VP Osinbajo to speak at LCCI’s 55th OPTS anniversary

Vice President Yemi Osinbajo, will this Thursday, deliver a keynote address at a business event to celebrate the 55th anniversary of the Oil Producers Trade Section (OPTS), of the Lagos Chamber of Commerce and Industry (LCCI), in Lagos.

The OPTS is the oldest and foremost sectorial group for operators in the upstream oil and gas industry in Nigeria.

The event with the theme ‘‘Nigeria- An Investor Friendly Destination’’ is meant to discuss strategies required to attract investments in the upstream oil & gas Industry as well as showcase the OPTS and its achievements since inception in 1962.

A statement from the OPTS Secretariat which quoted the OPTS Chairman, and Managing Director and Chief Executive of Shell Petroleum Development Company of Nigeria Limited (SPDC), Mr. Osagie Okunbor, as saying that the event, apart from commemorating OPTS’s 55th anniversary, is meant to help attract more investment to the country’s Upstream Oil & Gas industry.

“The upstream oil & gas industry is very important to our country as it generates up to 90 per cent of our foreign exchange earnings. So it is one of the most important sectors of our economy and we want to build an OPTS group that is well-placed to contribute to policies and laws that ensures that this sector of our economy works very well,” Okunbor stated.

He added that OPTS member-firms are proud of their achievements and contributions to the Nigerian economy over the years and are ready to contribute to the continued growth of the industry and Nigeria despite the current challenges in the global markets.

Aside from the Vice President, a number of other notable speakers from Nigeria and the global energy sector are also billed to attend the event. They include the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, the Minister of Trade & Investment, Dr. Okey Enelamah, the Chairman of Dubri Oil and first indigenous Chairman of OPTS, Dr. Uduimo Itsueli, Dr Tim Okon, Special Adviser, Fiscal to the Hon. Minister of State, Petroleum Resources, Mr. Bismarck Rewane, Managing Director and Chief Executive, Financial Derivatives Company Limited and the Leader, McKinsey Oil & Gas Practice, Europe, Middle East & Africa, Mr. Occo Roelofsen.

The OPTS is a sub-group of the Lagos Chamber of Commerce & Industry (LCCI) and is an umbrella association for local and foreign-owned companies registered in Nigeria who hold an Oil Prospecting License (OPL) or Oil Mining License (OML).

From an initial 3 member-firms at inception, the OPTS has grown to 27 members, including some of the leading names in the Nigerian Upstream oil and gas industry and its members account for over 80 per cent of the production volumes in the industry.

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