A one-day summit aimed at promoting strategies for open business model, business mentorship, collaborations, ideas and knowledge sharing among industry players and networking among companies, is to be organised by ESQ Oil & Gas.
The summit tagged “ESQ Oil and Gas Summit 2012” will have Diezani Alison Madueke, minister, petroleum resources, as speaker along with other experts on energy, finance and legal experts that will examine regulatory and business issues in oil & gas in Nigeria.
Lere Fashola, CEO, Legal Blitz, publishers of ESQ Legal Practice Magazine and organisers of the summit, said, “by bringing together some of Nigeria’s leading oil & gas lawyers with seasoned experts in the industry, finance, insurance and other related services with a high level representation of government officials, decision makers and industry top players, this summit will deal with the perennial issues affecting the oil & gas industry in Nigeria and is a must attend for anyone doing or willing to do business in that sector.”
The summit has become necessary in the light of the recent wave of reforms in the oil and gas industry in Nigeria, which experts have predicted, may lead to a major revolution in the sector. It will also discuss the Petroleum Industry Bill (PIB), proposed as a transformative piece of legislation that seeks to consolidate 16 different Nigerian Petroleum Laws into a single document establishing a new legal and regulatory framework as well as new institutions and regulatory authorities.
The PIB is expected to re-define the country’s relationship with international oil companies and investors, particularly in the areas of taxes and royalties. However, it remains to be seen whether the bill sufficiently addresses the key issues of funding, corruption and security, which are essential to boosting an underperforming industry.
The summit will consist of well researched paper presentations and case studies by leading experts in Oil & Gas, Finance, Insurance and the legal profession, with participation drawn from several countries including Nigeria, the United Kingdom and South Africa.