The Petroleum Fund Concludes Its Skills Audit Exercise And Restructures

THE PETROLEUM FUND CONCLUDES ITS SKILLS AUDIT EXERCISE AND RESTRUCTURES

Given the indispensable role that the Fund plays in the petroleum industry, the Fund found it imperative that its employees, systems, and procedures were up to date in order to keep abreast with the emerging and evolving industry challenges, as well as to have the capacity to implement its newly approved Strategic Plan 2020-2025.  Consequently, the Fund found it necessary to develop and empower its employees through the enhancement of the organisational structure, skills gap analysis, capacity building, and effective performance management system. Pursuant to this, the Fund decided to engage a Skills Audit Consultant to undertake the following; review of the organisational structure and performance management system, undertake skills gap analysis and make necessary recommendations.

 

THE OUTCOMES

Organisational Structure Review

The Organisational Structure Review stage outcome was the identification of the deficiency in the structure of the Fund, both at the strategic and operational levels. The following enhancements have been identified to improve the structure of the Fund in order for the latter to effectively deliver on its mandate, as well as on the new Strategic Plan:

At the Executive level,  there is a need to establish a position on the organisational structure to fulfil the role of the Director at the strategic level.  The need for this position emanated from the fact that at the top of the organisation, there is a limited capacity to support the Executive Secretary (ES) with regard to the programme decision and balanced scorecard for the strategy since departmental managers are usually entrusted with the functional duties and operational activities as the Fund has a limited number of professional support staff.

At the Professional level, there shall be established a number of critical positions to fortify the implementation of the Strategic Plan. The key areas that have been identified, for which a need has been established to create positions are the following: Information and Communication Technology (ICT); Public Relations; Risk and Compliance; Project Management; and Procurement.

The Fund further considered the issues of financial sustainability and affordability and was mindful not to deviate substantially from the Consultant’ recommendations, while taking into account the relevance of the skills and experience set of the current staff, to the new Strategic Plan.  In this regard, a number of existing positions were redesigned, and assigned with new job profiles. In other cases, positions were abolished and incumbents have been redeployed and assigned new responsibilities.

Performance Management System and Talent Management

The Fund has adopted the consultant’s recommendations regarding the review of the current Performance Management System and the Talent Management. Consequently, the Fund undertakes to review the current Performance Management System during this Financial Year to ensure that the objectives in both the Corporate Plan and Performance Contracts are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). The wisdom of setting SMART objectives mean that the Fund will be in a position to clearly define its goals, focus its efforts, utilize time and other resources productively, and optimize its chances of achieving its mandate.

Furthermore, a need has been established to enhance the capacity of staff through the development of soft skills. In this regard, Executive Management Development Programmes shall be identified for senior management to capacitate them in leadership responsibilities. With regard to other staff members, relevant training programmes will also be identified, to not only capacitate them but to also facilitate succession planning including ensuring that their roles have a direct positive impact on the strategic objectives of the Fund.  As for talent exchange and learning opportunities, Management will identify professional bodies and collaborative partners to which staff members of the Fund can be affiliated and attached, for exposure purposes.

 

CONCLUSION

Given the increasing dynamics of the sector within which the Petroleum Fund operates, it remains important for its authorities to remain vigilant by ensuring that at all times, the organization is endowed with adequate resources, and in particular, its human resource. The Fund should, and will continue to build sustainable and flexible capacity to respond to its external environment, as well as ensuring that it becomes the institution of the future.

 

 

PETROLEUM FUND STRATEGIC PLAN 2020 – 2025 LAUNCH MASERU AVANI, 19th MARCH, 2020

The Petroleum Fund today announced its new Strategic Plan, which will guide its work over the next five years. The new plan presents itself as an ambitious commitment and radical attempt by the Fund to make impactful interventions within the petroleum sector, amidst a myriad of supply constraints in the oil market. It is based on the theme: “Expanding Activities, Improving Engagements, and Building Capacity”. It reflects the Fund’s thoughts around practical approaches that can be used to ensure that it effectively carries out its mandate of ensuring that there is security of supply of petroleum products in the country.


The plan also reflects the views of various stakeholders within the petroleum sector, and builds on the outgoing plan achievements, while addressing its shortcomings and applying lessons learnt from it. The Fund will ensure that it stays on schedule, responds to the national needs, and changes course when necessary. Accordingly, this plan will be subjected to constant reviews.


Below is the summary of the Strategic Plan:

Vision
A progressive, adequately resourced and sustainable petroleum industry that contributes significantly to the socio-economic development of the country.


Mission
Spearhead the supply of adequate and reliable petroleum products at competitive and reasonable prices to consumers in all parts of the country.

STRATEGIC FOCUS AREAS: The Fund will focus on the following prioritised strategic areas in its development agenda for the next five years:

Strategic Focus Area 1: Enabling Policy and Legal Environment 
The Fund will advocate for the updating of various legislative instruments, and policy frameworks, in order to enable the institution to better respond to current and future challenges confronting the petroleum sector. Initiatives under this goal will include, but not limited to, the amendment to the Lesotho (Petroleum Fund) Regulations of 2009, and the review of the Slate Management Policy.


Strategic Focus Area 2Capacity Enhancement of the Fund
Under this goal, the Fund will continue to develop and implement capacity building programmes for its workforce, in order to ensure that it remains relevant and equal to its tasks, in this dynamic environment. It is also to further promote the culture of good corporate governance and effective organisational leadership.


Strategic Focus Area 3: Financial Sustainability of the Fund
In recognition of its mammoth responsibility to finance some of the petroleum projects, the Fund will focus its attention on the diversification of its investment portfolio. This will entail efforts to enhance efficiency in levy collection, and investing in capital projects, with good return on investment.


Strategic Focus Area 4: Meaningful Stakeholder Engagements
The Fund recognises that, in order to effectively execute its mandate, there is a need to develop strategic partnerships and strengthen collaboration and cooperation among the sector stakeholders. Accordingly, programmes of engagement shall be developed and rolled out.


Strategic Focus Area 5: Service Delivery Enhancement
The Fund is sensitive and committed to ensuring that there is equitable supply of petroleum products across the country. Part of the efforts to achieve this goal will be to roll out the outcomes of the Transaction Advisory Services Consultancy that is currently being undertaken. The work entails a Gap Analysis on the availability and supply of petroleum products in the country.


Strategic Focus Area 6: Infrastructure Development
Under this goal, the Fund will continue to support Government’s efforts to establish a Strategic Storage Facility and Depots for all products. It will further advocate for strengthened infrastructure security measures at petrol and LPG stations.

Strategic Focus Area 7: Reputation and Image of the Petroleum Fund
On this focus area, the institution will strive to uphold credibility and integrity at all times. In this regard, initiatives such as developing a Service Charter, and undertaking Corporate Social Responsibility projects, will be carried out.


Strategic Focus Area 8: Strategic Partnerships with Regional and International Organisations Operating in the Petroleum Industry
As part of its repositioning, the Fund will continue to benchmark its operations with other regional and international organisations, particularly in the areas of project financing and regulation.


For more details, please contact:


Ms. Hakiloe Makhena
Personal Assistant
Office of the Executive Secretary
22312137/62074191