Seplat CEO: Asset Integrity Vital for Oil and Gas Value

Engr. Effiong Okon, the Chief Executive Officer of Seplat Energy, stated that independent oil and gas companies in Nigeria must prioritize asset integrity to optimize value, enhance returns on investments, and ensure resilient systems.

He made these remarks during the second panel session of the 49th Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (SPE) in Lagos. Okon highlighted that critical equipment should maintain a performance level of 95%, minimizing unscheduled deferments.

He discussed strategies for reducing operational costs, including effective water treatment, ending routine flares, and monetizing gas molecules. He also called for investment in human capital to bridge the skills gap in the sector.

Okon noted Seplat Energy's commitment to shareholder value through share appreciation and dividends while focusing on gas development, mentioning that the company has approximately 12 trillion cubic feet (TCF) of gas available for future monetization.