Friday, November 1, 2024
26.1 C
Lagos

FG Lauds Savannah Energy for Investment Drive in Nigeria

L-R: Managing Director, Savannah, Nigeria, Pade Durotoye; Honourable Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria, Nkoyo Etuk, and Operations Superintendent, Savannah, Nigeria, Chukwudoziem Umunna, during the visit of the Honourable Minister of State, Petroleum Resources (Gas) to Savannah’s gas processing facility in Uquo, Akwa Ibom State.

The Federal Government has praised Savannah Energy, the British independent energy company focused around the delivery of Projects that Matter, for its substantial investment in Nigeria’s energy sector to date, saying that it appreciates what the company is doing, and encourages Savannah to sustain it.

The Honourable Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, made the commendation during a recent visit to the Uquo gas Central Processing Facility in Akwa Ibom State, which is owned by Accugas Limited, a subsidiary of Savannah. He said that Savannah’s substantial investment to date has helped in boosting domestic gas supply in the country, where Savannah now supplies gas enabling approximately 20% of Nigeria’s thermal power generation capacity.

Commenting on the importance of gas to the Nigerian economy, the Honourable Minister stated that His Excellency, President Bola Tinubu is intent on developing the gas sector to drive the Nigerian economy. He said: “The President is very intentional and strategic about developing the gas sector to drive the economy of this nation. We know that if the economy of Nigeria is driven by gas, it will make things easier and that is the target of the ‘Decade of Gas’ initiative. Our target is to make sure that by 2030, the Nigerian economy will be driven by gas.”

The Managing Director of Savannah Energy, Nigeria, Pade Durotoye, who accompanied the Honourable Minister on the Uquo visit, explained that the company, through Accugas Limited, has invested over US$1.6 billion in gas processing and transportation infrastructure to support the domestic market since 2014. Durotoye said: “Accugas is also investing an additional US$45 million in a new compression system at the Uquo facility that will allow the company to continue to provide reliable gas supplies to customers for years to come. The system comprises two parallel trains with a capacity of 160 MMscfpd each and is designed to increase the gas export pressure. The project is expected to be completed and operational later this year.”

Durotoye added that Savannah strongly supports the Federal Government’s adoption of natural gas as a transition fuel in Nigeria’s net-zero pathway, particularly for power generation, adding that this is why Accugas has invested in building a nameplate 200 MMscfpd gas processing facility, supported by a ~260km gas pipeline network solely for the domestic market.

Durotoye stated that all the company’s gas is consumed domestically, with 80% being sold to thermal power generation companies, and the remainder to a range of large industrial customers, such as cement producers, where, for example, Accugas enables about 10% of the country’s cement production.

 

 

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank PMI: Output Falls at Fastest Pace in 19 Months amid Intense Cost Pressures

Severe inflationary pressures caused an intensification of the downturn...

FG: 7.68m Barrels of Oil Stolen/Lost in 2023

The Federal Government says that 7.68 million crude oil...

GTCO: Market Value Hits N1.58tn on Investor, Market Confidence

GTCO Plc has started clinging near its 52-week high...

Maida, Inuwa, Adeyanju, Alakija, Others Unveiled as Speakers for AfriTECH 4.0

The organisers of Africa Tech Alliance Forum have...

AIICO Insurance: Partnership by Stakeholders Necessary to Grow Agric Sector

Making a presentation on Agricultural Insurance at the annual...

Topics

Flydubai at Dubai Tourism East Africa Roadshow

Dubai-based airline flydubai is participating in Dubai’s Department of...

Greater PH, Masta Services to Build Airport City Housing Project

L-R: EMMA OKAS WIKE – CHAIRMAN, BOARD COMMITTEE ON...

Allianz Africa: 10 MBA Scholarships to Drive Sustainable Development

Coenraad Vrolijk Regional CEO of Allianz Africa Allianz Africa's commitment to...

AfICTF President, Tony Ojobo to Speak at UN Seminar

The President of the African ICT Foundation, Mr. Tony...

NAICOM Reviews Capital in Insurance Sector

The National Insurance Commission (NAICOM) says it is currently...

ADB, EIB Launch €150m Fund to Finance 1500 African SMEs

The European Investment Bank (EIB) and the African Development...

NCDMB Co-Chair, Ekpo, Meets ES, Pledges Support for Local Content Programmes

L-R: The newly appointed Co-Chair of the Governing Council...

FirstBank Commemorates International Women’s Day in Grand Style

Across the globe; societies, establishments, groups, and people were...
spot_img

Related Articles

Popular Categories

spot_imgspot_img