24 — Vanguard, TUESDAY, NOVEMBER 15, 2022 Energy transition creating huge opportunities in Nigeria --- Seplat By Joseph Oso ENERGY transition creates huge opportunities in Nigeria as it supports economic and social development, job creation, improved health and education, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown has said. Mr. Brown said this during a panel session at the University of Dundee Alumni, Nigeria Chapter seminar held on Saturday in Lagos. The session which dwelt on the topic 'Optimizing energy security in a global transition era' provided a platform for the panellists to x-ray the current global trajectory of energy transition, and how energy security could be guaranteed in the face of transition, relating the subject to Nigeria's domestic market situation. The Seplat CEO, explained that energy transition conundrum is all about how stakeholders balance three realities of climate change and the need to decarbonise the world; the need for energy security; and urgent need for economic development in Africa, tackling poverty and lack of access to energy. He said: "Seplat Energy remains committed to improving Nigeria's access to affordable and reliable energy that drives social and economic development, in line with the UN's Sustainable Development Goals. We can make Nigeria a more attractive destination for global energy investment that will allow us to fund our energy transition towards lowercarbon sources of energy, such as gas to provide baseload, and renewables. "By developing our gas industry we can transition Nigeria's population away from expensive and polluting diesel generators, and from using biomass for cooking. I believe we can achieve all of these development wins for Africa at little incremental cost to the environment." According to Mr. Brown, we must use Nigeria's gas resources for the direct benefit of Nigerians, and use it to increase production of grid-scale energy that will power people's homes without choking them on diesel fumes, and allow them to cook without having to collect firewood and have the risk of open fires in the home. "This gas-fired power will also keep the lights on at night so the kids can study, and power businesses across Nigeria so they can create wealth at much lower costs," he noted, adding that: "increasing access to cheaper, more reliable energy creates so many positive effects that will drive economic and social development in Nigeria; access to energy supports wealth creation, improves health and will allow Nigeria to achieve development goals." TUESDAY, NOVEMBER 15, 2022 Exploration: Nigeria's rig count rises 27.9% to 93 By Udeme Akpan, Energy Editor NIGERIA may have started to do well in terms of oil and gas exploration as its rig count rose Year - on -Year, YoY, by 27.9 percent to 93 in the first 10 months (January - October) 2022, from 73 recorded in the corresponding period of 2021. The rig count is a major index of measuring exploration and other activities in the upstream sector of the petroleum industry globally. However, on Month-on-Month, MoM, the rig count also rose marginally to eight in October 2022, from seven in September. The Organisation of Petroleum Exporting Countries, OPEC, which disclosed this in its Monthly Oil Market Reports, MOMRs, obtained by Energy Vanguard, did not specify the factors responsible for the positive trend. But checks by Energy Vanguard pointed to the Petroleum Industry Act, PIA, a comprehensive legislation that has encouraged investment, thus culminating in the deployment of more rigs. However, the November report showed that Algeria was the highest African petroleum exploration nation with 32 rigs while Equatorial Guinea came last with no rig whatsoever. Commenting on the development, the National President, Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mr. Colman Obasi, said it would take some time for the impact of the PIA to show on the industry. According to him, the industry requires long term investment and mobilisation of resources, including funds from within and outside the nation. He said: "Oil and gas exploration has been very low in Nigeria, apparently because of the delay associated with the passage of the Petroleum Industry Bill, PIB. We have started seeing the positive impact of the PIA. We, however, hope that the momentum would be sustained. Despite the quest for Energy transition, Nigeria and indeed African nations should increase investment in the industry while using their abundant natural gas as the transition fuel into the future." The Lead promoter, Energyhub Nigeria, Dr. Amieyeofori Felix, who noted that the positive impact of the PIA would be gradual, said: "The PIA is very important to stakeholders, including oil and gas companies, the government and communities. We hope that it would attract new investments into the industry." But the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Mr. Gbenga Komolafe, who stressed the need for new investment maintained that Nigeria's 37 billion barrels of proven oil reserves could be depleted in the next 60 years, adding that the country's natural gas reserves of 208 trillion scuff would take another 88 years. In its latest report obtained by Energy Vanguard, NUPRC, stated that Nigeria's dwindling