kohok, Subsurface Director at INEOS Energy, ahead of the World Energy Capital Assembly to hear more about INEOS Energy's CCS pilot and more success stories from the past year. read more

Spotlight on the North Sea
Although new exploration is expected to bounce back from 2018 levels, the OGUK has cautioned that drilling activity continues to stand at a “record low rate” and supply chain firms remain under significant financial stress. read more