With the International Energy Agency (IEA) setting out a
road map to what it believes is required to achieve net carbon zero 2050
coupled with oil prices rising on COVID-19 pandemic recovery, traders betting
on sustained revival in oil demand and the activities of OPEC/OPEC+, Brown
noted that the end consumers, suppliers of energy, governments / regulators and
providers of capital could b said to be in control of market outcomes.
Given the current market realities, he said Seplat has
identified cost savings initiatives, flexibility to scale projects, promotion
of innovation and gas resource development as major value drivers for all its
stakeholders.
Brown therefore urged operators and other stakeholders to
heighten their priority to increase operational efficiencies and reduce costs,
ensured the implementation of high caliber remote working technologies, and
adopt new systems, new habits and new patterns that have emerged and impacting
work processes.
The Seplat CEO added: “There is the need for pursuit of
strategic new opportunities and streamlining operations . Portfolios have been
reshaped and capital reallocated to the highest-return opportunities, that is,
those best aligned with future value creation and sources of distinctiveness.
“Environment, Social and Governance (ESG) principles are now
key drivers in how companies plan for long term growth; thus the responsibility
of companies to undertake gap analyses and ensure that sustainability thinking
is embedded across the organization is very critical at this time.”
On oil and gas engagements, Brown urged Nigeria to reduce
operational costs, aim to be lowest quartile producer, drive technological
development using Artificial Intelligence; ensure lower costs to market,
promote free market pricing for domestic gas with the right fiscal or other
incentives, and balance LNG development with Domestic Gas – developing both.
On electricity, he advised that the country move away from
off grid diesel generation, improve electricity supply chain and develop on grid
gas as a catalyst for on-grid renewable energy.
While for biomass, Roger called for the development of the
LPG and CNG markets, and reduction of reliance on biomass, that is, arresting
deforestation. He also advocated for a balance of Environmental and Social
development whilst delivering the 17 Sustainable Development Goals (SDG).
In embracing changes and controlling its future, he said
Seplat was investing in its people and motivating them by providing a safe
working environment and career development opportunities; pursuing profitable
and sustainable new opportunities; driving energy transitions in its sectors
and improving access to affordable and greener energy; and being a responsible
and accountable corporate citizen, understand local issues and positively
contributing to host communities.
According to him, Seplat is also improving profitability,
maintaining strict cost control and implementing the most appropriate
technologies whilst creating value for all stakeholders.