average oil output, including condensate, dropped Year-on-Year, YoY, by 7.4 per cent to 1.37 million barrels per day, mb/d in the first 10 months (January - October) 2022, from 1.48 mb/d in the corresponding period of 2021. This showed a shortfall of 317,940 MOMAN donates N50m to Nigerian flood victims By Sebastine Obasi THE Major Oil Marketers Association of Nigeria, MOMAN, yesterday, donated the sum of N50 million to support communities affected by floods in Nigeria. Handing over a N50m cheque to the Nigerian Red Cross Society at a ceremony in Abuja, Mr. Clement Isong, Chief Executive Officer of MOMAN said that the recent flooding which is a humanitarian disaster has not been getting the deserved attention. He noted that the pictures of sheer devastation in communities in various parts of Nigeria are horrific and underscore the need for corporate organisations to lend their support. According to him, "in previous emergencies such as COVID-19, Nigerians rallied round each other but with the floods, the rest of the world appears to be taking things more serious than Nigeria is. It is sad that the flooding which I see as a humanitarian disaster is not treated with the seriousness it deserves." Receiving the donation, the Secretary General of the Nigerian Red Cross Society, Abubakar Kende, was ecstatic at the display of social responsibility by the Major Oil barrels when juxtaposed against the 1.69 mb/d which the 2023 budget was based on at $70 per barrel. The NUPRC, which disclosed this in its monthly Oil Production Status Reports, obtained by Energy Marketers Association of Nigeria, MOMAN, and promised that the funds would truly be used to alleviate the effects of the flooding. He said: "The Nigerian Red Cross Society has come a long way and accountability is our watchword. It is so gratifying in these times to meet an organization that actually has the spirit of volunteerism and humanity embedded within its core. About two weeks ago, the Nigerian Red Cross Society launched an emergency appeal in order to raise 13 million Swiss Francs for the flood victims across Nigeria. "These funds are targeted at supporting up to 500,000 displaced ARDA lauds Rainoil's oil, gas facility in Lagos By Joseph Oso THE African Refiners and Distributors Association, ARDA, has applauded Rainoil Limited for its state of art Oil and Gas facility located in Ijegun- Egba, Amuwo Odofin LGA, Lagos State. The association commended the company's genuine move to boost domestic utilization of Liquified Petroleum Gas in the Country. The Association led by its President, Marième Ndoye Decraene, the Executive Secretary, Mr. Anibor Kragha along with other delegates took a tour at the facility.They implored other similar investments across Africa. Speaking after the tour, Mr. OIL MARKET WATCH Bonny Light $96.15 Brent $96.05 OPEC Basket $94.85 WTI $88.90 MARS $85.46 (As of November 14, 2022) ANNIVERSERY ----From left: Mrs. Justina Ikpea (wife), Executive Chairman, LEE Engineering Group and Allied Companies Ltd, Dr. Leemon Ikpea, Very Rev. Fr. Francis Ike of the Catholic church of the Assumption, Falomo and other staff of the company at the 31st Anniversary and Thanksgiving ceremony of Lee Engineering Group and Allied Companies Ltd. Vanguard, weekend, did not specify the cause of the trend. However, checks by Vanguard, yesterday, attributed it to prolonged pipeline vandalism, oil theft, and illegal refining in the Niger Delta. It Kragha stated that the visit was necessitated by the need for members to see the reality of the massive projects going on in Nigeria. He also emphasized that Rainoil was aligning with the vision of the Federal Government and ARDA in driving cleaner fuel in the region. According to him, ARDA's vision is to serve as the leader in Africa's transition to cleaner fuels. "We also promote the harmonization of cleaner fuel specifications across Africa in line with the AFRI Fuels Roadmap to avoid urban pollution and the associated health challenges. ARDA supports the implementation of a Cleaner Air Policy with a regulatory framework that considers fuels and vehicles as indicated that pipeline vandalism, oil theft and illegal refining would still continue next year, despite the efforts of stakeholders, especially the government and oil companies, to tackle them. people and focus on the provision of basic food, health, care, water, sanitation, hygiene promotion, search, rescue, Rapid NEEDS assessments, deployments of Emergency First Aid Teams and many more services required to alleviate the general suffering brought on by the effects of flooding." an integrated system." He noted that the Association is in Nigeria as part of its mission which is focused on developing an integrated energy self-sufficiency plan for Africa that promotes the processing of African crude oil in upgraded African refineries, distribution of resulting cleaner petroleum products via African pipelines and terminals with funding primarily from African financial institutions. Mr. Kragha confirmed that the delegation had earlier paid a courtesy call to the Nigerian National Petroleum Company (NNPC), the Dangote Refinery and was scheduled to visit Sahara Group's Egbin Power Plant.
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