Petroleum Explorationists Conference: Experts Seek Stronger Energy Sector
Salamatu Ejembi, Lagos
African leaders have been urged to reposition the energy industry for the future and for the continent to become much more efficient with its energy resources.
The Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown made this statement at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) International Conference and Exhibition in Lagos, with the theme “Repositioning the Oil & Gas Industry for Future Energy Dynamics”.
Brown urged African countries to accept the fact that energy has a key role to play in the future of the continent, and the integration of the energy value chain is essential for the continent’s anticipated progress.
He said: “Repositioning the oil and gas sector for the future requires the understanding of certain fundamentals including accepting the fact that the sector will have a key role to play well into the future – particularly in Africa; that the energy industry needs to become much more efficient with its resources; and that the integration of the energy value chain is essential.
“Also, that a functioning energy backbone (base load) is a barrier to wide-scale renewable energy. In all these, we must come to terms with the fact that Development and Environment must not become competing objectives.”
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The Seplat boss further said that energy is critical to the region’s economic and social development.
According to industry data, more than 600 million Africans have no access to energy; more than 900 million Africans do not have access to clean cooking (with eight percent energy access in rural West Africa); and fewer than half of the utilities in sub-Saharan Africa recover their operating costs.
Every year, the 48 countries of sub-Saharan Africa, with a combined population at approximately 1bn,
generate roughly the same energy as Spain, which has a population of approximately 45 million.
Industry sources say a five-fold increase in investment is required to reach the 17 United Nations’ Sustainable Development Goal (SDGs 7) stipulated for Africa to achieve by 2030.
Based on the Energy Outlook, achieving Africa’s energy and climate goals means more than doubling energy investment this decade; of which the goal of universal access to modern energy calls for investment of USD 25 billion per year.
Seplat Energy, Nigeria’s energy trilemma, which drives energy transition, remains sustainable, energy security/access, and energy affordability.
Seplat Energy Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Premium Board of the Nigerian Exchange Limited (“NGX”) (NSE:SEPLAT) and the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL).
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