The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that Nigeria’s gas reserve can match its energy need if there is efficient utilisation and monetization template of the resources.
Speaking at the maiden edition of SEPLAT Energy Summit held virtually, Sylva singled out Seplat as one of the companies that have adopted efficient utilisation and monetisation of gas in the country.
He recalled the emergence of SEPLAT 10 years ago and declared that the company has demonstrated the capacity to drive the innovation and expertise required for local content development.
He stated that the country has sufficient gas reserve to meet its energy need if the efficient utilisation and monetisation template of companies like Seplat is adopted by others.
He said that SEPLAT’s investment in gas development aligns with the National Gas Expansion Programme (NGEP), adding that the government has declared 2020 as “the year of gas”.
“On January 16, we inaugurated an Inter-agency Committee saddled with the responsibility of coordinating our concerted efforts to ensure the penetration of domestic utilisation of liquefied petroleum gas (LPG), encourage auto LPG, compressed natural gas and LPG for the domestic market. This will drastically reduce the massive outflow of the nation’s foreign exchange currently being expended in the importation of Premium Motor Spirit (PMS),” the minister said.
Speaking, Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation(NNPC), lamented that Nigeria is a net importer of petroleum products, adding that SEPLAT is collaborating with NNPC “to create a splitter plant in short term” to address the refining challenge facing the country.
He added: “There are other private initiatives. As we know, there are several licenses granted by the Federal Government for people to construct refineries, but they can’t do this because of the clear issue around the market structure. But thankfully, we have transited out of the regulated petroleum market into a deregulated market”
Speaking during a panel session titled ‘The impact of Global Energy Transition on African Economies’, Wabote congratulated Seplat for surviving till its 10th anniversary, saying that the crop of the Board members, management and staff has contributed immensely to the feat.
He added: “Seplat is a poster child of local content development in Nigeria. I want to congratulate its chairman, Dr. ABC Orjiako for having been steadfast to steer the ship to what we have today.”
SOURCE: oglinks.news
