By Udeme Akpan, Energy Editor, Reporting from Cape Town, South Africa

PRESIDENT Bola Tinubu, yesterday, expressed optimism over the successful conclusion of ExxonMobil and Eni assets sale to Seplat Energies and Oando Plc in Nigeria.

Both ExxonMobil and Eni had already expressed interest in selling their onshore and gas assets to Seplat and Oando Plc and are currently awaiting government’s approval.

However, in an interview with Vanguard at the ongoing African Oil Week, AOW, in Cape Town, South Africa, the Special Adviser to President Bola Tinubu on Energy, Mrs. Olu Verheijen, said: “The government is not opposed to the selling of oil assets. What we are saying is that due process must be followed.

”The oil companies, the regulator and the ministry know what to do and they are working to conclude issues.”

Earlier, in her presentation, the Special Adviser, who represented President Tinubu at the event, said the government had already made conscious efforts, including the stabilization of the fiscal and regulatory environment, market-driven exchange rate and streamlining of approval processes to attract investors to Nigeria.

We’re open for business —President Tinubu

She said: “First, we recognize that when considering where to deploy capital, investors consider the stability and predictability of the prevailing fiscal and regulatory environment. President Bola Ahmed Tinubu continues to send out the clear message that we are open for business.

“He took decisive steps to stabilize our fiscal environment by removing a costly fuel subsidy and shifting towards a market-driven exchange rate.

“In addition, we are making a concerted effort to streamline approval processes, and clarify the scope of regulators to reduce the extensive project timelines and high cost premium associated with operating in Nigeria.

“Second, we are taking decisive action to address security. We have taken decisive steps to curtail asset vandalism and illegal activities. These efforts have translated into a notable increase in our daily oil and condensate production, which currently stands at 1.6mbpd-a remarkable 12.4% rise from the production volumes in 2022.

“The establishment of the 3% Petroleum Host Community Fund is a significant stride toward fostering development in these host communities, enhancing the security of our operations, and reducing the cost of doing business.

“Third, we have an unalloyed commitment to charting an economic development path that lifts millions of Nigerians out of poverty, while avoiding the high-carbon choices that were the hallmark of the past.

“To achieve our net zero goals in the electricity sector, we have identified several strategic interventions that will improve financial liquidity, performance of distribution companies, energy efficiency and integrate renewable sources into our energy supply mix.

“The recent Nigeria Gas Flare Commercialization Program, NGFCP, auction by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, demonstrates our commitment to curb our emissions.”

We’re very optimistic —NUPRC

Similarly, referring to parties, especially ExxonMobil and Eni, the Commission Chief Executive, Nigerian Upstream Regulatory Commission, NUPRC, Gbenga Komolale, said: “We are very optimistic that parties to the transaction will go back, look at the position of the regulator and come back by abiding by the provisions of Nigerian laws and the right thing will be done.”

Energy transition is a way of life—Oando

Also, speaking at the vent, the President/CEO, Oando Clean Energy Limited, OCEL, Dr. Ainojie Irune, harped on the need to boost clean energy investment in Nigeria and other African nations.

He said: “Africa is a renewable energy powerhouse. We have the resources, the capacity, and the population. We can no longer excuse ourselves from getting involved in the energy transition.”