• Saturday, July 20, 2024
businessday logo

BusinessDay

Platform Petroleum sees PIA changing investment climate in Nigeria’s oil sector

Platform Petroleum sees PIA changing investment climate in Nigeria’s oil sector

The investment landscape in Nigeria’s oil and gas sector has improved significantly in the past three years of the Petroleum Industry Act (PIA), according to John Anim, managing director of Platform Petroleum Limited.

Anim disclosed this while speaking at a panel session on ‘Investment Opportunities in Nigeria,’ at the Invest in Africa Energy 2024, a conference held in Paris, France.

He said security challenges were one of the major constraints in the Niger Delta but it has seen substantial improvement. He attributed past security issues to the exclusion of host communities from the benefits of oil and gas activities.

Read also: Petroleum Industry Act: Issues arising, two years after

“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 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 minimised, and the resources are shared more equitably,” Anim said.

According to him, the collaboration between communities and operators is a testament to the improved investment climate in Nigeria.

He commended the current administration’s efforts to enhance the ease of doing business, which has made the environment more welcoming to investors.

He said the collaboration ensures that operations are seamless, and is crucial for attracting further investments.

Anim also called for increased collaboration within the industry, which he identified as crucial for success in the energy sector.

He said Platform Petroleum Limited is fully positioned to attract foreign partners, secure funding to develop their assets, and ensure that the energy needs of Nigeria and sub-Saharan Africa are met.

Platform Petroleum Limited is an oil and gas company in Nigeria, committed to sustainable development and the inclusive growth of host communities. Through strategic partnerships and innovative practices, the company aims to contribute significantly to meeting the energy needs of Nigeria and sub-Saharan Africa.