Seplat has described its gas business as a strong catalyst for sustainable development in Nigeria.
According to the company. this drive is a revolution, indicating that the direction is laudable and highly rewarding to Nigerians and the economy at large.
The Chief Executive Officer, SEPLAT, Mr Roger Brown, spoke on behalf of the company at the Nigerian Gas Association (NGA) Industry Multilogues 2, its 12th biennial International Conference themed “Powering Forward: Enabling Nigeria’s Industrialisation Via Gas” held virtually.
Speaking on the company’s contributions to the Nigerian Gas industry, Brown said: “Our new Sapele Gas Plant processing capacity (PC) is 75MMscfd, increasing PC in the West to 540MMscfd (Oben and Sapele).
“SEPLAT currently contributes about 30 per cent of gas to power generation in Nigeria. Its ANOH Project is to add 300MMscfd capacity and unlock over 1,200MW of gas constrained power generation capacity.”
He, however, stressed the need to build institutional capacity to drive and sustain the transition, which is critical to attaining value and wealth advancement.
The SEPLAT CEO also called for the need to drive investments through liquidity pools such as the capital markets, bonds and PFAs as well as exploring a myriad of financing options to provide funding for gas infrastructure projects.
Brown, during his panel session dubbed “Nigeria’s Decade of Gas: The Industry Leadership Outlook”, said SEPLAT is strategically positioned to access Nigeria’s main demand centres, with its current well stock delivering 300 – 350MMscfd (Gross).
With respect to the company’s industry strides, it was, at the event, also honoured with the NGA Special Recognition Award for SEPLAT’s strong and outstanding support in its service to the Nigerian Gas Industry and the Nigerian Gas Association.
Commenting on some of the challenges bedevilling the gas-to-power drive, the SEPLAT CEO said capital intensity; under-investment; delayed delivery of planned gas infrastructure; poor pipeline network; lack of cost-reflective tariffs and huge debts in the power sector; lack of clear gas fiscal terms for PSCs and delay in the passage of the Petroleum Industry Bill (PIB), amongst others, were issues to be addressed.
Commending SEPLAT and other players for their dedication to the growth of the sector, Audrey Joe-Ezigbo, President, NGA, said there is the need to continuously project and leverage the potentials of gas towards enabling and reinvigorating Nigeria’s industrial sector.
“Riding on the declaration by the Honourable Minister of State, Petroleum Resources, Timipre Sylva, to dedicate the new decade to the promotion and adoption of Natural Gas as the fuel of choice for national growth, it has become imperative for us to reinforce this paradigm, leveraging its benefits across diverse key sectors in Nigeria and across Africa.”