Gloria Iroegbunam is the company secretary and general manager, legal, at Lekoil Nigeria Ltd, an Africa-focused indigenous oil and gas player working to advance the frontiers of energy security in Nigeria.

In this exclusive interview,  the legal practitioner, who has been with the company for over 13 years, shares insights on the evolving regulatory landscape, Lekoil’s unconventional approach to oil and gas exploration, and the company’s ambitious vision for Nigeria’s energy future. Dipo Oladehinde brings excerpts

As General Manager, Legal, can you dwell on your trajectory at Lekoil and what the company is doing differently in Nigeria’s fast-changing oil and gas sector?

I have been with the company for over 13 years, essentially since inception, and that has given me a front-row seat to our unique journey in the Nigerian oil and gas sector. Our entry as a company was fundamentally different. Most companies look for a business opportunity to acquire, drill the asset towards production, then sell and take their profits. But for Lekoil, we started by conducting a comprehensive business survey and investing significant time and resources into studying a region offshore Lagos, which was not known for holding any oil and gas reserves. While everyone was focused on the Niger Delta, we adopted a different mindset.

Our thinking was that, in the worst-case scenario, if we didn’t find anything, we would have improved the country’s knowledge base. Knowledge is equally valuable to guide future exploration. The asset we chose had been sitting for over 20 years, and previous partners were going to relinquish it because they didn’t believe in it enough to invest in it. Based on our research and belief, we paid for the first work programme.

We also did something unprecedented: we invested in community relations before we even found oil. Typically, companies only invest in communities after discovery, once they have started profiting. Our approach was collaborative from the start, through medical outreaches, community engagement, and making sure communities knew us. Nobody had done that before.

What are some of the company’s plans for 2026?

Within the limits of confidentiality, we are set to partner with another company on assets in Bayelsa State. We’re about to commence operations on OPL 310, which is particularly exciting given its offshore Lagos location, and we are hoping to undertake significant work on the asset. On OPL 325, we are conducting additional studies and investigations to maximise the potential of the asset. 2026 will be a very busy year for us.

We have spent considerable time studying these opportunities, conducting detailed technical and commercial assessments, and are now ready for execution. The strategic positioning of these assets is crucial. OPL 310, being offshore Lagos, positions us uniquely in a region that has historically been underexplored compared to the Niger Delta. The gas potential alone could be transformational for the industry and for Nigeria’s energy security.

How would you assess the changing regulatory environment in Nigeria’s oil and gas sector?

The regulatory journey has not been without its challenges. About eight years ago, under the previous administration, we had to challenge the regulator over Ministerial Consent. We had an asset awaiting approval when an Executive Order provided that if consent was not granted within a specified period, it would be deemed approved. Relying on that provision, we went to court arguing that our application should be treated as approved.

The court ultimately held that an Executive Order could not override the minister’s statutory authority, and we lost the case. However, that experience brought important attention to the need for clearer timelines and greater certainty in approvals. I believe it contributed to reforms later reflected in the Petroleum Industry Act, which now embeds defined timelines for processing licence and permit applications. You no longer have to go to court to have your consent deemed approved.

There has been an improvement in timelines, and the regulatory body has become more collaborative and accessible. If Nigeria is targeting an increase in reserves to 40 billion barrels by 2030 at a time when reserves are declining, this cannot be achieved through an adversarial approach. It requires collaboration.

What’s your view on dispute resolution in the sector, given the advocacy for specialised courts for oil and gas disputes?

Specialisation benefits any industry. Disputes are better resolved by those who understand the technical and commercial context, and resolution is typically faster and more effective when adjudicators have sector knowledge. However, my view is that disputes are not won at the point of conflict, they are won through proper structuring and execution at the outset. Well-drafted agreements that anticipate potential gaps reduce the likelihood of disputes arising in the first place.

Dispute resolution should be a last resort. Before things escalate, steps should be taken towards mediation, because the process takes time and money, and time is your most valuable resource in the oil and gas sector. Once time is lost, you cannot get it back. A third party should only intervene when there is no other way around it, and that third party should be specialised so the dispute is resolved quickly and you can get back to business.

