Seplat PLC's Director of New Energy, Effiong Okon, has revealed the company's intentions to construct a new $250 million gas plant in Sapele, Delta State, as part of its continuous investment in the oil and gas industry's downstream sector.
At the Nigeria Oil and Gas Outlook event in Lagos with the topic Investing in Nigeria's Energy Future, Effiong revealed this.
Effiong stated, "We are also starting a brand-new plant in Sapele, the Sapele gas plant – another $250 million investment that will deliver a lot of LPGs to the market," during a panel discussion on the safe transition to gas-powered energy.
He clarified that by December of this year, the company's JV gas processing facility in Imo will be finished and prepared for commissioning by January of 2024.
Speaking further, Effiong pointed out that the government should support policies and maintain a safe environment, but the private sector should spearhead investment in the oil and gas sector.
Felix Ekundayo also spoke during the panel discussion. He clarified that Nigeria needs to have separate policies for each of its oil and gas components, pointing out that the term "gas" is very broad and encompasses a variety of components.
He stated thus, “When we say gas, we are very blind about what we mean. Everybody understands that petrol, and diesel. kerosene but we don’t have that of gas. Gas can be distilled into two components, natural gas and LPG and within the LPG component, we have propane and butane, Nigeria needs to develop a policy for which one of the components. A kerosene policy does not work for gasoline”
Speaking about the necessity of local funding for downstream gas projects in Nigeria, he pointed out that foreign investments aren't always dependable.