Nigeria’s sub-surface potentials could be largely optimized and oil/gas production levels increased if divestment and other related deals are expedited.
According to the CEO of Seplat Energy, Mr. Roger Brown, success of Nigerian Independent energy companies will benefit Nigeria through oil revenues and the development of a domestic gas-to-power industry.
Speaking at the 2024 NOG Energy Week Conference & Exhibition recently held in Abuja, the Nigerian capital city, he said that that would help to fund expansion into renewable energy, increase energy access and unlock its entrepreneurial population by providing reliable and affordable energy in accordance with the UN Sustainable Development Goals.
Brown, who spoke during a panel session dubbed ‘Defining the Regulatory Frameworks Required to Support the Capabilities of Independents and Incentivise Growth’ said: “International Oil Companies (IOCs) will look to divest to credible local players, those with high levels of governance and accountability in their ESG efforts.
“Indigenous players also need strong balance sheets and credibility in international financial markets, because the assets they’re acquiring will doubtless need future development.
“Also, indigenous companies must commit to working with communities to maintain or increase Nigerian content, as Seplat Energy has been doing for many years.”
He said the independents will play a key role in realising the aspirations of the “Decade of Gas”, adding that strong governance framework is needed to support bankability of private sector direct participation/investment in this space.
Nigeria’s biggest decarbonisation priority is to end small-scale generation and get households and businesses onto a reliable national grid that uses our gas resources, lowers the cost of electricity and allows renewable energy to be developed and connected into a nationwide grid.
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