Oil & Gas
PLATFORM Petroleum Limited has applauded the positive impact of the Petroleum Industry Act (PIA) on Nigeria’s oil and gas sector.
During the “Investment Opportunities in Nigeria” panel session at the “Invest in Africa Energy 2024” conference held in Paris, France, John Anim, managing director of Platform Petroleum Limited, said that the PIA has significantly improved the investment landscape since its enactment three years ago.
Anim highlighted that one of the major constraints in the Niger Delta is security challenges, which has seen substantial improvement. He attributed past security issues to the exclusion of host communities from the benefits of oil and gas activities. The PIA’s focus on including these communities as major stakeholders has effectively transformed the landscape by making host communities major stakeholders through the Host Community Development Trust.
“We have observed a remarkable shift in community relations. Three different communities that previously resisted our operations are now inviting us to explore oil and gas opportunities. This change is driven by the positive outcomes seen in other communities where the Host Community Development Trust has been implemented. The inclusion of host communities has ensured that environmental impacts are minimized, and the resources are shared more equitably,” Anim said.
He emphasized that the collaboration between communities and operators is a testament to the improved investment climate in Nigeria and commended the current administration’s efforts to enhance the ease of doing business, which has made the environment more welcoming to investors.
“The collaboration ensures that operations are seamless, and this is crucial for attracting further investments.”
Anim also called for increased collaboration within the industry saying that “partnership and collaboration are crucial for success in the energy sector. No company can operate in isolation”, adding that Platform Petroleum Limited is fully positioned to attract foreign partners and secure funding to develop their assets, to ensure that the energy needs of Nigeria and Sub-Saharan Africa are met.
A.I
MAY 20, 2024 @ 19:10 GMT
Tags: Platform Petroleum praises PIA for transforming investment climate in Nigeria’s oil
