Oil, gas investment opportunities abound in Africa – Seplat
Joseph Inokotong, Abuja
Seplat Petroleum Development Company Plc’s Operations Director, Effiong Okon, has restated Africa’s stance as the destination for gas development and investment.
He gave this insight during his keynote address at the Africa E & P summit held in London recently.
The Africa E&P summit is a landmark event on Africa, which brings together key players and senior executives in the oil sector and governments involved in oil and gas business.
In a statement by Seplat, Okon in his keynote address titled: “Oil and gas rising in Africa,” provided an overview of the oil and gas landscape in Africa, stressing that there has been abundant discoveries of oil and gas reserves, which have over the years attracted key international oil companies to the continent.
He observed that alongside the oil majors is the rising of the independents that have also come into existence and have continued to grow in leaps and bounds.
“Most of the oil majors and the independent companies have continued to flourish with some exporting not just oil, but also gas out of the continent.
Most companies had to re-strategise portfolio balancing after the recent downturn in oil prices. Assets have been changing hands between the oil majors and the Independents,” Okon said.
He said Africa has a good balance of oil and gas but still faces the challenge of importing the refined crude with the lack of sufficient refining capacity.
He added that “over 100 people in Africa still do not have access to electricity. Lack of adequate infrastructure also still presents a problem.
“These challenges present huge opportunities for gas development and investment. As a result, a company such as Seplat has remained bullish with its gas development.
Seplat whose strategic location on the gas hub in the Niger Delta facilitates its gas development which currently, stands at about 30 per cent of domestic gas supply in Nigeria.
He said given the huge opportunity in Nigeria, the company has continued to make significant investment of well over $300 million at growing its gas business resulting to its massive current daily production capacity.
