Heritage Energy advocates for ESG practices in oil and gas industry

Fri Aug 09 2024

Photo caption: Revd. Sola Adebawo, delivering the Sponsors message during the Topical Issues workshop at the ongoing Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (Nigeria council), on Monday, 5th august, 2024 at the Eko Hotel & Suites, Lagos.

Ado Oseragbaje, CEO, Heritage Energy Operational Services Limited, Operator of the OML 30 Joint Venture between NNPC E & P Limited (NEPL) and Shoreline Natural Resources Limited (SNRL) has advocated very strongly for the adoption of Environmental, Social and Governance (ESG) practices for the sustainability of the Oil and Gas industry in Nigeria.

The CEO, who was represented by Reverend Sola Adebawo, General Manager, Government, Joint Venture and External Relations made the charge during his speech as one of the sponsors of the topical issue workshop titled: “The outlook of the Nigerian oil and gas industry, Post IOC Divestment and Exits: Challenges and Opportunities”, at the Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (Nigeria council), on Monday, 5th august, 2024 at the Eko Hotel & Suites, Lagos.

According to him, “It has become imperative for oil companies to comply with Environmental, Social and Governance (ESG) factors, and adopt sustainability as a default way of operating to be able to explore and produce hydrocarbon in Nigeria.”

The CEO reiterates his company’s commitment to ESG practices. “We are committed to operating in an environmentally responsible, socially inclusive, and ethically sound manner. Our ESG Charter outlines our core principles and approach to Environmental, Social and Governance matters and serves as a foundation for our ESG strategy and our guide to operating in a responsible and sustainable manner.”

Photo caption: from left: Revd Sola Adebawo and other Sponsors/Panelists during the Topical Issues workshop at the Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (Nigeria council), on Monday, 5th august, 2024 at the Eko Hotel & Suites, Lagos

The CEO re-affirms his belief in Nigeria as a prime place in the global energy landscape saying that if some of the over 200 TCF of gas is sustainably produced, it would help Nigeria through the clean energy transition and enable her fill the gap left by declining oil. “Gas, will play a huge role in the future and at Heritage Energy. “We are putting plans in place to ensure a secure, affordable and sustainable gas production process through our gas monetisation programme to meet some of the growing demands for gas,” he said.

Indeed, ESG is the way to go. Nigeria has committed to net zero by 2060 and along with several other African countries, has also committed to restricting methane emissions, halt and reverse forest loss, phase out coal, and end international financing for fossil fuels. Any company that does not make ESG factors intrinsic to its operations will not be able to survive the legislations put in place by the government in line with its climate change commitments.

ESG is all about sustainability and it has been defined by the United Nations as that development that “meets the needs of the present without compromising the ability of future generations to meet their own needs.” This concept of sustainable development aims to sustain economic advancement and progress while protecting the long-term value and integrity of the environment. This can only be achieved through the integration of economic, environmental, and social concerns throughout the decision-making process for Oil and Gas exploration and production.

We need the money from oil and industries to drive our development no doubt. However, as we undertake our businesses, regardless of our field of human endeavour, we should borrow a leaf from Heritage Energy’s CEO, who concludes, “We believe that strong ESG practices are not only essential for protecting the environment and supporting our communities but also contribute to our long-term business success.”