Chinwendu Obienyi
Despite being regarded as a destination for gas development and investment, the African continent is still being held back by the challenge of importing refined petroleum products with the lack of sufficient refining capacity.
This was the view of Seplat Petroleum Development Company Plc’s Operations Director, Effiong Okon, at the Africa E & P Summit which 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 African oil and gas business. The conference provides insights into the diverse approaches and strategies of Africa’s key movers.
Okon, in his keynote 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.
Alongside these majors is the rising of the independents who have also come into existence and have continued to grow in leaps and bounds, he explained, adding that: “The appetite for Africa oil and gas is still growing and continues to present significant investment opportunities. Investors are attracted to the many recent and ongoing licence bid rounds in the continent.
Seplat Petroleum Development Company Plc’s Operations Director, Mr. 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 African oil and gas business. The conference provides insights into the diverse approaches and strategies of Africa’s key movers.
Okon, in his keynote 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 while adding that adding that the appetite for Africa oil and gas is still growing and continues to present significant investment opportunities.
He noted that investors are attracted to the many recent and ongoing licence bid rounds in the continent with most of the oil majors and the independents companies flourishing with some exporting not just oil but also gas out of the continent.
Some challenges, according to the Seplat director, still exist despite the significant discoveries and impressive production of oil and gas across the continent, which has a good balance of oil and gas.
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 stressed: “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, companies 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.
According to him, the growing need for capital for emerging infrastructure such as refining and transportation of petroleum commodities and products and the development of a robust petrochemical industry, place the continent at a vantage point for investments.
The Seplat director, who spoke on the theme, ‘Oil and Gas Rising in Africa’, said currently, his firm contributes about 30 per cent of domestic gas supply in Nigeria.