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Minor Fire At Port Harcourt Refining Company Put Out, No Loss Of Lives

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#Portharcourtrefinery

…MINOR FIRE AT PORT HARCOURT REFINING COMPANY (PHRC) PUT OUT

Olushola Okunlade Writes

The Port Harcourt Refinery Company in Eleme Local Government Area of Rivers State were disrupted following a minor fire incident that lasted for less than an hour has been put out.

The minor fire incident occurred at the Port Harcourt Refining Company (PHRC) at the early hour of today, January 01, 2022.

The incident, which was contained in less than two hours was caused by a spark while a 33,000-liter truck was discharging naphtha into a tank at the PHRC.

Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC Informed ROTA MEDIA “There was a minor fire incident and it was immediately contained. So no loss of lives or property.”

The management of the refinery led by the Managing Director, who was at the scene supervising the operation, immediately mobilized the safety structure at the PHRC and with support from the Federal Fire service, successfully brought the fire under control.

The management of the PHRC wishes to reassure Nigerian residents in the neighborhood of the facility that they have no cause to worry about the incident and to also affirm that the safety of life and of property is at the top of its priority list.

The incident affected only the discharging truck and the pump bay. No other property was damaged.

The management and staff of the PHRC hereby extend their profound appreciation to all those that contributed to bringing a speedy end to the incident; while wishing all Nigerians a very happy and fulfilling New Year 2022.

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Seplat Energy Appoints Ezugworie As COO, Executive Director Board

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Seplat Energy grows 2021 full-year gross profit by 128.9% to N114.2bn

Olushola Okunlade Writes

The Board of Seplat Energy Plc has announced the appointment of Mr. Samson (Sam) Chibogwu Ezugworie as the new Chief Operating Officer and Executive Director on the Board of the Company effective 1st July 2022.

Mr. Ezugworie comes with over 30 years of extensive industry experience. For the last 25 years was with Royal Dutch Shell in Nigeria and Overseas. Mr. Ezugworie has built a strong reputation as a business/safety/ethical leader and integrator.

Specifically, and prior to joining Seplat Energy, Mr. Ezugworie delivered exceptional business performance as Manager Geosolutions,  Manager,  Land Asset, and  General Manager Development & Subsurface for Shell Companies in Nigeria. He also served as a Director in Shell Exploration & Production Africa Limited (SEPA), Shell Petroleum Development Company of Nigeria Limited (SPDC), and Shell Nigeria Business Operations Limited (SNBO). Sam holds a B.Sc degree in Geology, obtained from the University of Nigeria, Nsukka.

Mr. Effiong Okon
Mr. Effiong Okon.

The Board also wishes to announce that Mr. Effiong Okon, the Operations Director and Executive Director on the Board of Seplat Energy will step down from the Board of Seplat Energy effective 1st July 2022. Mr. Okon was appointed as the Operations Director and Executive Director in February 2018 and has since then invested his time, experience, and skills in the growth of the Company. Mr. Okon will assume a new position as the Director of New Energy to lead the New Energy Directorate of the Company effective 1st July 2022, to significantly accelerate the development of the new energy business and advance the Company’s agenda on energy transition.

Commenting on the appointment, Mr. Basil Omiyi, Chairman of Seplat Energy said:

“The Board is pleased to welcome Mr. Samson (Sam) Chibogwu Ezugworie as the Chief Operating Officer and Executive Director on the Board of Seplat Energy and wishes Mr. Effiong Okon success in his new role as Director of New Energy which is a critical one for the future of the Company”.

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Growing Energy Demand Presents Huge Business Opportunities For Seplat, Others – McKinsey & Company

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Growing Energy Demand Presents Huge Business Opportunities For Seplat, Others – McKinsey & Company

…’ Seplat Energy has an enormous chance to explore renewable energy solutions’

… Divestment opportunities abound for Seplat Energy, others

Olushola Okunlade Writes

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, as well as other energy producers in Africa, is projected to grow more given the rising demand for energy in Africa. Africa’s energy demand is also expected to see increased growth over the decade amidst current realities.

