Nigerian energy sector is transitioning from various fronts – HEOSL CEO

Heritage Energy Operational Services Limited (HEOSL) has called  on stakeholders in the Nigerian energy sector to rise to the challenges of multiple transitions in the domestic  industry.

The company which operates the Oil Mining Lease (OML) 30 for Nigerian Petroleum Development Company (NPDC) and its partners noted that critical matters that shape trends in energy choices, investments and commercial operations require the industry reposition for transition.

Chief Executive Officer, Mr Ado Oseragbaje, tasked industry leaders, policy makers, regulators, and other key stakeholders evaluate critical matters affecting the industry and evolve measure for advancement and development.

Mr Oseragbaje who delivered special remarks at the Strategic International Annual Conference of the Association of Energy Correspondents of Nigeria (NAEC) noted that changes in the domestic energy industry regulations also coincide with change dynamics in the global industry stage.

“As the world seeks to transition to net zero emission in 2050, the Nigeria energy industry continues to engage to identify its place in the global scheme of things. The conversation of energy transition has many faces for our country,” he pointed out.

According to Mr Oseragbaje, “transitioning from one form of energy to a cleaner form, transition from one form of industry governance to another, transitioning from one fiscal regime to another as well as the key issue of transitioning from one form of stakeholder engagement paradigm to another as represented by the statutory provisions of the Petroleum Industry Act of 2021” require concerted response from stakeholders.

“As Africa’s largest economy and the 6th largest exporter of crude oil in the world,” he pointed out, “we cannot over discuss these subjects that portend significant implications for the industry which is the mainstay of our economy.”

He pledged the commitment of HEOSL to sustaining the platform for strategy evolution as the sector undergoes different stages of transition. He made it clear that conditioning the operating environment for commercial efficiency would also raise the potentials of the company in delivering greater values from the assets it operates.

“I encourage you all to consider effectively defining the Nigerian narrative on the energy transition, with focus on energy security, financial and production sustainability as well as how to address the security issues affecting the productivity of the industry.

“I also encourage you to explore the roles each stakeholder could play in making a success of the statutory provision in the PIA for the benefit of all,” he tasked the conference delegates.

HEOSL is the operator of the OML 30 Joint Venture between the NNPC E &P Limited and Shoreline Natural Resources Limited, a prolific asset with huge potentials for contributing to the nation’s daily oil and gas output.