The Chief Executive Officer of Seplat Plc, Roger Brown, advised that Nigeria should adopt technology to drive competitiveness and enable comparative advantage in a fast-changing world.
Brown made the call during his keynote address 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 stayed cost competitive in the current oil market.
He said that following the net zero by 2050 goal, coupled with rising oil prices, bullish market bets, and the actions of the Organisation of the Petroleum Exporting Countries and its allies, end consumers, suppliers of energy, governments and providers of capital could be said to be in control of market outcomes.
Brown said Seplat had identified cost-saving initiatives, flexibility to scale projects, promoting innovation and gas resource development as major value drivers for its stakeholders.
He said, “There is a need for the 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 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 organisation is very critical at this time.”
On electricity, he advised the country to move away from off-grid diesel generation, improve the electricity supply chain and develop on-grid gas as a catalyst for on-grid renewable energy.
He called for the development of the liquefied petroleum gas and compressed natural gas markets, and reduction of reliance on biomass.
He also advocated a balance of environmental and social development while delivering the 17 Sustainable Development Goals.