Emma Wilson
Tue, Aug 8, 2023 11:20 AM

The Role of Government in the Development of the Energy Industry: Insights from Seplat Energy

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The Role of Government in the Development of the Energy Industry: Insights from Seplat Energy
Mr. Effiong Okon, the Director of New Energy at Seplat Energy, highlighted the critical role that government plays in the development of the energy industry. Speaking at the SPE Nigeria Annual International Conference & Exhibition, Okon emphasized the need for governments to create the right environment for success to flourish. He called for the provision of regulatory frameworks, infrastructure security, and strong governance to attract international partners for energy investments. Okon also stressed the importance of achieving universal access to energy while transitioning to lower-carbon fuels. Seplat Energy, as a Nigerian success story, is committed to sustainability and energy transition as the pillars of its business strategy.

Lagos, Nigeria - In a thought-provoking keynote address titled 'The Transition Towards Energy Sustainability: Strategies and Tools for Developing Countries,' Mr. Effiong Okon, the Director of New Energy at Seplat Energy, underscored the indispensable role of governments in the development of the energy industry. Speaking at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference & Exhibition (NAICE) 2023 held in Lagos, Okon shed light on the opportunities and challenges facing Africa's energy system.

Highlighting the vast potential in Africa's energy sector, Okon emphasized that governments have a crucial role to play in fostering an enabling environment for success. He stressed the need for governments to provide regulatory and pricing frameworks that attract energy investments, ensure the security and reliability of essential infrastructure, and strengthen governance at all levels. This, in turn, would inspire confidence among international partners to invest and collaborate.

"The scale of universal access to energy across Africa will take a huge amount of investment, much of which will be directed towards the private sector," stated Okon. "Thus, governments across Africa must look at the entire value chain and focus on enabling success in each of those areas, ensuring they all come together seamlessly."

Universal access to energy is a transformative goal for Africa, especially in terms of powering homes and cooking. Okon highlighted the positive impact it would have on social and economic development, as well as the improvement of living standards across the continent. At the same time, he stressed the importance of considering climate change and transitioning to lower-carbon fuels like natural gas and renewables without creating an environmental burden for future generations.

At Seplat Energy, sustainability and energy transition lie at the core of their business. Okon proudly shared the company's commitment to these principles as the main pillars of their strategy. Being a Nigerian success story, Seplat Energy aims to inspire international investors and pave the way for others to follow suit.

"We believe universal access to energy will transform Africa, and we are dedicated to working towards that goal in Nigeria, the continent's largest economy," added Okon.

The importance of government's role in the energy industry cannot be underestimated. Nigeria and other African nations have an opportunity to revolutionize their energy systems and promote job creation with diverse skill requirements. Nevertheless, this can only be achieved through effective collaboration between government and private sector partners.

The electrification of Africa is a monumental task that demands substantial investments. However, focusing on sustainable approaches and transitioning to cleaner energy sources will pave the way for a brighter and greener future. With the right support from governments and strategic partnerships, universal access to energy in Africa can be realized, leading to significant socio-economic progress throughout the continent.

Source of content: OOO News 2023-08-08 News

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