Seplat Energy Seeks Swift Action On Oil, Gas Production Divestment

Seplat Energy Plc, a Nigerian independent energy company listed on the Nigerian Exchange and the London Stock Exchange, has said Nigeria’s sub-surface potentials could be largely optimised and oil/gas production levels increased if divestment and other related deals are expedited.
The Chief Executive Officer, Seplat Energy, Roger Brown, gave the urge at the just-concluded 2024 NOG Energy Week Conference & Exhibition held in Abuja.
In a Press Statement, Brown emphasised the pivotal role of Nigerian independent energy companies in enhancing the nation’s economic and energy landscape.
“Nigeria’s sub-surface potentials could be largely optimised and oil/gas production levels increased if divestment and other related deals are expedited”, he said.
During the panel session titled “Defining the Regulatory Frameworks Required to Support the Capabilities of Independents and Incentivize Growth”, Brown outlined the substantial benefits these companies can bring.
He insisted that the success of independent energy firms in Nigeria could significantly boost the country’s oil revenues and foster the development of a domestic gas-to-power industry.
This progress, he noted, would provide essential funding for expanding renewable energy initiatives, thereby increasing energy access across Nigeria.
The Seplat boss further asserted that reliable and affordable energy is crucial for unlocking the entrepreneurial potential of the Nigerian population, aligning with the United Nations Sustainable Development Goals.
He said, “International Oil Companies (IOCs) will look to divest to credible local players, those with high levels of governance and accountability in their ESG efforts. Indigenous players also need strong balance sheets and credibility in international financial markets, because the assets they’re acquiring will need future development.
“Also, indigenous companies must commit to working with communities to maintain or increase Nigerian content, as Seplat Energy has been doing for many years”.
Speaking on the country’s energy aspirations, he said the independents would play a key role in realising the aspirations of the “Decade of Gas”, adding that a strong governance framework was needed to support the bankability of private sector direct participation/investment in this space.
He noted that Nigeria’s biggest decarbonisation priority is to end small-scale generation and get households and businesses onto a reliable national grid that uses our gas resources, lowers the cost of electricity, and allows renewable energy to be developed and connected into a nationwide grid.
While stating that Seplat Energy was committed to ending routine flaring by the middle of next year, Brown urged all other producers to make this a priority.
He noted that the company’s energy’s new ANOH gas plant can supply enough gas to support more than 1GW of electricity on the grid noting that this can displace hundreds of thousands of home generators thus reducing the cost of electricity and getting rid of the carbon emissions and pollution’s from the generators.