NOG Spotlight Interviews:

From Marginal Fields to Major Growth: Energia’s Vision for Nigeria’s Energy Future

By Majorwaves Team

As Nigeria’s indigenous upstream sector continues to assume a more prominent role in driving production growth, gas commercialization, and energy security, Energia Limited has emerged as one of the industry’s notable success stories. From transforming PML 23 into a productive asset to expanding its footprint in gas monetization and exploration, the company has steadily demonstrated that indigenous operators can deliver operational excellence while creating long-term value for stakeholders. In this exclusive interview with Majorwaves, the Managing Director of Energia, Mr. Oladimeji Bashorun discusses the strategic decisions behind the company’s growth, its approach to financing and local content, the opportunities presented by Nigeria’s evolving regulatory landscape, and how Energia is positioning itself to balance hydrocarbon development with the realities of the global energy transition.

Excerpt.

Oladimeji Bashorun, Managing Director, Energia

 Energia has grown from a marginal field operator into a notable indigenous producer – what strategic decisions have been most critical in scaling operations at PML 23?

The growth of Energia has been driven by a disciplined strategy centred on operational excellence, prudent capital allocation and long-term value creation. Since achieving first oil in 2009, we have consistently focused on maximizing the potential of our assets through phased infrastructure development, continuous production optimization, and targeted investments in technology.

One of the defining milestones has been the development of robust evacuation infrastructure, including our participation in the 52-kilometre crude oil pipeline connected to the Trans Forcados Pipeline. This has significantly improved evacuation reliability and reduced operational bottlenecks.

Equally important has been our commitment to building strong partnerships with our Joint Venture partner, regulators, host communities, and service providers. Sustainable operations require trust, and we have invested significantly in maintaining our social licence to operate. The establishment of the Host Community Development Trust under the Petroleum Industry Act further strengthens this partnership by ensuring communities remain active participants in our growth journey.

With Nigeria pushing for increased local content, how has Energia navigated technical, financial, and regulatory challenges unique to indigenous operators?

Local content has evolved from being a regulatory obligation to becoming a strategic advantage. At Energia, we have deliberately prioritized Nigerian expertise across our operations, working with indigenous contractors, developing local talent, and supporting the growth of domestic technical capacity.

Like many indigenous operators, we have faced challenges around access to capital, foreign exchange volatility, and evolving regulatory requirements. Our approach has been to remain financially disciplined, optimize available resources, and maintain proactive engagement with regulators to ensure compliance while driving operational efficiency.

The resilience demonstrated by indigenous operators over the years shows that with the right policy environment and access to capital, Nigerian companies are well positioned to lead the country’s upstream sector while delivering value to the economy.

Gas monetisation is becoming central to Nigeria’s energy future-how is Energia leveraging assets like the NEDO Gas Plant to drive value beyond crude oil?

Gas has become a strategic priority for us because it creates value on multiple fronts. While oil remains an important part of our business, we recognise that the future of Nigeria’s energy industry will increasingly be driven by gas.

A good example is the NEDO Gas Plant, which we jointly own with Xenergi. Energia holds a 30% equity interest, while Xenergi operates the facility. The plant, located adjacent to our Ebendo Flow Station, processes associated gas from our operations into valuable products such as LPG and propane, while also supplying pipeline-quality gas into the domestic market.

The recent integration of the NEDO Gas Plant with the Kwale Gas Gathering (KGG) Facility is another important milsestone. It provides a more efficient route to market for our gas and supports the Federal Government’s Decade of Gas initiative by unlocking stranded gas resources within the OML 56/PML 23 cluster.

Beyond the commercial benefits, gas monetisation enables cleaner energy utilization, creates additional revenue streams, and strengthens the resilience of our business portfolio. As domestic demand continues to grow, we see significant opportunities to deepen our participation across the gas value chain.

The global energy transition is accelerating-what role do you see Energia playing in balancing hydrocarbon production with cleaner energy investments?

The energy transition is not about choosing between hydrocarbons and renewables; it is about managing a balanced transition that reflects Africa’s unique energy realities.

Nigeria still requires substantial investment in oil and gas to drive economic growth, generate government revenues and provide affordable energy. At the same time, operators must produce these resources more responsibly.

At Energia, our immediate focus is on producing hydrocarbons efficiently while minimizing environmental impact through improved operational practices, gas utilization, emissions reduction initiatives, and responsible environmental stewardship.

Our philosophy is to remain commercially disciplined while contributing meaningfully to Nigeria’s broader energy transition agenda.

 Access to financing remains a major hurdle for indigenous E&P companies, what innovative funding strategies has Energia adopted, and what reforms would you like to see in Nigeria’s energy financing landscape?

Financing remains one of the defining challenges for indigenous operators. Developing oil and gas assets requires significant capital, often over extended investment cycles.

Energia has adopted a disciplined approach by balancing internally generated cash flows with strategic partnerships and carefully structured financing arrangements that align with our long-term development plans. Our emphasis has always been on sustainable growth rather than expansion for its own sake.

Looking ahead, Nigeria would benefit from deeper domestic capital markets dedicated to energy projects, increased participation by local financial institutions, competitive lending structures, and greater policy stability that improves investor confidence. Consistency in regulation and efficient implementation of fiscal incentives under the Petroleum Industry Act will further enhance the attractiveness of Nigeria’s upstream sector.

 Looking ahead, what are Energia’s key growth priorities over the next five years, particularly in terms of asset expansion, production targets, and regional influence?

Our growth strategy over the next five years is built around creating long-term value through disciplined investment, operational excellence, and portfolio diversification.

The immediate priority is to continue unlocking the full potential of PML 23. We see opportunities to optimise production through facility upgrades, improved recovery, enhanced operational efficiency, and continued investment in our gas monetisation initiatives. There is still considerable value to be realised from our producing assets.

At the same time, we’re focused on progressing our exploration activities in PPL 210 and PPL 212. These assets represent an important part of Energia’s future growth pipeline, and our objective is to mature them responsibly while applying the technical expertise we’ve developed over the years.

Beyond our operated assets, we also see strategic value in expanding our portfolio through carefully selected non-operated ventures. These opportunities allow us to participate in quality assets, diversify our production base, and create additional value while managing risk through collaboration with experienced partners.

Ultimately, our ambition is not simply to produce more barrels. It is to build a stronger, more diversified indigenous energy company with a balanced portfolio of producing, development, and exploration assets, while remaining a trusted partner to government, our host communities, and the wider industry.

Nigeria’s oil and gas industry is undergoing significant reforms under the Petroleum Industry Act, how do you assess its impact so far, and what more needs to be done to attract investment and boost production across the sector?

The Petroleum Industry Act represents one of the most significant reforms in Nigeria’s energy sector in decades. It has provided greater clarity around fiscal terms, regulatory responsibilities, and host community development, creating a stronger framework for investment than previously existed.

The establishment of Host Community Development Trusts, for example, provides a more sustainable mechanism for community engagement and development, while the clearer regulatory structure has improved transparency and accountability.

That said, legislation alone is not enough. Consistent implementation is critical. Investors look for certainty, efficiency, and predictability. Continued efforts to streamline approvals, strengthen regulatory efficiency, improve security around oil and gas infrastructure, address crude theft, and enhance access to financing will be essential to unlocking Nigeria’s full production potential.

Nigeria possesses world-class hydrocarbon resources. With sustained policy consistency, improved investment conditions, and continued collaboration between government and industry, I believe the country is well positioned to attract new capital, increase production, and reinforce its position as Africa’s leading energy destination.