Nigeria reforms to attract oil, gas funding – Renaissance Energy

Renaissance Africa Energy Company Limited has stated that stakeholders in Nigeria’s oil and gas sector are now better positioned to optimise the nation’s hydrocarbon resources.

Mr Tony Attah, Managing Director of the company, made this known in a statement by the company’s spokesperson, Michael Adande, in Port Harcourt on Saturday.

Attah gave the remarks during the 50th anniversary celebration of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

Represented by Renaissance’s Executive Vice President, Mr Olusegun Banwo, Attah attributed the improved environment in the sector to the implementation of key reforms by the Federal Government.

According to him, the Petroleum Industry Act (PIA), the Nigerian Oil and Gas Industry Content Development Act, and the rebranding of NNPCL have created a more enabling environment for growth.

“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,” he said.

Attah explained that the restructured NNPCL now has a competent board and experienced management drawn from international oil companies, thereby strengthening investor confidence.

The managing director emphasised 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.

Attah encouraged industry stakeholders to emulate Renaissance Energy’s strategic vision, citing its acquisition of Shell Petroleum Development Company’s onshore assets on March 25.

He disclosed that the company plan to sustainably drive energy security and industrialisation in Nigeria.

In his remark, Mr Johnbosco Uche, President of NAPE, commended Renaissance Energy for its ambitious plan to boost the nation’s oil output.

9news Nigeria reports that Renaissance Energy received the Strategic Investment in Nigeria’s Energy Future award at the event.