The Managing Director, ANOH Limited, Engr. Effiong Okon, has once again emphasized the need for collaborative efforts among regions and firms to maximize gas utilization and development.
Okon who was speaking at the inaugural 2024 Africa Gas Innovation Summit Conference in Abuja, noted that collaborative efforts across the region are essential to overcome challenges and navigate the sector’s complexities.
With the theme, Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation organized by the Society of Petroleum Engineers (SPE) Nigeria, Okon stressed that by working together, regional stakeholders can overcome challenges in the sector.
He explained that despite holding over 8% of the world’s proven reserves of natural gas, Africa remains the most energy-poor continent.
ALSO READS:
- Eyesan Woos Investors at ADIPEC, Says Bid Portal Opens Nov 20
- Eko Gas Scheme 3.0: CCI, JNewton, Gasavant Equip 150 Lagos Roadside Vendors with LPG Cylinders
- Oando Posts ₦2.78trn Revenue, Returns to Profitability as Production Rises 14%
- Cameroon’s Sonara Signs Fuel Supply Deal with Dangote Group, MRS Oil
- NDPHC: Reps threaten removal of illegal structures on power transmission routes
“As of now, 57% of utilities in Sub-Saharan Africa fail to cover even their operating cost, much less any kind of debt service, or capital investment, making them unattractive for private investors to supply electricity.
He stressed further that to get out of this quagmire, conscious effort must be made to implement reforms that will improve power utilities, operational and financial performance, they can in turn become financially sound and can attract private investment.
According to a 2018 study by Power Africa, Sub-Saharan Africa has used only 5% of its estimated 400GW gas-to-power potential.
