- Nigeria aims for net-zero emissions by 2060, adjusting its Energy Transition Plan for feasibility.
- Seplat Energy commits $5.7 million to end routine flaring, aligning with sustainability goals.
- Seplat Energy explores renewable energy investments, emphasising increased supply and reduced carbon intensity.
Nigeria is pushing forward with its Energy Transition Plan (ETP), aiming to transition to cleaner energy sources by 2060. Initially set for 2050, the timeline was adjusted to ensure feasibility, considering the substantial financial, social, and technological requirements.
Nigeria estimates it needs $1.9 trillion to achieve this goal, including $410 billion above projected spending. Securing an initial $10 billion support package ahead of COP27 is crucial in kickstarting ETP implementation.
Recognising the significance of private sector involvement, Seplat Energy, a leading independent energy company, has committed $5.7 million towards projects to end routine flaring in its operations. This proactive approach aligns with Seplat’s long-standing dedication to sustainability and forward-thinking leadership.
Seplat Energy is actively exploring investment opportunities in midstream gas, power, and renewables. It emphasises increased energy supply, cost reduction, and carbon intensity reduction in Nigeria’s electricity consumption.
CEO Roger Brown highlighted Seplat’s ongoing commitment: “We are evaluating potential acquisition opportunities in the Compressed Natural Gas (CNG) and Renewable Power Generation markets.” Additionally, the completion of the ANOH gas plant and progress on the OB3 pipeline project signify significant strides towards meeting energy transition targets.
Despite challenges, Seplat Energy reported strong financial performance in 2023. For the first time, it exceeded $1 billion in oil and gas revenue. Increased production and asset availability drove revenue growth amid a challenging oil price environment.
The company’s dedication to environmental responsibility is evident in its aggressive program. Which aims to eliminate gas flaring by 2025 and explore renewable energy alternatives. Seplat Energy’s commitment extends to community development initiatives, including healthcare and education programs.
Seplat COO Samson Ezugworie emphasised Seplat’s sustainable business practices: “We remain dedicated to contributing to the growth and development of our people and communities.” The company’s ISO 26000 endorsement and solar panel investments underscore its commitment to sustainability.
Safety remains a top priority for Seplat Energy. Which focuses on maintaining a secure work environment and achieving ISO 45001 and 14001 certifications.
For fiscal year 2023, the Board recommended a total dividend of 15 cents per share, reflecting confidence in the company’s future and strong financial position.
Seplat Energy anticipates continued production stability and plans to maintain production levels through capital expenditure programs and strategic initiatives. The company remains committed to innovation, sustainability, and value creation, emphasising environmental, social, and governance (ESG) performance and reporting standards.