Seplat CEO Advocates for Asset Integrity in Oil Sector

Engr. Effiong Okon, the CEO of Seplat Energy, stated that independent oil and gas companies in Nigeria must focus on asset integrity, life extension, and fixing obsolescence to optimize asset value and enhance returns on investments. 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 the necessity of maintaining critical equipment at a top quartile performance of 95 percent to reduce unscheduled deferment. He discussed strategies for cost reduction, 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 oil and gas sector. Okon noted Seplat Energy's commitment to shareholder value through share appreciation and dividends while focusing on gas development, stating that the company has approximately 12 trillion cubic feet (TCF) of gas to be unlocked and monetized.