A call has gone to Nigeria to transform her ongoing oil and gas reforms into bankable projects capable of attracting long-term capital, boosting production and creating sustainable value.

The Country Chair and Managing Director of TotalEnergies EP Nigeria Limited, Matthieu Bouyer, made the call on Tuesday at the 5th PENGASSAN Energy and Labour Summit (PEALS) 2026 in Abuja.

The summit is themed: “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.”

He said Nigeria’s biggest challenge was no longer a lack of resources or potential, but the ability to translate its vast opportunities and policy reforms into projects that investors could finance and execute.

“Nigeria does not lack potential. The real challenge is conversion,” he said.

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The TotalEnergies chief said delays in project execution had consequences far beyond individual oil companies, warning that bottlenecks ultimately affect government revenues, employment, local content, host communities, workers and the confidence of future investors.

He said Nigeria was competing with other oil and gas jurisdictions for increasingly selective global capital, with investors weighing fiscal terms, regulatory stability, project execution timelines, security, emissions intensity, cost structures and the likelihood of projects being delivered before committing funds.

Bouyer said recent reforms, including the Petroleum Industry Act, fiscal incentives for non-associated gas and deepwater developments, measures to shorten contracting timelines and efforts to improve cost competitiveness, represented important steps towards restoring investor confidence.

He stressed that the success of the reforms would ultimately be measured by the projects they unlocked.

“Reform becomes real when it unlocks projects,” he said.

He cited the Final Investment Decision taken by TotalEnergies and the NNPC Limited in 2024 on the Ubeta gas development as an example of what could be achieved when policy, partnership and project maturity aligned.

According to him, Nigeria must also intensify exploration, describing it as “the renewal engine” of the petroleum industry.

Without sustained exploration, Bouyer warned, the country’s resource base would decline, with implications for future production, investment, jobs and Nigeria’s position in the global energy market.

He said TotalEnergies remained committed to Nigeria, where it has operated since 1956, adding that the company’s strategy was centred on operated assets where it could deploy its technical expertise to improve safety, operational efficiency, emissions reduction and project execution.

Bouyer also identified gas as a major opportunity for Nigeria, but said the resource could only become a significant driver of economic growth if the country developed the infrastructure and commercial structures required to support long-term investment.

He said gas projects required bankable contracts, credible offtake arrangements, payment discipline, timely approvals and commercial frameworks capable of supporting long-cycle investments.

“Gas resources should be converted into power, LNG, industrial growth and exports,” he said.

He added that the resource could support domestic energy access while providing opportunities for export and lower-emission production.

The TotalEnergies executive also linked emissions reduction to economic value, arguing that reducing gas flaring, recovering gas and tackling methane emissions could preserve valuable molecules for domestic consumption, exports and integration into the wider gas value chain.

He disclosed that TotalEnergies became the first E&P operator in Nigeria to eliminate routine flaring across all its operated assets at the end of 2023.

The company, he said, is also working with NNPC Limited on AUSEA, a drone-based technology for high-precision methane and carbon dioxide monitoring, while more than 2,500 sensors have been installed across its operated assets to facilitate real-time methane leak detection and faster intervention.

Bouyer further called for greater stability across the industry, arguing that sustainable investment requires a coordinated effort by government, regulators, operators, labour and host communities.

He said the government had a responsibility to provide clear policies and effective regulation, regulators must ensure predictable implementation, operators must maintain disciplined investment and safe operations, while labour and host communities must contribute to industrial harmony and trust.

Bouyer described industrial harmony as more than a labour issue, calling it a business enabler because it directly supports safety, production, investment and human capital development.

“If Nigeria wants long-term jobs, it must create the conditions for long-term projects, a competitive industry and a stable environment in which investors, workers and communities can see a future.”

In his welcome address, PENGASSAN President, Festus Osifo, said the theme reflected the growing concern among investors over regulatory uncertainty and the need for clear and predictable rules before capital could be committed to long-term projects.

Osifo warned that overlapping mandates among government agencies and regulatory uncertainty remained significant threats to investment in Nigeria’s oil and gas industry.

He said PENGASSAN’s summit was aimed at strengthening dialogue among government, regulators, operators, investors, labour and host communities to address the structural barriers holding back growth in the sector.

The 2026 annual Shell Leadership and Contractor CEO Conference, which aims to shine a light on “a shared commitment to people, performance and safety,” held in Lagos on August 18.

A company statement has it that the event brought together chief executives of contracting companies and highlighted the need to sustain safe operations across its businesses in Nigeria.

The theme of this year’s event is “Learn. Adapt. Improve.” Addressing the session, Executive Vice President and Country Chair Nigeria, Elohor Aiboni said: “Shell is delivering an extensive portfolio of projects and operations that will help meet Nigeria’s growing energy needs, create value for our stakeholders, and support national development. We are advancing major opportunities, executing complex work, and pursuing ambitious goals. But no matter how significant the opportunity, no matter how important the project, our success will always be measured first by how safely we deliver it. That is why this conference matters.”

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The conference featured among other things, discussions and cascade of learnings, an exhibition and awards and recognitions for outstanding safety performances. The highlight of the event was the signing of the Leadership Charter which was jointly created in 2025 through collaboration between SNEPCo and her contractor partners.

“This year’s conference theme, Learn. Adapt. Improve, connects strongly with the purpose of the Charter,” SNEPCo Managing Director Ronald Adams said before the signing. “To learn, we must be honest about what has worked, what has been difficult, and what our people and operations are telling us. To adapt, we must be willing to adjust our approach where the realities of work require us to do better. To improve, we must make sure that the commitments in the Charter are not only discussed during conferences, but embedded into how we lead, how we engage, how we review performance, and how we support safe execution every day.”

Elohor reiterated the place of safety in company operations, adding: “Every person who works for Shell or on behalf of Shell deserves to return home safely to their family, every day, without exception.”

The desire to deepen access to international investors and capital markets has seen Oando Plc table a strategy to list its shares on one or more foreign stock exchanges before shareholders for approval.

The energy company’s proposal is contained in the agenda for its 47th Annual General Meeting (AGM), scheduled to be held virtually in September.

Under the special business before shareholders, the company is asking its shareholders to authorise its Board of Directors to approve and implement the listing of Oando’s shares on any foreign stock exchange or exchanges it considers suitable.

If approved, the resolution will empower the board to take all necessary steps, execute relevant documents and meet the listing requirements of the selected foreign market, subject to obtaining all required regulatory approvals.

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The firm said the proposed mandate was deliberately not tied to a particular foreign exchange, giving the directors the flexibility to determine the market or markets considered most appropriate for the company.

The move would ultimately widen access to Oando shares among international investors, improve the company’s visibility outside Nigeria and potentially increase its liquidity and market.

The proposed cross-border listing comes as Oando continues to position itself as an integrated energy company with operations and investments across different markets.

Shareholders will also consider a general mandate covering transactions with related parties and interested persons. The mandate would allow the company to obtain goods, services and financing from related parties for its normal business operations, provided such transactions are conducted on commercial terms and comply with its transfer pricing policy and applicable Nigerian regulations.

The meeting will also consider the ratification of qualifying related-party transactions entered into before the AGM.

In another major proposal, Oando plans to amend its articles of association to expressly allow general meetings to be held physically, electronically, virtually or through a combination of these arrangements, subject to applicable laws and the rights of shareholders to participate and vote.

The company is also seeking approval to amend its Memorandum of Association to expand its business objects to include activities relating to digital assets and digital representations of value, rights, interests, obligations and ownership.