Seplat Energy Plc, says its commitment to the Federal Government’s Decade of Gas position remains firm and unwavering.
The energy company said it will continue to develop Nigeria’s gas resources to accelerate the replacement of diesel and biomass and support economic growth through the supply of reliable, low cost energy.
Seplat Energy drove these narratives at the 6th edition of the Nigeria International Energy Summit (NIES) which held at the International Conference Centre (ICC) Abuja from April 16 to 20, 2023.
The NIES 2023 was not only a remarkable outing for Seplat Energy as the company also picked up two major wards bordering on its positions as a Nigerian Domestic Gas Ambassador in its support to the Nigerian Gas Association and for its outstanding commitment to Nigeria’s Decade of Gas mantra.
Mr. Effiong Okon, New Energy Director at Seplat Energy, who represented Mr. Roger Brown, Chief Executive Office, Seplat Energy, said at the continental level, Africa needs access to energy as five-fold increase in investment is required to reach United Nations (UN) Sustainable Development Goals (SDG) 7 by 2030.
According to him, by 2030, 50 per cent of the global population without access to electricity will be concentrated in seven countries, of which Nigeria is inclusive.
Speaking during a Keynote dubbed ‘Africa at Heart of the Global Energy Mix: What’s Ahead in Nigeria’, and a panel session on ‘Improving Gas to Power, Gas to Industries, Gas for Cooking, Gas for Export’, Mr. Okon explained that achieving Africa’s energy and climate goals means more than doubling energy investment this decade, adding that the goal of universal access to modern energy calls for investment of USD 25 billion per year.
He said: “The opportunity is massive for our industry. With a future population of more than 2.5 billion, Africa represents a huge investment opportunity across the entire energy sector; and Seplat Energy will continue to develop Nigeria’s gas resources to accelerate the replacement of diesel and biomass and support economic growth through the supply of reliable, low cost energy.”
The conference themed, Global Perspectives For a Sustainable Energy Future, had various stakeholders in the Nigerian Energy value-chain in attendance.
Consolidating on its strong stance on the Federal Government’s Decade of Gas Mantra, Mr. Okon explained that Seplat Energy is currently a leading supplier of processed natural gas to the expanding Nigerian domestic market; with working interest gas volumes for the 2022 business year averaging 112.3 MMscfd (2021: 107.9 MMscfd), a contribution of 44 per cent of the Group’s total production volume on a barrel of oil equivalent (boe) basis.
About 43 per cent of Africa’s population lack access to electricity most of them in sub-Saharan Africa with about 970 million Africans without access to clean cooking sources. Additionally, Africa’s share of global oil and gas production has declined from 2010 figures while energy demand continues to rise.
In IEA’s Sustainable Africa Scenario, Africa’s electricity demand increases by 75 per cent to 2030. Renewables, mainly solar PV, account for most new capacity additions due to ever‐declining costs driven by rapid global uptake.
IEA estimates that the prospects for oil and gas production would depend on the pace of global energy transition. However, the outlook for natural gas remains resilient compared to oil increasing in the near term to 2030.
Africa has the world’s lowest levels of per capita use of modern energy and with projected population and income growth, demand for energy is expected to expand by a third between 2020 and 2030.