SEPLAT Petroleum Development Company Plc has said it is driving the growth of the domestic gas market to power the economy particularly because of the energy shortfall in terms of electricity.
This statement was made by the Chief Executive Officer of Seplat, Mr Roger Brown, on Tuesday at the 1stEdition of the Nigerian Oil & Gas Webinar organised by the Council and Management of the Nigerian Stock Exchange (NSE) themed “Perspectives of Operators and Industry Experts Post-COVID-19”.
Brown was represented by the company’s Chief Financial Officer, Mr Emeka Onwuka on a panel dubbed” Impact of COVID-19 and Oil volatility on operations, the Nigerian Gas market, Key Challenges and Forward Strategies for the industry, Funding dynamics & Capital raise Opportunities.”
“Seplat has gone more socially conscious in its operations in the quest to drive a sustainable business, whilst promoting positive Economic, Social and Governance (ESG) impacts. We have had to take the renewable objective very seriously and we are currently looking at that segment of the market which is why we are very big in the midstream in terms of oil & gas, according to Onwuka.
Mr Onwuka also said that Seplat currently supplies over 30% of the domestic gas requirements of the power generation companies (GenCos) in Nigeria. According to him, Seplat’s domestic supply of gas actually cushioned the impact of the drop in revenue in Nigeria arising from the global crude price drop.
Also, the Minister of State for Petroleum Resources, Chief Timipre Sylva, earlier in his keynote address, also said that the pandemic resulted in the loss of revenue and differed investments.
Sylva stressed the need for innovation and adaptability in the industry for enhanced growth and development.
In his remarks, Malam Mele Kyari, the Group Managing Director of NNPC, who was represented by Mrs Rose Eshietti (designation) said that the country’s N2.6 trillion oil revenue target declined by 40 per cent as a result of twin shocks of COVID-19 and low crude oil price.
The pandemic created an unprecedented and global crisis that would cause regions, countries, sectors, companies and individuals to experience reaction, resilience, recovery and adjustment for a new reality, according to Kyari.
Chief Executive Officer of Nigerian Stock Exchange, Mr Oscar Onyema, said, “the Nigerian Stock Exchange is happy to host this webinar at this critical time in our strategic and advocacy drive towards supporting the Nigerian Oil & Gas sector.