Oando Energy Resources has urged African governments, regulators, oil companies and host communities to work more closely together to attract investment and expand oil and gas production across the continent.
The upstream arm of Oando Plc made the call at AOW: Energy in Accra, Ghana, where industry stakeholders discussed ways to address challenges affecting upstream development.
Kofo Olagunju, General Manager, Security, Government and External Relations at Oando Energy Resources, said closer cooperation between the public and private sectors would provide investors with the confidence needed to commit capital to Africa’s oil and gas industry.
According to Olagunju, regulators and operators need to build relationships based on collaboration rather than relying solely on traditional regulatory oversight.
She said both sides ultimately have a common interest in developing the sector, adding that regulators need to understand the practical challenges facing operators while companies must also recognise governments’ wider economic and regulatory objectives.
Other industry experts at the panel identified policy consistency and a business-friendly operating environment as important factors in attracting long-term investment.
Joe Kofi Mensah, Senior Vice President and Head of Ghana Business Unit at Kosmos Energy, said investors require regulatory stability, faster processes, ease of doing business and competitive fiscal terms before committing significant capital to upstream projects.
He noted that these factors must work together to create the certainty required for investors to make long-term decisions.
From the regulatory side, Cany Jobe, Director General of The Gambia’s Petroleum Commission, said governments could protect their national interests while still creating conditions that encourage private investment.
He argued that effective regulation should ensure that resource owners benefit from their petroleum assets while giving investors clear and commercially viable rules.
Olagunju also highlighted the changing role of host communities in Africa’s upstream industry.
She said communities should no longer be viewed simply as areas surrounding oil and gas operations but as important stakeholders in petroleum projects.
According to her, involving host communities meaningfully in the development and success of oil and gas projects is increasingly important for maintaining stable operations and achieving sustainable growth.
The panel, which brought together representatives from governments, regulators and international energy companies, focused on improving cooperation between stakeholders and creating frameworks capable of supporting further investment in Africa’s upstream sector.
Oando said stronger partnerships across the industry would help address investment challenges, improve relationships among stakeholders and unlock Africa’s energy potential.
