The Group Managing Director and CEO of UTM Offshore Limited (UTMOL) Julius Rone, OFR, is often likened to a fine wine that improves with age; an analogy that captures the essence of his remarkable career in the Nigerian energy industry.
Just as some wines become more appealing and sought-after over time, Rone has grown in stature and influence with each passing year of his extensive career.
His path to success includes series of ventures that have significantly contributed to the region’s business growth. Surely, the strings of industry awards that litter his ornate office and home serve as testament of his success story in the sector.
Again, last Thursday the gas guru, fondly called King of gas by friends and admirers, was honoured at the Ladi Kwali Hall, Abuja Abuja Intercontinental Hotel, by the Nigeria Oil and Gas Forum.
The award recognizes a trailblazer whose vision, dedication, and innovation continue to redefine excellence in the industry.
Now in its second edition, the prestigious event attracted industry leaders, investors, regulators, and captains of industry, all gathered to celebrate the outstanding contributions shaping Nigeria’s energy landscape.
Organisers expressed pride in recognizing the trailblazers whose achievements embody the spirit of excellence and innovation.
Speaking on behalf of Engr Gbenga Komolafe (NUPRC), Dr. Kelechi Ofebu, executive commissioner, corporate service of the Commission emphasized the crucial role of the oil and gas industry in addressing national challenges.
He highlighted its impact on economic growth and development, reaffirming the importance of celebrating those driving positive change.
At the event, outstanding individuals were honored with various award categories for their significant contributions to the growth and development of the oil and gas industry, as well as other key sectors of the economy.
Others awardees in attendance were the Chief Executive Officer (MD/CEO) of the Oil and Gas free Zones Authority,(OGFZA), Bamanga Jada Usman, Engr Gbenga Komolafe, Chief executive Nigerian Upstream Petroleum Regulatory Commission (NUPRC), among others.
A key highlight of the evening was the official launch of Energy Express Magazine, a new publication dedicated to spotlighting the achievements of regulators, industry players, and investors in the oil and gas sector.
Speaking during the unveiling, Rone emphasized that Energy Express Magazine will serve as a powerful platform to showcase and celebrate the achievements of individuals who have excelled in the oil and gas industry.
Industry experts and stakeholders at the event emphasized the need for continued investment in the oil and gas sector, calling for policy reforms, infrastructure development, and value-added initiatives to sustain growth and global competitiveness.
The Nigerian Oil and Gas Awards Night once again reinforced its status as a platform for recognition, innovation, and strategic collaboration, setting the tone for a brighter, more sustainable future in Nigeria’s energy sector.
Nigeria’s leading energy firm Oando plans to raise up to $750 million this year for a drilling campaign that could boost output by 300%, tapping improved investor appetite for West African producers amid turmoil linked to the Iran war, the Group Chief Executive of the oil firm, Jubril Adewale Tinubu, CON, told Reuters recently in an interview.
The oil and gas company is among a handful of local companies that have snapped up assets from oil majors in the past decade as they exit Nigerian onshore. This year, surging energy prices should open more funding sources for producers in the region, Tinubu said.
We are pushing very, very hard towards getting the financing that we need to do an extensive drilling campaign,” Tinubu told Reuters.
Nigeria is Africa’s biggest oil producer with crude and condensate output of around 1.6 million barrels a day.
Oando, whose production averaged just over 32,000 barrels of oil equivalent per day in fiscal 2025, aims to drill as many as 100 wells to boost output, particularly from assets purchased from Western majors ConocoPhillips and Eni.
While in the past the company had struggled with securing cash for drilling due to investor worries that Africa was an “unsafe environment”, the Iran war and Russia’s invasion of Ukraine in 2022 have shifted that view, Tinubu said.
“Africa is very, very peaceful compared to these regions,” he said.
Already, Tinubu said there was a shift in demand for Nigeria’s crude, with more cargoes sailing to Asia to replace Gulf oil trapped due to the closure of the Strait of Hormuz.
FUNDING SQUEEZE FROM EUROPE
Oando has raised $3 billion-$4 billion in the past decade, much of it from European banks, the GCE said, the bulk of which went toward acquisitions.
European banks had now almost completely withdrawn from African hydrocarbons due to climate concerns, he said, pushing Oando to funders including the African Export-Import Bank and the African Finance Corporation, and to oil trading houses including Vitol, Trafigura, Glencore and Mercuria.
However, Africa needed more “substantial long-term funding”, he added.
More Gulf banks were interested in hydrocarbon projects in Africa and more parties were joining their syndications, while private equity funds and hedge funds were also more active in funding African energy, he said.
Oando recently expanded into Angola, and Tinubu said they are exploring opportunities in Ghana and Ivory Coast. Africa should pool capital available at home, via pension funds and other sources, to fund large-scale capital projects, he added.
Geopolitical turmoil will have “long-reaching strategic implications for global energy security”, he said, and keep focus on West Africa’s reserves.
“Even if the ceasefire lasts, which, hopefully it will, it wouldn’t change the fact that consistently, you’re going to find disruptions,” he said.
GASOLINE EXPORTS, BUSINESS OPPORTUNITIES
Nigeria, Tinubu said, is well placed to draw funding after a landmark 2021 overhaul of its hydrocarbon law and reforms by current President Bola Tinubu, his uncle, to currency and costly petrol subsidies.
The new 650,000 barrel-per-day Dangote Oil Refinery on the outskirts of Lagos, Tinubu said, highlighted the value of Nigeria’s resources.
Tinubu, whose company was once among the nation’s largest fuel importers, said imports were now only needed to test for pricing or during refinery maintenance.
Longer term, Tinubu hopes to exploit some of Oando’s own gas production for petrochemicals and fertilizers to further boost the value added to Nigerian resources.
The company was working to “streamline” financials to avoid further delays in filing audited statements with the Nigerian Exchange after deadline extension in recent years.
In August, Oando’s board signed off on a proposal to launch a multi-instrument issuance programme of up to $1.5 billion.
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