Africa (Commonwealth) _Chief Executive Officer of Seplat Energy Plc Roger Brown, has emphasized that Africa should reorient the energy business for the future and become far more efficient with its energy resources.
He encouraged African countries to recognize that energy plays a critical role in the continent’s future, and that the integration of the energy value chain is critical for the continent’s projected growth.
The CEO of Seplat Energy made the remarks during the inaugural ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) International Conference and Exhibition, which is currently taking place in Lagos. Brown contributed as a stakeholder to the subject “Repositioning the Oil and Gas Sector for Future Energy Dynamics.”
Brown explained that shifting the petroleum and natural gas sector for the future requires an understanding of certain fundamentals, such as accepting that the sector will play a key role in the future – particularly in Africa; that the energy sector needs to get much more efficient using its resources; and that incorporating the entire value chain of energy is vital.
Furthermore, the lack of a functional energy infrastructure (Base load) is a hurdle to widespread renewable energy adoption. In all of this, people must accept that Growth and Nature must not become opposing objectives. He stated that energy is vital to the economic and social growth of the region.
According to industry data, more than 600 million Africans lack access to energy; more than 900 million Africans lack access to clean cooking (with only 8% of rural West Africans having access to energy); and fewer than half of utilities in Sub-Saharan Africa recover their operating costs.
Every year, the 48 Sub-Saharan African nations (with a combined population of around 1 billion) generate almost the same amount of energy as Spain (with a population of approximately 45 million). According to industry estimates, a fivefold increase in investment is needed to meet the United Nations’ Sustainable Development Goal 7 by 2030. Africa is tasked with achieving 17 SDGs.
According to the Energy Outlook, meeting Africa’s energy and climate goals would require more than tripling energy investment this decade, with the The objective of widespread utilization of modern energy necessitates an annual expenditure of USD 25 billion.
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According to Seplat Energy, Nigeria’s energy trilemma is still sustainability, energy security/access, and energy affordability.
More than half of Africa’s 1.2 billion inhabitants lack access to power. This is a significant impediment to Africa’s economic progress, whereas universal access to dependable, modern, and sustainable energy may catapult development across the continent. Africa’s population is expected to reach a staggering 1.8 billion by 2040.When combined with the modernization of Africa’s economy, as well as increased urbanization and industrialisation, this implies that energy consumption will rise by 6% each year until 2040.To meet this demand, electricity production capacity will need to rise from 124 gigatonnes now to 700 gigatonnes by 2040.
Africa’s energy crisis is solvable. The continent’s energy reserves are sufficient to fulfill its demands, and potential to create clean/renewable energy are endless. Exploiting these resources would necessitate more sector investment at national and regional levels, as well as a political dedication backed by enhanced legislative and regulatory frameworks. The ICA promotes investment in Africa’s energy sector by fostering conversation, offering training to strengthen governmental skills while encouraging private sector engagement, and improving coordination and information exchange. Seplat Energy (Seplat) is a Nigerian independent oil and gas firm with holdings in the Niger Delta that is listed on both the London and Nigerian stock exchanges. Seplat Petroleum Development Company was formed in June 2009 by the joint venture of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited in order to primarily pursue upstream oil and gas opportunities in Nigeria, particularly divestment possibilities arising from the portfolios of the incumbent Major IOCs.
