By Peter Egwuatu
Seplat Petroleum Development Company Plc’s Operations Director, Mr Effiong Okon, has stated that Africa is the destination for gas development and investment.
He gave this insight in his keynote address at the Africa E & P Summit held in London recently.
The Africa E&P Summit is a landmark event on Africa, which brings together key players and senior executives in the oil sector and governments involved in African oil and gas business.
His address titled, “Oil and Gas Rising in Africa”, provided an overview of the oil and gas landscape in Africa, stressing that there have been abundant discoveries of oil and gas reserves, which have over the years, attracted key international oil companies to the continent.
He stated: “Alongside these majors is the rising of the independents who have also come into existence and have continued to grow in leaps and bounds,” he explained, adding that: “The appetite for African oil and gas is still growing and continues to present significant investment opportunities. Investors are attracted to the many recent and ongoing licence bid rounds in the continent.
“Most of the oil majors and the independent’s companies have continued to flourish with some exporting not just oil but also gas out of the continent. Most companies had to strategize portfolio balancing after the recent downturn in oil price. Assets have been changing hands between the oil majors and the Independents.”
Some challenges, according to the Seplat director, still exist despite the significant discoveries and impressive production of oil and gas across the continent, which has a good balance of oil and gas.
He said Africa has a good balance of oil and gas but still faces the challenge of importing the refined products with the lack of sufficient refining capacity.