Amid the backdrop of challenges plaguing the oil and gas sector, the Executive Director of Oando PLC and Chief Operating Officer of Oando Energy Resources, Dr Ainoje Irune, has expressed deep concerns regarding the state of the sector, emphasising the need for prompt actions.
Irune, who stressed that the sector is in an emergency state, called for an end to yearly vain deliberations on the same challenges, emphasizing the necessity for more immediate and focused actions to address the challenges.
Irune who made the call during a plenary session at the ongoing seventh edition of the Nigerian International Energy Summit (NIES), said the call reflects a growing consensus on the urgency for practical measures to navigate the complexities facing the sector.
Highlighting the urgency of the situation, he said the time for deliberations has passed and that immediate actions are imperative. The call to halt yearly discussions signalled a plea for a more dynamic and responsive approach, with a focus on tangible solutions that could mitigate the pressing issues affecting the sector.
“The entire oil and gas sector is in a state of emergency; we can dance around the issues, talk about an approach but we have to act now. The last time I was on the stage I spoke about being impatient about developing our oil and gas sector and creating value for people. Today we face something as simple as a currency escalation and the one single industry that can provide the buffer and the foundation to support is ours,” he said.
He emphasized that the responsibility was on everyone, whether as business owners or government regulators, acknowledging that the current challenges should have been addressed two decades ago.
He highlighted the urgency of confronting issues currently grappling with, as history will document this era, and everyone needs to contribute positively and leave a commendable legacy.
Speaking on local value creation, he explained that when assets are transitioning to independent local producers, it ensures value control.
