SEPLAT Petroleum Development Company Plc, said it is driving the growth of the domestic gas market to power the economy particularly because of the energy shortfall in terms of electricity.
The Chief Executive Officer of Seplat, Mr. Roger Brown, said this at the 1st Edition of the Nigerian Oil & Gas Webinar organised by the Council and Management of the Nigerian Stock Exchange (NSE) themed “Perspectives of Operators and Industry Experts Post-COVID-19” held on Tuesday.
Brown was represented by the company’s Chief Financial Officer, Mr. Emeka Onwuka on a panel dubbed “Impact of COVID-19 and Oil volatility on operations, the Nigerian Gas market, Key Challenges and Forward Strategies for the industry, Funding dynamics & Capital raise Opportunities.”
According to Onwuka, “Seplat has gone more socially conscious in its operations in quest to drive a sustainable business, whilst promoting positive Economic, Social and Governance (ESG) impacts. We have had to take the renewable objective very seriously and we are currently looking at that segment of the market which is why we are very big in the midstream in terms of oil & gas.
Mr. Onwuka also noted that Seplat currently supplies over 30% of the domestic gas requirements of the power generation companies (GenCos) in Nigeria.
According to him, Seplat’s domestic supply of gas actually cushioned the impact of the drop in revenue in Nigeria arising from the global crude price drop.
Earlier in his keynote address, the Minister of State for Petroleum Resources, Chief Timipre Sylva, also said that the pandemic resulted in loss of revenue and differed investments.
He stressed the need for innovation and adaptability in the industry for enhanced growth and development.
In his remarks, the Group Managing Director of NNPC, Malam Mele Kyari, who was represented by Mrs. Rose Eshietti (designation) said that the country’s N2.6 trillion oil revenue target declined by 40 per cent as a result of twin shocks of COVID-19 and low crude oil price.
According to Kyari, the pandemic created an unprecedented and global crisis that would cause regions, countries, sectors, companies and individuals to experience reaction, resilience, recovery and adjustment for a new reality. Chief Executive Officer of Nigerian Stock Exchange, Mr. Oscar Onyema, said, “the Nigerian Stock Exchange is happy to host this webinar at this critical time in our strategic and advocacy drive towards supporting the Nigerian Oil & Gas sector.