One of the main challenges that newly-elected President Buhari will have to face is the security of the oil sector. Oil production in Nigeria accounts for 70% of the economy but the natural resource is much less profitable than it once was because of widespread corruption and vandalism.
From the US$600 billion in oil revenue that has flowed into the Government’s account since the country’s independence in 1960, an estimated US$400 billion has been diverted, misspent or stolen. On the other hand, security forces are not being given adequate resources to ensure the safety of oil and gas infrastructure.
However, investors expect the recent Nigerian elections to be a turning point for the oil industry.
The 2nd West Africa Oil & Gas Security Summit, taking place in two months’ time, on 10 - 11 June in Lagos, Nigeria, will thoroughly discuss the present post-election period in Nigeria, to examine solutions to secure the oil sector and eventually reverse the sharp decline in oil revenue.
The Forum will also assess proposals for achieving an effective company security system in light of the post-election situation and highlight the benefits and challenges of the political regime for Nigeria and its oil industry.
The strong panel of experts to share insights at the Summit will include:
- Facility Security Officer, Chevron Nigeria
- Executive Director, Shorange Petroleum
- Corporate Security Manager, Oando
- AG. Unit Head Investigation and Intelligence, Nigeria LNG
- CEO, Nigerian Institute for Industrial Security & Assistant Regional Vice-President for Region 44, ASIS
- Security Officer, NPDC
- Lead Security Officer, Addax Petroleum
- Security Coordinator, Sea Petroleum & Gas Company
- Staff Officer Legal -Nigerian Navy, Nigeria Naval Headquarters
- Security Manager-West Africa, Shelf Drilling
- Senior Lecturer Department of Maritime Management Technology, Federal University of Technology, Owerri
- Captain (Formerly), Mechant Navy
- Chief Security Officer, Tenaris Global Services
- CEO, Kontz Engineering
The official sponsors of the Summit are Ocean Maritime Security, Kontz Engineering and Forts and Shields.
More information can be found on the website www.waoilgassecurity.com The official Twitter hashtag to join the discussion is #WAOGS.
Adapted from a press release by David Bizley