Seplat Energy Plc has said it is monetising natural gas resources in Nigeria in a bid to boost sustainable industrial growth and address the electricity deficit in the country.
Its Operations Director/Executive Director, Mr Effiong Okon, said the company remained committed to providing the required energy for Nigeria’s sustenance, given the country’s huge growth potential.
Okon said this during a panel session at the 44th edition of the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition in Lagos last week, according to a statement on Sunday.
According to him, energy security remains the bedrock of the nation, and Nigeria must have a robust energy base to meet its present and future energy needs for it to sustainably develop.
He said, “Nigeria has less than 11GW generating capacity on-grid and much of it remains unused owing to inefficiencies and gas supply constraints; distribution is not well developed across the country and suffers poor maintenance, with frequent blackouts which lead to supplementing on-grid generation with generators.
“There is an estimated 22 million small generators in use in households and MSMEs in Nigeria which are expensive to buy and run and responsible for particulate and greenhouse gas pollution.”
According to him, the power deficit has direct and indirect impacts on the achievement of the Sustainable Development Goals.
Okon said, “Seplat aims to expand beyond our E&P core to drive integrated gas solutions in monetizing gas resources in the domestic market. This is critical to driving sustainable industrial growth and address the power (electricity) deficit in the Nigerian market.
“Evolution from fossil fuels (oil) to cleaner (low carbon – gas) and more sustainable forms of energy (renewables) and balancing emissions through offsetting and the purchase of carbon credits will support the climate change ideology.”