Worried about the dearth of quality investment in the nation’s oil and gas sector and the need to attract more investments, the Chief Executive Officer of Heritage Energy Operational Services Limited (HEOSL), Ado Oseragbaje, has retreated that good regulatory framework, peaceful atmosphere, sustainable and protected legal environments will surely attract quality investment in the nation’s energy sector.
He stated this while speaking at a panel session during the 2023 annual strategic international conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos, with the theme, “Nigeria’s Energy Transition: Enhancing Investment Opportunities & addressing challenges in Energy Sector”.
The CEO, who was represented by Sola Adebawo, General Manager, Government, Joint Venture, and External Relations, stated that capital is always attracted to places where it is welcomed, emphasising that difficult investment, regulatory, and unprotected legal environments would drive investment away.
He suggested that the government should strengthen the ease of doing business and provide a legal and policy framework that provides predictability in terms of the investment cycle to attract investors.
Adebawo also mentioned that the fiscal regime is a major policy issue that has been addressed in the Petroleum Industry Act (PIA) but called for more clarity and the government’s commitment to proper implementation.
He noted that the PIA is giving attractive tax regimes that are likely to enhance and invite investment but stated that the policy must protect investors in such a way that would ensure that investment funds are recoverable.
He also stressed the need to make business entry attractive and reducing the bottleneck of business registration in Nigeria would help attract investors into the country.
“We need to intentionally position Nigeria’s investment landscape in such a way that it is attractive to foreign capital,” Adebawo said.
Responding to women’s inclusion in the company, he noted that ‘these are indeed the best of times for women Petrotechs and allied professions in their organisation, affirming that women constitute over forty percent of his top Leadership Team. This is a laudable achievement in an industry that vaunts itself on its “manliness.”
Adebawo further expatiated by saying the company is an inclusive organisation. “We are a non-discriminatory company that provides career opportunities and an inclusive environment for competent and committed individuals of both sexes to be and give their best,” he said.
He added that HEOSL is the operator of OML 30 Joint Venture between the NNPC Exploration and Production Limited (NEPL) and Shoreline Natural Resources Limited (SNRL), a prolific asset with huge potentials for contributing to the nation’s daily oil and gas output.
In response to the topic of discourse, Adebawo pledged his company’s commitment to support the Nigerian government’s efforts to improve investments in the gas value chain.
He said: “In keeping with the global energy transition and the need for cleaner sources of energy, HEOSL views gas as an important immediate transition fuel to lower the Nation’s carbon emission footprint in line with our climate change commitment and is working with OML 30 JV partners to sanction a gas monetisation project.”
The one-day Conference exhaustively discussed how best to overcome the headwinds confronting investors in Nigeria’s Energy Transition and the necessary steps to motivate foreign direct investment into the oil and gas industry.
Also speaking were experienced industry value chain stakeholders from regulators to operators as well as off-takers. Notable among them were Austin Avuru, Executive Chairman, AA Holdings; Akachi Nwokedi, President, Nigerian Gas Association;
Professor Omowumi O. Iledare, Professor of Petroleum Economics and Policy Research and the Director of the Energy Information Division of the Centre for Energy Studies; Mrs. Audrey Ezeigbo, MD/CEO Falcon Group; Abel Nsa, Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and others.
Heritage Energy Operational Services Limited (HEOSL) is an affiliate of Heritage Oil Limited, an equity owner in SNRL OML 30.
