{"id":26370,"date":"2020-11-18T10:29:48","date_gmt":"2020-11-18T09:29:48","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26370"},"modified":"2020-11-18T10:29:48","modified_gmt":"2020-11-18T09:29:48","slug":"nape-seeks-establishment-of-energy-bank","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nape-seeks-establishment-of-energy-bank\/","title":{"rendered":"NAPE seeks establishment of energy bank"},"content":{"rendered":"\n<p><strong>By Moses Uwagbale<\/strong><\/p>\n\n\n<p>The National Association of Petroleum Explorationists (NAPE) has called for the creation of a Special Energy Bank to finance oil and gas development projects.<\/p>\n\n\n<p>NAPE made the call in a communique issued on Tuesday.<\/p>\n\n\n<p>The communique, read Mr Kazeem Koleoso, was from the pre-conference workshop of its ongoing 38th Annual International Conference and Exhibition in Lagos.<\/p>\n\n\n<p>The conference has the theme: \u201cAccelerating Growth in Nigeria\u2019s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities.\u201d<\/p>\n\n\n<p>Expatiating on the need for the energy bank, Chief Tunde Afolabi, a former President of NAPE, said its setting up was vital to the development of the industry going forward.<\/p>\n\n\n<p>He said the bank could provide low-interest loans to operators in the sector which was very critical to Nigeria\u2019s economy.<\/p>\n\n\n<p>According to him, oil and gas companies account for between 19 and 25 per cent of loans owed commercial banks across the country.<\/p>\n\n\n<p>\u201cWe need to have a bank like the Bank of Industry or Bank of Agriculture.<\/p>\n\n\n<p>It will be beneficial to the sector because such a financial institution will understand the oil and gas business and its challenges.<\/p>\n\n\n<p>\u201d It will be able to provide funding for oil and gas projects which the country currently needs, \u201c Afolabi said.<\/p>\n\n\n<p>He also called for proper legislation and management of the industry as well as massive investment in infrastructure to reduce the cost of doing business in Nigeria.<\/p>\n\n\n<p>Mr Mele Kyari, Group Managing Director of Nigerian National Petroleum Corporation (NNPC), expressed optimism that the Petroleum Industry Bill (PIB) would be passed into law by mid-2021.<\/p>\n\n\n<p>Kyari said the bill,&nbsp;&nbsp;which was now before the National Assembly, would be the key to a clear fiscal environment for Nigeria\u2019s oil and gas industry.<\/p>\n\n\n<p>He said achieving a $10 unit cost of production of crude oil was achievable by the end of 2021.<\/p>\n\n\n<p>Kyari said it would shore up revenue accruing to government and increase the profit of oil firms.<\/p>\n\n\n<p>He said the NNPC would reinforce efforts in gas development for local consumption and export, noting that gas would be a major player as nations transit to cleaner sources of energy.<\/p>\n\n\n<p>The NNPC boss noted that there were new opportunities in the industry despite the impact of the COVID-19 pandemic, urging companies to key into them.<\/p>\n\n\n<p>He said the companies need to cut cost, increase their revenue bases, enter into strategic partnerships and share resources in order to thrive during these challenging times.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Moses Uwagbale The National Association of Petroleum Explorationists (NAPE) has called for the creation of a Special Energy Bank to finance oil and gas development projects. NAPE made the call in a communique issued on Tuesday. The communique, read Mr Kazeem Koleoso, was from the pre-conference workshop of its ongoing 38th Annual International Conference [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[134,235,126],"tags":[],"class_list":["post-26370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-free-trade-zone","category-resources","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAPE seeks establishment of energy bank - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/nape-seeks-establishment-of-energy-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAPE seeks establishment of energy bank - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Moses Uwagbale The National Association of Petroleum Explorationists (NAPE) has called for the creation of a Special Energy Bank to finance oil and gas development projects. 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