By Tochukwu Bliss, Abuja
Ongoing reforms in Nigeria’s oil and gas sector will help to optimise the country’s hydrocarbon resources through new investments, Renaissance Africa Energy Company Limited has said.
Managing Director, Renaissance Africa, Tony Attah, was quoted to have made the remarks during the 50th anniversary celebration of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
In a statement issued by the company’s spokesperson, Michael Adande, in Port Harcourt, Rivers State on Saturday, Mr. Attah attributed the improved environment in the petroleum sector to the implementation of key reforms by the Federal Government.
According to him, the Petroleum Industry Act, the Nigerian Oil and Gas Industry Content Development Act, and the rebranding of Nigerian National Petroleum Company (NNPC) Limited, have created a more enabling environment for growth.
He said: “Today, several things have lined up well for the oil and gas industry. We have built a critical mass of talented Nigerians across all levels of the sector. How we leverage that talent to move the country forward is in our hands.”
In his opinion, the restructured NNPCL now has a competent board and experienced management drawn from international oil companies (IOCs), thereby strengthening investor confidence.
Mr. Attah also stressed the need for oil and gas firms to maintain credible boards and competent management teams capable of withstanding scrutiny from financial institutions.
“When people give money to organisations, it is not the asset they are financing – it is the people. Therefore, let us ensure our organisations can stand that scrutiny,” he added.
The Renaissance Africa boss also encouraged industry stakeholders to emulate its strategic vision, citing its acquisition of the Shell Petroleum Development Company (SPDC’s) onshore assets on March 25, through which it plans to sustainably drive energy security and industrialisation in Nigeria.
This move also earned it the Strategic Investment in Nigeria’s Energy Future Award at the NAPE event.
NAPE President, Johnbosco Uche, commended Renaissance Energy for its ambitious plan to boost Nigeria’s oil output.
When people give money to organisations, it is not the asset they are financing – it is the people. Therefore, let us ensure our organisations can stand that scrutiny.
