Financial Energy Review
Seplat Energy Plc, foremost indigenous energy company, says Nigeria’s development will require significant improvements in access to energy. According to the Company, lower-cost, more reliable energy will drive job creation, prosperity and social development and achievement of the United Nations’ Sustainable Development Goals (SDGs).
The Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, said this while delivering the Keynote Address at the ongoing 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual Conference & Exhibition, happening in Lagos. Mr. Brown, who was represented by the Director, New Energy at Seplat Energy, Mr. Okey Mba, spoke on the Conference theme: Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.
According to him, Nigeria must improve energy access and achieve a balance between equity, security and sustainability; as the country faces the challenges of population growth and lack of economic and social development because of poor energy access.
“Nigeria’s development will require significant improvements in access to energy. With gas, significant development gains can be achieved with minimal impact on emissions. The country must transition away from reliance on biomass and oil as its primary sources of energy,” he stressed.
The Seplat Energy boss made a strong case for gas as Nigeria’s transition fuel; saying it is proven and accepted as transition fuel in developed North with large local resources in Africa (Nigeria having the largest) and multiple essential uses beyond power.
Mr. Brown explained that Nigeria’s abundant gas reserves offer a local solution to resolving the country’s energy trilemma; given that as gas is developed it is likely the reserves will grow materially. Nigeria has estimated 209 Tcf of reserves by many experts believe it is 2 to 3 times that amount.
“Nigeria’s estimated 40GW(plus) power generation sets (gensets) could be displaced by cleaner, cheaper utility-scale gas and renewables. Every gigawatt (GW) of generator power displaced by cleaner utility-scale gas will decarbonise Nigeria’s energy system and reduce the cost of energy. Our industry must focus on end-to-end solutions to unlock the full value of Nigeria’s gas so we can resolve the energy trilemma,” he added.
Seplat Energy’s focus is on supporting more power generation, reducing emissions and creating new gas product lines with its joint venture investments aimed at enhancing capacity at the ANOH and Sapele gas plants, and so on.
Seplat’s JV investments in gas will deliver significant value for all stakeholders, as the company leverages new business lines in Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG), and decarbonizing its operations through reduced flaring and diesel replacement.
