Nigeria’s ability to attract fresh investment, expand hydrocarbon reserves and increase crude oil production will depend largely on sustained reforms in the oil and gas industry, Shell Nigeria has said.
The Executive Vice-President and Country Chair of Shell Nigeria, Elohor Aiboni, said ongoing fiscal and regulatory reforms were critical to improving the investment climate and unlocking the country’s vast petroleum resources.
Aiboni made the remarks in a goodwill message at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
She said recent reforms had strengthened investor confidence, improved the competitiveness of Nigeria’s deepwater sector and positioned the country as a more attractive destination for long-term energy investments.
According to her, the fiscal and regulatory incentives introduced by the Federal Government represent positive steps towards creating an enabling environment for increased exploration and production activities.
She stressed the need for stronger collaboration among government institutions, regulators and industry operators to translate the reforms into higher production and increased reserves.
“We look forward to deepening our partnership with NAPE, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), government and industry stakeholders.
“This will enable us to unlock more barrels, grow reserves, attract investment and deliver greater value for Nigeria,” she said.
Aiboni described the conference theme, “Unlocking More Barrels: Driving Reserves Growth through Exploration, Local Capabilities and Adaptive Technology,” as timely, noting that it reflected the industry’s priorities of strengthening energy security, attracting investment and maximising Nigeria’s petroleum potential.
She also commended NAPE President, Olajumoke Ajayi, and her leadership team for providing a platform for stakeholders to address challenges affecting exploration, reserves growth and sustainable investment.
The Shell executive further acknowledged the NUPRC’s efforts to increase Nigeria’s hydrocarbon production and reserves, noting that its engagement with operators was helping to improve the operating environment.
Earlier, Ajayi recognised Aiboni’s achievements as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), while wishing her success in her current position.
The five-day conference attracted geoscientists and petroleum industry professionals from Nigeria and other countries.
Shell, a principal sponsor of the event, showcased its operations in Nigeria through an exhibition stand. Aiboni led a delegation, including the Special Adviser to the President on Energy, Olu Verheijen, on a tour of the exhibition.
