Asset integrity management, life extension of critical infrastructure and addressing operational obsolescence are essential for independent oil and gas companies seeking to maximise asset value, improve returns on investment and build resilient energy systems in Nigeria, the Chief Executive Officer of Seplat Energy, Engr. Effiong Okon, has said.
Speaking during Panel Session Two at the 49th Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) in Lagos, Okon stressed that sustaining performance across upstream operations requires a comprehensive understanding of assets, from the reservoir to export terminals. The conference was held under the theme, “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape.”
According to the Seplat Energy CEO, maintaining critical production equipment at top-quartile performance levels of about 95 per cent uptime is fundamental to reducing unplanned production deferments and improving operational reliability.
He explained that achieving this level of efficiency demands end-to-end visibility across the value chain, including reservoir performance, well productivity, flowlines and surface facilities.
“You must follow your oil and gas molecules from reservoir to export,” Okon said. “The approach is all-encompassing; you must understand your reservoir capacity, well capacity, flowlines and surface facilities. That means having a complete understanding of the asset.”
Beyond asset integrity, Okon identified several operational strategies that could significantly reduce costs and improve efficiency across Nigeria’s oil and gas industry. These include improving produced water treatment systems, eliminating routine gas flaring, monetising associated gas rather than incurring flare penalties, streamlining crude evacuation routes, and strengthening logistics capabilities through improved capacity and strategic outsourcing.
He also underscored the importance of sustained investment in human capital, noting that technical expertise remains central to unlocking greater value from oil and gas assets.
According to him, developing professionals with a deeper understanding of subsurface geology, wells and production facilities enables operators to make better investment decisions, optimise capital deployment and improve long-term asset performance.
Okon urged the Society of Petroleum Engineers to intensify efforts toward developing the next generation of petroleum engineers to bridge the industry’s skills gap and support operational excellence across the sector.
On Seplat Energy’s business strategy, the CEO said the company has consistently delivered value to shareholders through sustained share price appreciation and regular dividend payments, while maintaining disciplined capital allocation to strengthen its long-term growth prospects.
He highlighted Seplat Energy’s leadership in Nigeria’s domestic gas development, noting that the company’s shallow-water assets contain approximately 12 trillion cubic feet (TCF) of gas resources that are expected to be accelerated for commercial development and monetisation.
“We are trailblazers in domestic gas development,” he said, adding that the company is also expanding its investments in Liquefied Petroleum Gas (LPG) to increase cleaner cooking fuel availability, reduce dependence on biomass and contribute to lowering carbon intensity in Nigeria’s energy mix.
Okon’s remarks reinforce the growing role of asset optimisation, gas commercialisation and infrastructure resilience as strategic priorities for independent energy companies navigating Nigeria’s evolving energy landscape and supporting the country’s broader energy transition objectives.
