Seplat CEO Identifies Asset Integrity, Life Extension as Keys to Value Creation for Independent Energy Operators
By Everest Ezihe, Owerri
The Chief Executive Officer of Seplat Energy, Engr. Effiong Okon, has identified asset integrity, life extension and fixing operational obsolescence as critical factors for independent oil and gas operators seeking to maximize asset value, improve returns on investment and build resilient energy systems.
This is contained in a press statement issued on Friday by the Public Relations department of the frontline energy company and made available to news men in Owerri including Newstap.com.ng.
Okon made the remarks during Panel Session Two of the 49th Nigeria Annual International Conference and Exhibition (NAICE), organised by the Society of Petroleum Engineers in Lagos.
The conference was themed, “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape.”
He stressed that critical equipment must consistently operate at top-quartile performance, with a target uptime of 95 per cent, to minimize unplanned production losses and operational deferments.
According to him, “operators must monitor every stage of hydrocarbon production—from the reservoir to export terminals—to achieve optimal performance.
”You must understand your reservoir capacity, well capacity, flow lines and surface facilities. It requires a comprehensive understanding of the entire asset,” he said.
On strategies for reducing operational costs, the CEO advocated for an effective water treatment, elimination of routine gas flaring, monetisation of associated gas instead of paying flare penalties, optimisation of evacuation routes, and strengthening logistics and outsourcing capabilities.
He also underscored the need for sustained investment in human capital, noting that a thorough understanding of subsurface resources, wells and production facilities is essential for value optimisation.
According to him, “the right technical expertise, supported by adequate capital mobilisation, would enhance operational efficiency and unlock greater value across the sector” he pointed out.
Okon further urged the Society of Petroleum Engineers to produce more skilled engineers to bridge the industry’s manpower gap and improve efficiency in Nigeria’s oil and gas sector.
Speaking on Seplat Energy’s performance, the CEO also disclosed that the company has consistently delivered significant value to shareholders through share price appreciation and dividend payments while maintaining strategic capital investments to drive future growth.
He noted that Seplat has established itself as a leader in domestic gas development, revealing that its shallow-water assets contain approximately 12 trillion cubic feet (TCF) of gas, which the company plans to unlock, accelerate and commercialized.
”We are trailblazers in domestic gas development. We are also expanding Liquefied Petroleum Gas (LPG) supply in the domestic market to displace biomass and contribute to reducing carbon intensity,” the Energy expert said.
