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London Stock Exchange Lauds Orjiako’s Achievements As Seplat Energy’s Pioneer Chairman

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London Stock Exchange Lauds Orjiako’s Achievements As Seplat Energy’s Pioneer Chairman

“It is the magnanimity of the LSE (London Stock Exchange) and LSEG’s Africa Advisory Group (LAAG) that made it possible for us to be here today – Orjiakor

Olushola Okunlade Writes

The London Stock Exchange (LSE) on Wednesday, June 8th celebrated the many achievements of Dr. ABC Orjiako, the pioneer chairman of Seplat Energy Plc, Nigeria’s leading energy company.

Seplat Energy Plc which is listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange are driving the country’s energy transition towards cleaner, more reliable energy. Orjiako retired last month after 13 years as the Board Chairman of Seplat Energy Plc.

Orjiako in his reaction to the event in London, said: “It is the magnanimity of the LSE (London Stock Exchange) and LSEG’s Africa Advisory Group (LAAG) that made it possible for us to be here today. It is not an easy thing to ring the opening bell of the LSE, and for me to use this to mark my exit as the chairman of Seplat brings very old memories to me starting from 2014 when we first rang the bell to list our security in this market.”

London Stock Exchange Lauds Orjiako’s Achievements As Seplat Energy’s Pioneer Chairman
Right-Left: Dr. ABC Orjiako, Pioneer Chairman, Seplat Energy Plc receives an award for his many achievements at Seplat Energy from Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc, in an opening bell-ringing ceremony organized in his honour by the Exchange in London on June 8.
London Stock Exchange Lauds Orjiako’s Achievements As Seplat Energy’s Pioneer Chairman
Left-Right: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell-ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in London, June 8.

“One of the things that gladden my heart is the fact that everything on the board turned green as we rang the bell; this is very important for us in Seplat. The color green not only signifies good performance in the market but remains a very important symbol in Seplat.  It symbolizes life, it symbolizes what this company represents particularly sustainability and business,” Orjiako said.

The pioneer chairman of Seplat further said: “I want to thank you for this great opportunity.  I am the last of the founders of Seplat to leave. For Seplat, it is a promise kept. It is a very strong and apt statement to say that Seplat believes in enduring strong and robust corporate governance practices. We made up our minds from the beginning that this company will fly and grow if we maintain very good corporate governance. So, when we started, we promised that this company’s chairmanship would be handed to an independent non-executive chairman”.

Julia Hogget, chief executive officer, London Stock Exchange Plc said, “I have had the opportunity occasionally to meet members in person, but this is really the first opportunity. Not all of us, but a lot of us have managed to come for this important occasion and to acknowledge the many achievements that you (ABC Orjiako) have had in your career.”

Speaking further at the event, she said: “I know this isn’t the end. We need to make sure that this doesn’t feel like a Eulogy but a transition from one remarkable stage in life to the next. And we are also thoroughly delighted that we get to keep you with LAAG, because it has been such an important part. Your contributions are such an important part. It is fair to say that there have been many African successes in London since the outset of the advisory group. But Seplat Energy for me, when I was working through this with the team, actually feels like an exemplar of so much of what LAAG is about, but also what we are seeking to achieve for the future as well. And the trailblazing that you have done as chairman, I think is an illustration of that.”

“Seplat Energy was also the first Nigerian company to list ordinary shares simultaneously on the London Stock Exchange and the NGX and $535million was successfully raised during that initial public offering (IPO), which was both oversubscribed and the largest IPO in the subject,” Hogget noted.

“It says a lot about the people at the London Stock Exchange that one of the things that they wanted me to make sure I equally reference, apart from the IPO, was the financial innovation that took place following the listing in terms of the cross border settlement mechanism. It is really an important point. It is also that innovation that enabled seamless transverse shares between the UK and Nigerian share registers. This mechanism has paved the way for other issuers to use the “Seplat Model” to dual list in London and the UK.

Innovations paved the way for massive effect and I think that is part of the history of the organization as well. So Seplat, apart from being an energy company, has become a financial platform for investors following the IPO. All these with you at the helm made Seplat the first”.

Also speaking at the event, Basil Omiyi, Chairman, Seplat Energy Plc said: “I am delighted to speak on behalf of the Board and management of Seplat Energy on this special occasion organized by the LSE and LAAG in honour of Dr. ABC Orjiako, the Pioneer Chairman of Seplat Energy in recognition of his accomplishments with the Exchange and to mark his retirement from the board of Seplat Energy.”

“We appreciate the kind gesture by the Exchange and London Stock Exchange Africa Advisory Group (LAAG) to honor him.  Our Pioneer Chairman, Dr. ABC Orjiako, who is very well known to you, has led our company to build and nurture a very rewarding relationship with the Exchange since its listing” Omiyi noted.

“We are happy to be seen as an example for others to follow and thank the Exchange for the role it has played in enabling Seplat to become the Nigerian Champion it has grown to be,” he added.

Also speaking, Suneel Bakhshi, chairman of LSEG’s Africa Advisory Group said: “It is a pleasure to say there is natural respect from all LAAG members for ABC. I have seen that over the years, when we had some meetings in London, Nairobi, Abuja, and hopefully many more to come. I feel that ABC symbolizes the spirit of LAAG in so many ways and obviously, your confidence in what you achieved in Seplat supports that. You are the reason far beyond the successes of Seplat. We look forward to many more years ABC.”

Energy

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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2022 Energy Technology RD&D Budgets Data

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The IEA is delighted to inform all data users of the first release of the 2022 Energy Technology RD&D Budgets data.Energy Technology RD&D Budgets databaseThe Energy Technology RD&D Budgets free database, with data on public budgets up to 2022, is a unique data collection obtained from national administrations.In 2021, the estimated total public energy research, development and demonstration (RD&D) budget for IEA member countries increased by 2% reaching USD 23 billion. This was the fourth consecutive year of increase after five years of decrease although at a slower rate than previous years.In the past 5 years the increase in public RD&D budgets among IEA countries has mainly been driven by energy efficiency but the most rapid increase has been for hydrogen and fuel cells technologies.
The IEA is delighted to inform all data users of the first release of the 2022 Energy Technology RD&D Budgets data. Energy Technology RD&D Budgets database.

The Energy Technology RD&D Budgets free database, with data on public budgets up to 2022, is a unique data collection obtained from national administrations.

In 2021, the estimated total public energy research, development, and demonstration (RD&D) budget for IEA member countries increased by 2% reaching USD 23 billion. This was the fourth consecutive year of increase after five years of decrease although at a slower rate than previous years.

In the past 5 years, the increase in public RD&D budgets among IEA countries has mainly been driven by energy efficiency but the most rapid increase has been for hydrogen and fuel cell technologies.
IEA public RD&D budgets increase in the 2016-2021 period to technology
The database is now accompanied by a Data explorer, an interactive tool that gives the opportunity to dive into the full database.
Discover the free database and analysis at Overview – Energy Technology RD&D Budgets: Overview – Analysis – IEA.

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