In a big push aimed at fast-tracking Nigeria’s energy transition, Seplat Energy Plc, the largest indigenous energy company by market value, has the set year 2024 target to end gas flaring in all of its operations.
This laudable target in line with global energy transition was disclosed by ABC Orjiako, the company’s chairman at the second annual Seplat Energy Summit with the theme “Global Trends in Energy Transition- the African Perspective”.
Orjiako noted at the energy summit in Abuja that the company has put in place lots of initiatives to renew its strong commitment towards transiting cleaner energy.
“Seplat Energy delivers over 50percent of gas supply in Nigeria. Seplat is to remove gas flares by 2024. Our plan is to replace all of the wood we use in homes with the use of Liquified Petroleum Gas which is a cleaner energy. 0ver 500kg of gas will be delivered in LGP,” Orjiako told delegations at the event.
He noted that the company is focused on making sure the environment is well protected, one of which includes a determined commitment towards ending gas flaring in all of its operations six years ahead of government targets.
“Seplat Energy will be launching our tree planting initiatives from the first quarter of 2022, which will drive youth employment and a cleaner environment,” the company’s chairman said.
Read also: Why EU support Nigeria with additional $17.4 million to boost renewable energy
“Replacing diesel generators with cleaner renewable energy will definitely solve Nigeria’s power deficit,” he added.
The Special Guest of Honour for the energy summit Yemi Osinbajo, Nigeria’s Vice President who was represented by Minister of State Environment, Sharon Ikeazor said Nigeria energy transition cannot be limited to incremental steps but transformation steps.
The summit had in attendance ministers, governors, members of the national assembly, royal fathers of Seplat Energy’s host communities, leaders of public and private institutions, investors and heads of shareholders groups. Seplat leveraged the energy summit to unveil its new logo.
“Nigeria needs a border set of policies that must align with energy security, which must foster a smooth energy transition across various levels of energy demands,” Ikeazor said.
She noted that gas will continue to play a critical role in Nigeria’s energy transition which will create lots of opportunities in Nigeria’s energy value chain.
“Over the next decade, every energy segment in Nigeria will be affected by this shift in energy supply and demands,” Ikeazor said.
Nigeria’s Minister of State Petroleum Resources Timipre Sylva said the ministry endorsed Seplat Energy as the flagship company that drives Nigeria’s energy transition.
“We believe that Renewable Energy offers favourable prospects for localised entities, because of the complexities of technology transfer, and the intensity of the slow, and medium-scale for segments,” Sylva said.
He noted that it’s important to ensure massive efforts towards increasing energy efficiency and productivity by facilitating changes in consumption patterns and lifestyle choices which will expand renewable energy or power supply and directions within and across the country.
The summit examined how to tackle Africa’s electricity deficit against the background of the challenge of Climate Change.
Stakeholders at the summit say Nigeria, Africa’s largest economy, must play a crucial role in leading the continent’s energy transition as improving access to energy is essential to the country’s economic growth.
Seplat Energy in its commitment to powering Nigeria’s energy transition provides accessible, reliable and sustainable energy that supports Nigeria’s social and economic prosperity.
The recent name change to Seplat Energy Plc reflects the company’s belief that the greatest opportunity ahead is to supply the right mix of energy for Nigeria’s young and rapidly growing population.
Investors are also buying into the future prospects of this company as evidenced in continued increase in the shares of the company with about 80percent positive return this year.
Oil prices rebound to $80 per barrel further places Seplat Energy Plc future on the right path with assurance to its equity holders.
As an internationally respected business with world-class governance and operational standards, Seplat primary aim is to meet Nigeria’s energy needs in a responsible way.
