Oil and gas joint venture says it has set PIA benchmark in industry

…Says it is focused on helping host communities find role in PIA

…As Green Energy International/Lekoil Limited and Gas Investment Limited unveils N500m project fund in Oceanic town

Most oil/gas communities in the oil region seem to be unsure where to hold a grip on the much-delayed Petroleum Industry Act (PIA) that took 20 years to enact. Others are said to be busy scoffing at the 3% allocation for communities in the Act.

Instead, Green Energy International/Lekoil Limited and Gas Investment Limited Joint Venture says it has set benchmarks in the industry in the PIA era for other hydrocarbon industry players.

It says it is focused on the leading role of helping the host communities create their trust funds and draw down their 3% and start execution of projects. The company says it believes that running into action with the PIA would be of higher benefit to host communities.

The joint venture said in a statement at the unveiling of the executed projects in Ikuru town in Andoni local council area that various projects lined up by the Host Community Trust Fund (HCTF) is up to N500m.

In the statement, Olusegun Ilori (Esq), the Executive Director, Legal and Corporate Services, said the joint venture was acting in line with their commitment to the PIA by actively engaging with host communities to raise awareness about the PIA, conduct needs assessments, and develop the Community Development Plan.

“This effort culminated in the establishment of HCDTs approved by the Nigerian Upstream Regulatory Commission (NUPRC) and registered with the Corporate Affairs Commission (CAC) as Ikuru Town Host Community Development Trust, Ugama Ekede Host Community Development Trust, Ayama Ekede Host Community Development Trust, Asukama Host Community Development Trust, and Asukoyet Host Community Development Trust.”

According to the Executive Director, “Through these trusts, Green Energy International Limited & Lekoil and Gas Investment Limited Joint Venture (Otakikpo JV) has set a benchmark for other exploration and production companies by fulfilling all requirements for establishing HCDTs.
“We are funding these trusts through our 3% OPEX remittances to support development projects outlined in the Community Development Plan.”

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On Tuesday, December 3, 2024, the company announced several ongoing projects running into millions of naira in their host communities under the HCDTs, one of which is the Ikuru Town Water project costing over N500 million.

He said: “The first phase of the water project will cost approximately ₦150m. GEMARK Construction Limited is handling two major water drilling operations at a cost of ₦105m, while PEEMAN Integrated Services will be responsible for constructing the facility house at an estimated cost of ₦47m. The second and third phase of the project will be announced soon.”

He said the expected completion date for this phase is December 2024. “Additionally, we are implementing non-infrastructural initiatives that focus on administering scholarships and bursaries aimed at empowering students in our communities.

“Through these initiatives stemming from our Community Development Plan, Green Energy International Limited is committed to contributing to the UN Sustainable Development Goals by facilitating sustainable interventions that support livelihoods within our communities.”

Green Energy International Limited (GEIL) & Lekoil and Gas Investment Limited Joint Venture thus said they were proud to announce the flag-off of a vital water project and the commissioning of newly renovated school buildings and other facilities in Ikuru Town community, marking a significant milestone in our commitment to corporate social responsibility and community development.

“As part of our ongoing efforts to positively impact the host communities in Andoni Local Government Area of Rivers State and beyond, the joint venture has successfully completed the renovation of key educational facilities under the Ikuru Town Host Community Development Trust (HCDT).

“This initiative is part of a comprehensive Community Development Plan developed in collaboration with local stakeholders. The projects include a UBE six-classroom block, principal’s quarters, a state-of-the-art laboratory building, a generator house, and modern toilets at Ayama/Okama.

“The renovations were carried out by Lewendo Limited and Peeman Integrated Services, ensuring high-quality standards that create a conducive learning environment for primary and secondary school students, fostering academic excellence and supporting the educational aspirations of the community.”

In addition to these infrastructure improvements, the company went on, the joint venture is committed to providing scholarships and bursaries for undergraduate and postgraduate students. “Through these initiatives, we empower young scholars by offering them opportunities to achieve academic success and contribute meaningfully to society.

“The structure and processes of GEIL’s social responsibility programme are focused on maximizing value across our host communities, including Ikuru Town, Ugama Ekede, Ayama Ekede, Asukama, and Asukoyet. The transition from the MoU regime to the HCDT has established a legally backed framework for sustainable community development.”

Since inception, the Executive Director stated, GEIL and Lekoil have strived to create shared prosperity while building trust and promoting social development initiatives. Our core thematic areas include direct social investment programmes aimed at addressing development deficits through the empowerment of women and youth, capacity building, health outreach, scholarships, community contracts, infrastructure development, and poverty alleviation programmes.”