The chief executive officer, Seplat Energy, Roger Brown, has said that completion of $700 million the Assa North-Ohaji South Gas project (ANOH) will usher in a boost to Nigeria’s power generation and supply.
Brown who was one of the panelists at the just concluded Nigerian oil and gas conference in Abuja noted that the project when completed would provide gas to boost the much-needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth.
“There’s a wall of money ready to come into this country but when they look at barriers to it, they relax. And one of the biggest barriers is the currency. So currency convertibility, bringing equipment in dollars, and then having a mini narrow revenue stream. But those things are fixable. Again, the economics here in Nigeria, is unbelievably good. Shell has been here for over 60 years. They wouldn’t have been in Nigeria if the country is not really a good destination for investment. So the economics are there and the subsurface is there too.
“There’s a wall of money ready to come into this country but when they look at barriers to it, they relax. And one of the biggest barriers is the currency”
“Besides, the people that can make a project really good are here also. What is important is getting committed people, getting the right communication, have the risk profile, but this profile is going to change over time.
Brown explained for this to work, government and private sector need to step up their partnership.
“Private sector must steps up its game, which we’re trying to do, and work alongside government as a true partnership because the world is changing, you know, the major oil companies’ world is changing. They’re under extreme pressure for sustainability, and what we need to do is when the IOC exits a platform, which they’re doing, we fill that with the private sector or through the private sector, public sector partnership (PPP). That partnership is critical, because I can tell you investors are really desire to come into Nigeria. They want the public sector and the private sector to be aligned, alignment creates stability. Stability is a big friend to investors”, he stated.
