Aloy Duru, chief executive of Epic Atlantic, talks to The Energy Year about Nigeria’s energy transition, challenges within the local energy industry and the services offered by the company. Epic Atlantic is an indigenous multi-disciplinary engineering company based in Nigeria.
What are the main challenges that local companies face in the Nigerian energy industry?
The main challenge in Nigeria is access to finances, especially in the upstream segment, which is capital intensive. There is no comparison in liquidity between a major IOC that produces 2 million bopd, and a local company challenged with funding and delivering 10,000 bopd. We have plenty of knowledge and expertise to spur industrial growth, but at the same time we need an enabling environment for the acceleration of projects to materialise this vision.
The technical expertise is easy to get. Technology partners can come on board because they are free to make money from their technology. The issue at stake is to find a suitable financial partner within the correct timeframe. Depending on the size of the field, it takes two to four years to bring it to production. Additionally, the finances must come within this timeframe to sustain the initial investment.
What are the primary services offered by Epic Atlantic?
We provide engineering services for the upstream sector, which includes field maturation and development services, design and engineering, and project management services. We are currently offering field development advisory to a local E&P company. We are also involved as engineering consultants in a project to gather and process gas as feedstock for a petrochemical plant.
Where do you see Epic Atlantic in the next five years?
We want to grow by fostering gas market penetration, specifically through the establishment of CNG retail stations and CNG dispensers. We will start this plan by narrowing down our geographical catchment area, using Lagos as a starting point. We know that we will deliver these projects because we understand the gas business, gas processing and gas engineering. We are contributing to the development of proper standards in project execution in Nigeria.
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