Global management consulting firm, McKinsey & Company disclosed this at the Seplat Industry Lecture and Dr. ABC Orjiako send forth event held in Lagos at the weekend.

Growing Energy Demand Presents Huge Business Opportunities For Seplat, Others – McKinsey & Company

“There will be rising demand for fossil fuels in Africa driven by industrialization and population growth. Energy demand growth will be led by Nigeria, and this will create tailwinds for energy suppliers like Seplat Energy,” Oliver Onyekweli, Associate Partner and Co-Lead of West Africa Oil and Gas Practice, McKinsey & Company, said whilst making a presentation on the theme of the Lecture dubbed “The Future of African Oil & Gas: Positioning for the Energy Transition”.

“Africa’s growing energy demand also creates opportunities for Seplat to explore renewable energy solutions (e.g. solar, blue hydrogen),” he added.

Decarbonizing production and cost leadership, McKinsey explained, will be key going forward as capital providers continue to reduce exposure to oil and gas, with customers preferencing lower carbon shipments. Decarbonization of assets to the greatest possible extent, it added, will be needed to maintain “license to operate” and maintain access to capital at attractive rates. “As global oil demand peaks, maintaining cost leadership ($/bbl) will be increasingly vital.”

Indigenous producers will define the future of African oil and gas, as IOCs will continue to face pressure to reduce carbon-intensive operations and lower the cost of production, according to McKinsey, which also maintained that divestment is likely to continue.

“Companies like Seplat Energy are well-positioned to pick up producing assets going forward, provided they can maintain operational excellence. Ensuring continued access to talent will be key,” it added.

Growing Energy Demand Presents Huge Business Opportunities For Seplat, Others – McKinsey & Company

McKinsey further explained that “African energy infrastructure is a compelling opportunity. As the energy transition accelerates, gas will become more prominent as a “transition fuel”, especially in Nigeria. Significant domestic gas demand is a positive tailwind for Seplat Energy’s ANOH project and gas’ cleaner carbon profile (relative to diesel) should make gas projects easier to finance (can be paired with LPG). Investing in gas export infrastructure (e.g. FLNG) could create an opportunity to access high-value international spot market.”

Dr. ABC Orjiako, the Pioneer and immediate past Chairman of Seplat Energy, lauded all the company’s stakeholders for the huge successes recorded so far in the company since its inception, saying they were products of hard work, sleepless nights, and resilience.

Commending all stakeholders of Seplat Energy for the great achievements recorded so far, the Chairman, Seplat Energy, Mr. Basil Omiyi, said the year 2022 marks a major turning point for Seplat Energy as Dr. Orjiako retires from the Board after leading the Company to achieve monumental milestones over the last 13 years, including 9 years as a listed entity.

Notable amongst the achievements he listed were, the IPO vision, the listing, production growth, reserve addition, corporate governance, landmark acquisitions, funding strategy, and setting the stage for corporate transformation, amongst others.

In his remarks, the CEO of Seplat Energy, Mr. Roger Brown, said  Dr. Orjiako drove Seplat Energy’s long-term imperative with regards to global transition away from fossil fuels towards cleaner and renewable energies, advocating a Just Transition, which is to be conducted at an appropriate pace.

That, according to Brown, was why, the Board under Dr. Orjiako decided to re-brand the Company as Seplat Energy, which is a signal of “our intent and how we see our future”.

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Global Energy Crisis Shows Urgency Of Accelerating Investment In Cheaper And cleaner Energy In Africa

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Global Energy Crisis Shows Urgency Of Accelerating Investment In Cheaper And cleaner energy in Africa

Olushola Okunlade Writes

Today’s crippling spikes in energy prices underscore the urgency and the benefits for African countries of accelerating the scale-up of cheaper and cleaner sources of energy, the IEA says in a new special report released last week.

Russia’s invasion of Ukraine has sent food, energy, and other commodity prices soaring, increasing the strains on African economies already hard hit by the Covid-19 pandemic. The overlapping crises are affecting many parts of Africa’s energy systems, including reversing positive trends in improving access to modern energy, with 25 million more people in Africa living without electricity today compared with before the pandemic, according to the Africa Energy Outlook 2022.

