Seplat Plc CEO Roger Brown has advised Nigeria to adopt the technology to boost competitiveness and enable a comparative advantage in a rapidly changing world.
Brown made the call during his opening speech at the Nigeria International Petroleum Summit in Abuja, according to a statement from Seplat.
He noted that technology would play a key role in ensuring Nigeria remains competitive in today’s oil market.
He said that after the goal of net zero by 2050, coupled with rising oil prices, bullish market bets and actions by the Organization of the Petroleum Exporting Countries and its allies, consumers end users, energy providers, governments and capital providers could be said to be in control of market outcomes.
Brown said Seplat had identified cost reduction initiatives, flexibility of project scale, promotion of innovation and the development of gas resources as key drivers of value for its stakeholders.
He said: “There is a need to seek new strategic opportunities and streamline operations. Portfolios have been reshaped and capital reallocated to the most profitable opportunities – that is, those that best match future value creation and sources of distinction.
“Environmental, social and governance principles are now key factors in how companies plan for long-term growth; Therefore, the responsibility of companies to undertake gap analyzes and ensure that sustainability thinking is integrated throughout the organization is very critical at this time.
On electricity, he advised the country to move away from off-grid diesel production, improve the electricity supply chain and develop on-grid gas as a catalyst for on-grid renewables.
He called for the development of the liquefied petroleum gas and compressed natural gas markets and the reduction of dependence on biomass.
He also advocated a balance between environmental and social development while achieving the 17 Sustainable Development Goals.
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