Seplat PLC, a leading Nigerian energy company, has revealed plans to invest $250 million in a new gas plant in Sapele, Delta State, as part of its ongoing commitment to the downstream sector of the oil and gas industry. The announcement was made by Mr. Effiong Okon, the Director of New Energy at Seplat PLC, during a panel discussion on secured energy transition towards gas at the Nigeria Oil and Gas Outlook event held in Lagos.
Mr. Effiong highlighted that the Sapele gas plant would contribute significantly to the market by delivering a substantial amount of Liquefied Petroleum Gas (LPG). He also provided updates on Seplat’s Joint Venture (JV) gas processing facility in Imo, stating that it is expected to be completed by December and ready for commissioning in January 2024.
In emphasizing the role of the private sector in oil and gas sector investments, Mr. Effiong suggested that the private sector should lead, while the government supports policies and ensures a conducive environment for investment.
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During the panel discussion, Felix Ekundayo emphasized the need for a separate policy for each component of Nigeria’s oil and gas sector. He highlighted the broad nature of the term “gas” and urged the development of distinct policies for natural gas and LPG components, including propane and butane. Ekundayo stressed the importance of creating policies tailored to the specific characteristics of each component, noting that a one-size-fits-all approach may not be effective.
Additionally, Ekundayo emphasized the importance of local financing for downstream gas projects in Nigeria, citing potential reliability issues with foreign investments. This move aligns with the broader goal of fostering sustainable growth and development in Nigeria’s energy sector.
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