Shell has emphasized the potential for unlocking Africa’s energy sector through strategic partnerships, technological innovation, and sustainable financing, according to Osagie Okunbor, Managing Director of The Shell Petroleum Development Company of Nigeria Ltd (SPDC), and Country Chair of Shell Companies in Nigeria.
Speaking at a ministerial panel session on “Navigating the new energy world order: Security, Transition, and Finance” during the 7th Nigerian International Energy Summit in Abuja, Okunbor underscored the importance of a holistic approach to advancing energy security, transition, and economic prosperity in Africa.
He stressed the need to address efficiencies in the development of conventional energy sources while exploring emerging technologies for the region’s sustainable energy future.
Okunbor highlighted the role of international partnerships in accessing best practices, advanced technologies, and innovations.
He referenced the Oil and Gas Methane Partnership (OGMP), a collaborative effort by SPDC and Shell Nigeria Exploration and Production Company Ltd (SNEPCo) aimed at monitoring and mitigating methane emissions from their operations.
In addition to partnerships, Okunbor emphasized the importance of sustainable financing mechanisms. He identified impact investing and public-private partnerships as crucial sources of capital for developing clean energy projects, enhancing infrastructure, and supporting local capabilities.
Energy security, transition, and finance, according to Okunbor, lie at the heart of the global energy sector’s challenges. He emphasized that secure and uninterrupted access to energy at an affordable price is essential for economic growth and development, particularly in emerging economies like those in Africa.
Discussing Shell’s role in Africa’s energy sector development, Okunbor cited the company’s longstanding presence in various African countries. In Nigeria, for instance, Shell collaborates closely with the government, partners, and stakeholders to harness gas as a transition fuel, promote Nigerian content development, and deploy renewables as an off-grid energy source for households.
“We are seeing significant progress in collaboration and more opportunities going forward,” Okunbor concluded, emphasizing Shell’s commitment to contributing to the growth and sustainability of Africa’s energy sector.
