Oando Hails Regulators For Taking Crucial Decisions To Improve Energy Sector
Oando Plc, Nigeriasleading integrated energy company listed on the Nigerian Exchange., NGX and Johannesburg Stock Exchange, joined industry peers at the Nigerian Upstream Regulatory Commissions NUPRC third anniversay to hail the regulators for taking crutial decisions to improve the energy sector.
The landmark event was graced by President Bola Ahmed Tinubu, ably represented by Senator George Akume, Secretary to the Government of the Federation Senator Heineken Lokpobiri, Honourable Minister of State Petroleum Resources Oil Right Honourable Ekperikpe Ekpo, Honourable Minister of State Petroleum Resources GasMele Kolo Kyari, Group Chief Executive Officer GCEO, Nigerian National Petroleum CorporationLimited NNPCL amongst other dignitaries.
Managing Director, Oando Energy Resources Nigeria Limited OERNL, Dr. Ainojie Alex Irune gave credit to the regulators, NUPRC and NNPC, for their critical steps taken to revitalise the Nigerian energy sector. For the first time in our nations history, we have witnessed a regulatory body actively promoting business transformation rather than simply enforcing regulations. The NUPRC has established ambitious goals for the industry, and it is incumbent upon industry players to implement the necessary business and operational changes to achieve these objectives.
Furthermore, we have witnessed a revitalised NNPC that has implemented significant changes, particularly withregards to personnel and decision-making. These decisive actions are crucial for the companys, andby extension, the sectors, continued success. Without such measures, the undesired status quo would likely have persisted. Dr Irune remarked.
Dr Irune believes that to maximise their ability to meet their set target and efficiently evacuate what is produced, key stakeholders, particularly the Government, have a responsibility to tackle the issues of security and incessant vandalism beforeany key conversations arise. He mentioned the pipelines are in their current state due to several factors of which security and interruption issues through vandalism are the most prevalent. In light of this, he proposes that the only way to resolve these challenges andproduce sustainable results is through the alignment of all the key stakeholders along the value delivery chain We need to prioritise process and production safety over quick wins and the continuous belief perspective of value firstotherwise, all our ambitions to produce millions of barrels will be set to fail from the start, Dr Irune added.
