Oil
2017 OTC sets the pace in Technology innovation
Yemie ADEOYE
Houston, Texas, USA – Offshore energy industry experts and leaders from across the world came together at NRG Park in Houston 1–4 May for the 2017 Offshore Technology Conference (OTC), unarguably the largest oil and gas convention on the planet.
As it has since 1969, the 49th edition of the conference convened professionals from more than 100 countries to make critical decisions, share ideas, and develop business partnerships to meet global energy demands. In addition, OTC directly benefitted the advancement of the energy sector, by supporting the conference’s 13 not-for-profit sponsoring organizations and the Houston community.
OTC 2017 featured nearly 350 technical papers, 44 technical sessions, 13 panels, multiple poster sessions, and 24 topical breakfasts and luncheons. The sessions focused on subjects such as how deepwater projects can compete with shale developments, automation’s role in increasing on-site safety, and new ways to utilize AUV technology. Speakers, including representatives from key U.S. agencies, international energy ministries and company executives, addressed a wide variety of pressing issues, including Brazil’s reformed energy regulation system and progress on the Moho Nord deepwater field.
“The energy industry is continuing to be transformed by the technological revolution taking place, and downturns tend to be the ultimate driver of the type of innovation that is often launched or showcased at OTC. Today, OTC is more important than ever as a venue for the type of learning and idea sharing necessary to propel greater efficiencies and safety,” said Joe Fowler, OTC 2017 chairman. “Thanks to the hard work of the OTC staff and volunteers, the conference once again upheld its commitment and delivered an unparalleled amount of information on new technologies as well as global developments to its attendees.”
U.S. Interior Secretary Ryan Zinke signed an order on Monday directing the Bureau of Ocean Energy Management to issue a new five-year plan for development on the U.S. Outer Continental Shelf. Zinke also spoke in a technical session titled, “Offshore Energy Policies: Harnessing the Full Potential of America’s Offshore,” and later toured the exhibition floor.
OTC’s Spotlight on New Technology Awards recognized 17 technologies from exhibiting companies for their new and innovative products and services, including two companies who won the Small Business Award.
OTC also launched an expanded version of its Women in the Industry Sharing Experiences (WISE) event. Previously a two-hour networking session, it was elevated to a half-day program to include three sessions where men and women discussed how diversity enhances the industry. Speakers and roundtable discussions focused on the value of a diverse environment, communicating across disciplines and leadership styles.
OTC’s annual The Next Wave program, “Building Tomorrow’s Leaders in Oil and Gas: Strategies and Ideas to Excel in the Present Day Climate,” helped young industry professionals with open communication between the generations. Attendees were able to share, learn, and network with their peers.
Exemplifying OTC’s commitment to energy education, 10 teams of local high school students participated in a new OTC Energy Challenge where they were asked to solve real-world energy challenges. This event joined programs such as the Energy Education Institute, a daylong workshop for teachers of grades 4–12, and a STEM Event for high school students.
OTC also hosted a networking event for individuals seeking to jumpstart or restart their careers. It encompassed a panel and roundtable discussions and provided attendees with resume building and interview tips.
Additionally, for the third year, OTC hosted The Rice Alliance Startup Roundup, attended by 48 emerging companies which met one-on-one with investors, allowing OTC attendees to learn more about these startups and enabling potential partnerships and investments.
The Distinguished Achievement Awards Luncheon raised USD 200,000 for its beneficiary, Oilfield Helping Hands. During the luncheon, OTC presented its 2017 Distinguished Achievement Award for Individuals to John Bomba for 60-plus years of far-reaching contributions to the offshore sector. The Distinguished Achievement Award for Companies, Organizations and Institutions was presented to LLOG Exploration Offshore, LLC in recognition of their outstanding work on the Delta House project. OTC’s Heritage Award was presented to George Conner for championing the safe development of new technologies in the Gulf of Mexico. Additionally, Art Schroeder received a Special Citation for his contributions to the industry and OTC.
More than 64,700 attendees gathered at the annual conference. 78 percent of attendees were domestic and 22 percent were international.
The exhibition floor covered 599,295 sq. ft., including outdoor exhibits. This year’s conference also had 2,470 companies exhibiting. These exhibitors represented 43 countries. Additionally, nearly 267 were new exhibitors, and international companies made up 50 percent of exhibitors.
OTC 2018 takes place 30 April–3 May 2018 at NRG Park.
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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