Heritage Energy advocates ESG practices in oil and gas industry
Heritage Energy Operational Services Limited has advocated very strongly for the adoption of environmental, social and governance (ESG) practices for the sustainability of the petroleum industry in Nigeria.
Chief Executive Officer, Ado Oseragbaje, stated that it has become necessary for operating firms to adopt sustainability as a default way of operating to be able to explore and produce hydrocarbon in Nigeria.
Heritage is the operator of the OML 30 Joint Venture between NNPC E & P Limited (NEPL) and Shoreline Natural Resources Limited (SNRL).
Oseragbaje’s remarks were delivered by the company’s was represented by the company’s General Manager in charge of Government, Joint Venture and External Relations, Reverend Sola Adebawo, at the ongoing Nigeria Annual International Conference and Exhibition (NAICE) organized by the Nigeria council of the Society of Petroleum Engineers (SPE).
Rev Sola Adebawo delivering sponsors address at a panel session at SPE NAICE 2024
Adebawo delivered the sponsors speech at the workshop titled: “The outlook of the Nigerian oil and gas industry, Post IOC Divestment and Exits: Challenges and Opportunities.”
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.”
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, hasalso 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 sustainabilityand it has been defined by the United Nations asthat 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 processfor 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.”
