- urges faster project execution, regulatory certainty to unlock oil, gas resources
By Adewale Sanyaolu
Nigeria risks losing out in the intensifying global competition for oil and gas investment unless it sustains reforms, improves its competitiveness and accelerates the conversion of investment opportunities into producing projects, the Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo), Ronald Adams, has warned.
Adams, stated this while delivering his keynote address at the Africa Energy Conference organised by Lagos Business School with theme:“Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market.” not
He said the country’s vast hydrocarbon resources would not automatically translate into economic prosperity without sustained investment, technological advancement, sound policies and effective implementation of reforms.
Adams pointed out that global capital was moving towards markets offering greater competitiveness, regulatory certainty and the capacity to execute projects efficiently.
“The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today,” he said.
Adams noted that although Nigeria had begun the reform process, the challenge was to sustain the momentum and ensure that policy changes translated into new investments, higher production and broader economic benefits.
“Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity,” he added.
He identified regulatory certainty, an attractive investment environment and stronger collaboration among operators, regulators, Nigerian National Petroleum Company Limited (NNPC) and host communities as critical to unlocking the country’s oil and gas potential.
According to him, efficient implementation of reforms would provide investors with the confidence to commit capital, while a more attractive investment environment would help move projects more quickly from the planning stage to production.
“Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth,” Adams said.
Nigeria has continued to position its oil and gas industry for increased investment, but Adams’ remarks highlight the importance of policy consistency and execution in attracting the capital required to develop new projects and maximise the value of existing assets.
He cited Shell’s more than six decades of operations in Nigeria as evidence of the role that technology, partnerships and local capabilities could play in developing the country’s energy resources.
According to him, the Bonga deepwater project demonstrates what can be achieved through the combination of technology, partnership and Nigerian expertise, while the Bonga North development represents a continuation of that investment story.
Adams pledged Shell’s continued support for Nigeria’s energy industry, stressing that collaboration among industry stakeholders would be essential to building a sustainable energy future for the country.
The conference attracted government officials, industry executives, energy professionals and students. Lagos State Deputy Governor Obafemi Hamzat represented Governor Babajide Sanwo-Olu as the guest of honour.
SNEPCo was a principal sponsor of the conference and showcased its deepwater operations and social investment programmes across Nigeria.
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