Power Generation will Increase by 20% in 2035
The Chief Executive Officer, Seplat Petroleum Development Company Mr. Austin Avuru has said power generation would rise by 20 per cent by 2035.
He noted the global trend in energy supply would increase as consumers turned to the consumption of renewables.
“The global trend in energy supply would seem to suggest an alarmist way by 2035; perhaps, there would be no place for oil and gas in the world,’’ he said.
He sid multinationals were investing substantial funds away from oil and gas into renewables. ‘’Nevertheless, within Africa, we are seeing if the pace of Gross Domestic Product (GDP) improvement continues, you would see the increased consumption of energy,” he said.
Avuru stated this while delivering a keynote speech at the West African International Petroleum Exhibition and Conference (WAPIEC) in Lagos with the theme: Innovation – Sustaining West African oil and gas production through innovation and collaboration.
He noted that generation of power was crucial to the nation’s economy. “The share of power generation is one of the key consumers’ needs. It is expected to rise by 20 per cent in 2035,” he said.
The two-day conference, which was hosted by the Petroleum Technology Association of Nigeria (PTEAN), gave energy experts an opportunity to discuss strategies and opportunities for funding local content across the region.
At the panel discussion, it was noted that energy consumption in West Africa was very low.
In 2017, a communiqué issued by the Minister of Power, Works and Housing, Babatunde Fashola, at the 18th monthly power sector and stakeholders meeting had explained that as at August 10, 2017, 6803 megawatts (Mw) was recorded as the available generation capability, with a wheeling capacity of 6700Mw by the Transmission Company of Nigeria (TCN), currently constrained by the distribution companies (DisCos) inability to take load.
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