Seplat CEO Calls for Enhanced Asset Integrity in Oil Sector

Effiong Okon, the Chief Executive Officer of Seplat Energy, addressed the 49th Nigeria Annual International Conference and Exhibition (NAICE) organized by the Society of Petroleum Engineers (SPE) in Lagos. He urged indigenous oil and gas operators to prioritize asset integrity, life extension, and the elimination of obsolete infrastructure to maximize asset value and improve operational efficiency.

Okon stressed the need for operators to maintain critical equipment at top quartile performance, aiming for 95% operational availability to reduce production losses. He identified key measures such as effective water treatment, elimination of routine gas flaring, and improved logistics management as essential for lowering operating costs.

Okon also highlighted the importance of sustained investment in human capital to build technical expertise, which is crucial for unlocking greater value from existing assets. He noted that Seplat Energy has continued to create value for shareholders through consistent dividend payments and disciplined capital allocation, establishing itself as a leading player in Nigeria's domestic gas business.