How would you rate progress on the implementation of Executive Orders and PIA provisions on contract approvals?

The Executive Order was passed to introduce efficiency so that contracts are not delayed indefinitely, and people are starting to pay attention. When contracts are delayed, projects stall, companies exit, and jobs are lost. Having said that, there is a need for balance, it is not a one-size-fits-all scenario. There should be provision for periodic reviews, and if timelines are not met, it is important to understand why. If an extension is needed, it should come before the deadline with proper justification. The government needs to set the timeline first, then allow discretion for extensions, but only based on scrutiny and justification that it was duly earned.

How has Lekoil managed relationships with host communities?

You must always recognise that the community is the host, and different communities have different cultures and expectations. At Lekoil, we make it a point of duty to spend time getting to know the community and understanding how to approach them before we even enter an area for operations. It helps that there is now a regulatory framework with guidelines on community engagement.

You need to relate with your community while remaining compliant with the law. Sometimes, education is required, not condescendingly, but to ensure everyone understands the legal requirements. If the community senses sincerity, that you are respectful rather than dismissive or exploitative, it helps establish a smoother relationship and creates an environment where dialogue is possible.

Funding remains a major challenge for operators. How is Lekoil doing in terms of attracting capital?

It is simple: investors go to people whom they feel know the business. The person providing funds needs certainty that capital will be repaid, that the asset is viable enough to service loans and interest payments, and that the person stewarding the assets knows what they are doing.

Lekoil has a stellar team. Our CEO ran a one-billion-dollar fund before establishing Lekoil, so his network and credibility in the funding community are well established. We also boast a top-notch technical team. When you combine stellar stewardship with proven assets and present that to investors, the proposition speaks for itself.

Where do you see Lekoil in the next 10 to 15 years?

I have ambitious but realistic expectations. I truly expect that OPL 310 will be fully operational, producing at optimal levels. The gas potential of that asset is substantial, and being offshore Lagos offers tremendous strategic significance. Our presence there, combined with our Niger Delta footprint, will position us uniquely in the Nigerian energy landscape.

I expect to see Lekoil operating our own refinery. It would be a significant milestone for an indigenous company that started with no assets to become one with significant producing assets and critical downstream infrastructure, a demonstration of what is possible for Nigerian companies in this sector.

Gas will be a major focus in the years ahead. We are actively pursuing gas projects, including LNG opportunities. The gas value chain offers tremendous potential given Nigeria’s vast reserves and the global energy transition. We are collaborating with a partner company in LNG to unlock synergies across the entire value chain, spanning exploration, processing, and distribution, to maximise efficiency and strengthen our competitive position. Lekoil’s vision is to evolve into a fully integrated energy company, making a significant contribution to Nigeria’s energy security while driving sustainable economic development.

What would you describe as Lekoil’s most significant contribution to Nigeria’s oil and gas sector?

Beyond tangible assets, our most significant contribution has been demonstrating an alternative business model. We have shown you can invest in research first, establish genuine community partnerships before extraction, and take calculated risks on abandoned assets. We have also proven that indigenous companies can compete internationally when they combine technical excellence with strategic thinking and a long-term perspective.

Our community-first philosophy is not just CSR; it is integral to our business strategy. I hope others will recognise this value, because the sector functions better when operators view communities as partners, invest in knowledge alongside extraction, and focus on long-term value rather than quick returns.

Any final thoughts on Nigeria’s oil and gas future?

The sector is at an inflexion point. The regulatory improvements, PIA implementation, better approval timelines, and growing collaboration are positive signs, but success requires sustained commitment from all stakeholders.

For Nigeria to realise its energy potential, we need regulatory certainty, objective opportunity allocation, efficient approvals, and recognition that operators, communities, and government share common interests. The resources are there, the talent is there, and the regulatory framework is improving. What we need now is consistent implementation and a partnership mindset. At Lekoil, we are committed to playing our part, and I am optimistic about what the next decade will bring for both our company and Nigeria’s energy sector.