At the same time, Africa is also already facing more severe effects from climate change than most other parts of the world – including massive droughts – despite bearing the least responsibility for the problem. Africa accounts for less than 3% of the world’s energy-related CO2 emissions to date and has the lowest emissions per capita of any region.

Despite these challenges, the report finds that the global clean energy transition holds new promise for Africa’s economic and social development, with solar, other renewables, and emerging areas such as critical minerals and green hydrogen offering strong growth potential if managed well. Increased international ambitions for cutting emissions are helping set a new course for the global energy sector amid declining clean technology costs and shifting global investment patterns. African countries are poised to benefit from these trends and attract increasing flows of climate finance.

“Africa has had the raw end of the deal from the fossil fuel-based economy, receiving the smallest benefits and the biggest drawbacks, as underlined by the current energy crisis,” said Fatih Birol, the IEA Executive Director. “The new global energy economy that is emerging offers a more hopeful future for Africa, with huge potential for solar and other renewables to power its development – and new industrial opportunities in critical minerals and green hydrogen.”

“The immediate and absolute priority for Africa and the international community is to bring modern and affordable energy to all Africans – and our new report shows this can be achieved by the end of this decade through the annual investment of $25 billion, the same amount needed to build just one new LNG terminal a year,” Dr. Birol added. “It is morally unacceptable that the ongoing injustice of energy poverty in Africa isn’t being resolved when it is so clearly well within our means to do so.”

The Africa Energy Outlook 2022 explores a Sustainable Africa Scenario in which all African energy-related development goals are achieved on time and in full. This includes universal access to modern energy services by 2030 and the full implementation of all African climate pledges.

With demand for energy services in Africa set to grow rapidly, ensuring affordability is an urgent priority. Increased energy efficiency is essential for this, since it reduces fuel imports, eases strains on existing infrastructure, and keeps consumer bills affordable.

Expanded and improved electricity grids provide the backbone of Africa’s new energy systems in this scenario, and are powered increasingly by renewables. Africa is home to 60% of the best solar resources worldwide, but it currently holds only 1% of solar PV capacity. Already the cheapest source of power in many parts of Africa, solar is set to outcompete all other sources continent-wide by 2030. Renewables – including solar, wind, hydropower, and geothermal – account for over 80% of new power generation capacity added by 2030 in the Sustainable Africa Scenario.

While renewables are the driving force for Africa’s electricity sector this decade, the continent’s industrialisation relies in part on expanding natural gas use. More than 5 000 billion cubic metres (bcm) of natural gas resources have been discovered to date in Africa that has not yet been approved for development. These resources could provide an additional 90 bcm of gas a year by 2030, which may well be vital for Africa’s domestic fertilizer, steel, cement, and water desalination industries. Cumulative CO2 emissions from the use of these gas resources over the next 30 years would be around 10 billion tonnes. If these emissions were added to Africa’s cumulative total today, they would bring its share of global emissions to a mere 3.5%.

Africa’s vast resources of minerals that are critical for multiple clean energy technologies are set to create new export markets but need to be managed well, with Africa’s revenues from critical mineral exports set to more than double by 2030.

A number of low-carbon hydrogen projects are underway, focused primarily on producing ammonia for fertilizers, which would strengthen Africa’s food security. Africa has huge potential to produce hydrogen using its rich renewable resources. As much as today’s energy demand could be produced at internationally competitive price points by 2030.

Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over USD 190 billion each year from 2026 to 2030, with two-thirds going to clean energy.

“Multilateral development banks must take urgent action to increase financial flows to Africa for both developing its energy sector and adapting to climate change,” said Dr. Birol. “The continent’s energy future requires stronger efforts on the ground that are backed by global support. The COP27 Climate Change Conference in Egypt in late 2022 provides a crucial platform for African leaders to set the agenda for the coming years. This decade is critical not only for global climate action but also for the foundational investments that will allow Africa – home to the world’s youngest population – to flourish in the decades to come.”

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