The Petroleum Club Lagos End of Year Party

The Petroleum Club Lagos cordially invites you to her

End of Year Party

DATE: Saturday 16th December 2023

VENUE: Banwo & Ighodala Rooftop Garden, 45 Awolowo Way, Ikoyi, Lagos

TIME: 6pm – 9pm

GUEST SPEAKER: Ademola Adeyemi Bero


Monthly Industry Recap for November

I hope this message finds you well.

We are pleased to present the latest edition of our monthly newsletter, highlighting key developments in Nigeria’s oil and gas sector for the month of November 2023.

This edition brings you a diverse range of topics that touch upon vital aspects of our sector. From President Bola Tinubu’s strategic appointments in the Nigerian National Petroleum Company Limited (NNPCL) to Argentina’s interest in exploring Nigerian gas fields, and other news items reflecting key policy decisions, industry collaborations, and strategic investments– each news item has been carefully curated to provide you with a holistic understanding of our industry’s current state and future prospects.

We hope you will find the attached compilation of news updates helpful and welcome any comments that you may have.

Thank you for your continued support.

Petroleum Club Lagos First Quarter Dinner 2023

The Petroleum Club Lagos cordially invites you to her

First Quarter Dinner 2023 – A Special Oil Industry Dinner

Date: Thursday 16th February 2023

Venue: Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos

Time: 6pm – 9pm





Poor management, bane of Nigeria’s power sector – Fashola

The Minister of Power, Works and Housing, Babatunde Raji Fashola, has insisted that the challenges facing the power Sector is not technical but manmade, The Guardian reports.

Speaking at a dinner organised by the Petroleum Club in Lagos last week, he clarified, “some people have said because I am not an engineer is the reason for continued power instability. But many people have served before me that are engineers and the challenges in power are still there, though I acknowledge their efforts.” He added; “Most of the problems in the sector are not engineering but manmade. For instance, we have a situation where close to 900 containers that have switches, feeders, control units meant for the power plants are trapped in our own ports for almost a decade.”

In addition, he said: “today, the power is largely controlled by the private sector, that is the Distribution Companies (Discos) and the generating companies (Gencos)[…]so if we are not generating or distributing power, whose fault? Government is only the manager of the transmitting company.” He continued, “The problem is also a value chain issue; you don’t solve one and leave the other. If Nigerians understand the situation on ground, they will be more considerate in their assessment and work with us to get there.”

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Kachikwu: Nigeria to Pay IOCs $5.1bn Discounted Cash Call Debt in Five Years

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday disclosed that the discounted $5.1 billion cash-call debt owed International Oil Companies (IOCs) by Nigeria over a long period would be paid off within five years. Although Kachikwu did not state when the repayment would begin, he however stated that the repayment timeline was part of the concessions Nigeria got from the IOCs for discounting a whopping $1.7 billion from the cash-call arrears.

He recently disclosed at the 72nd National Economic Council (NEC) meeting that through negotiations with the IOCs, the $6.8 billion past due cash-calls burden on the federation was reduced to $5.1 billion, to be paid on an improved oil output.

Speaking after declaring open the inaugural meeting of the National Council on Hydrocarbon in Abuja, Kachikwu also said within the agreement, the payment from incremental oil production will not affect Nigeria’s budget production benchmark of 2.2 million barrels per day (mbd).

He added that the discount translates to almost N8 billion in savings to the country.
“The first concession obviously is the fact that the country got a discount of $1.7 billion, and that is going to be paid over a period of five years and it will be paid from incremental volume of production and so we are not lynching into our 2.2mbpd to be able to pay for that.

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Sola Adepetun

Sola Adepetun

Sola is a Senior Partner in the Energy and Project Finance practice group of Adepetun Caxton-Martins Agbor & Segun (now Dentons ACAS-Law), which he co-founded in 1991.

In his 39-year career, Sola is renowned in the Nigerian Oil and Gas industry as an expert in oil and gas law and has considerable experience across a wide range of energy focused matters. He represents clients locally and internationally on multi-party transactional matters ranging from corporate structuring and re-structuring, mergers and acquisitions and regulatory compliance with a focus on oil and gas.

Sola is the recipient of a number of accolades, recognizing his excellent leadership quality and thought leadership. In 2016, he received the Lifetime Achievement Award in Africa for his sustained commitment to building the “Cape to Cairo” oil and gas industry. In 2019, he also received the award for Business Lawyer of the Year from the Nigerian Legal Awards. He has been listed in “Band 1” as one of the leading Nigerian Energy and Natural Resources Lawyers in the last 15 (fifteen) editions of the Chambers Global Guide, the World’s Leading Lawyers. He was listed as a ‘ Global Elite Thought Leader’ in the Who’s Who Legal: Global Elite 2019 and 2021 editions. He has been listed in the last 10 (ten) consecutive editions of ‘Euromoney’s Guide to the World’s Leading Energy and Natural Resources Lawyers’ as an expert and leading legal practitioner. Sola has also been described as a “leading lawyer” in the 2019, 2020 and 2021 editions of the ‘IFLR 1000’ directory under the Energy and Infrastructure, Project Development, Project Finance and Tax industry sectors. The ‘Chambers Global Guide’ labels Sola as “the foremost practitioner in upstream processes” in Nigeria, “one of the leaders of the field” and “a standout lawyer for energy work” and records that his clients regard him as “a top-notch lawyer”.

He currently serves in several leadership positions, including as the Chairman of the board of directors of Standard Chartered Bank Nigeria.