Africa, right destination for global oil, gas investors - says Seplat boss

Seplat Petroleum Development Company Plc’s has described Africa as the continent where investment opportunities abound for oil and gas, adding that it is a huge and fertile ground for such investors.

Effiong Okon, Operations Director, for the company who restated Africa’s stance as the destination for gas development and investment said: “The appetite for Africa oil and gas is still growing and continues to present significant investment opportunities as investors are attracted to the many recent and ongoing licence bid rounds judging by level of their participation in the exercise”.

The Seplat boss who gave this insight during his keynote address at the Africa E & P Summit held in London recently, disclosed that most of the oil majors and the independent companies have continued to flourish with

some exporting not just oil but also gas out of the continent.

Most companies he said had to restrategise portfolio balancing after the recent downturn in oil price just as assets have also been changing hands between the oil majors and the Independents.

The Africa E&P Summit is an event on Africa, which brings together key players and senior executives in the oil sector and governments involved in African oil and gas business.

Effiong Okon, in his keynote titled: ‘Oil and Gas Rising in Africa, provided an overview of the oil and gas landscape in Africa, stressing that there has been abundant discoveries of oil and gas reserves, which have over the years, attracted key international oil companies to the continent.

Alongside these majors he stated is the rising of the independents who have also come into existence and have continued to grow in leaps and bounds.

“Most of the oil majors and the independent companies have continued to flourish with some exporting not just oil but also gas out of the continent. Most companies had to re-strategise 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 the resources.

He said Africa has a good balance of oil and gas but still faces the challenge of importing refined products because of lack of sufficient refining capacity.

“Many people in Africa still do not have access to electricity. Lack of adequate infrastructure also still presents a problem,” he noted.