Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, says in the quest to build a prosperous Nigeria, the country must target an affordable, reliable and accessible energy regime for all.
The Chief Operating Officer, Seplat Energy, Samson Ezugworie, said this whilst giving a keynote at the Opening Ceremony of the 43rd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition held in Lagos.
The Seplat Energy COO, who spoke on the conference theme: ‘Revitalizing the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development’, stated that: “The imperative before us is clear. We must build a prosperous Nigeria, and we can only do that with affordable and reliable energy that is accessible to all,” according to a statement from the company by the Manager Corporate Communications, Stanley Opara.
Today, more than 70 million Nigerians still lack access to electricity. More than 170 million rely on biomass for cooking and that’s terrible for the environment and for our households. And with Nigeria’s population projected to reach 237 million by 2025 and 400 million by 2050, the urgency to act is undeniable, because today’s problems will become far worse if we don’t take actions now to solve them. We will have 160 million more people to feed and house, and we need to create 100 million new jobs. But imagine what Nigeria can achieve if we do?
According to Ezugworie, to meet these challenges, Nigeria must increase oil production — not just to boost national revenues and reduce current shortfall so our government can meet its budgetary needs, but also to drive GDP growth that reinforces the country’s position as the economic powerhouse of the African continent.
He said: “We must also harness our huge reserves of gas and scale up gas and NGL production to expand domestic energy access, displace polluting imported generators, provide clean cooking for our people, and power our basic industries to support our national growth.
“The global energy landscape is shifting, and so too is our own. We are witnessing a transition in the ownership and operation of Nigeria’s vast natural resources as assets pass from well-funded, well-resourced international giants to local Nigerian operators, who are blessed with enthusiasm and expertise but less globally oriented. It’s a shift that creates new capital dynamics in our need to raise international finance, while simultaneously increasing our focus on managing risks and protecting our natural environment.
“But with these challenges come opportunities: opportunities to harness and enhance local knowledge, build resilient partnerships with our industry partners, and with our host communities, and most of all, build an industry that is owned and managed by Nigerians, for Nigerians.”
At Seplat Energy, we believe the future of Nigerian production lies in three core principles our industry must adopt: Leadership, Partnership, and Stewardship, Ezugworie stressed, adding that the principles have played out since Seplat Energy took control of its Offshore assets, following its recent acquisition.
“We’ve worked on rehabilitating 33 wells and had success with 26, which are now producing about 33,000 barrels between them. That’s a step in the right direction toward closing the current production gap, which could leave Nigeria with a shortfall in its revenues. We will continue to rehabilitate wells, which isn’t costing us much, and we’re optimistic that we can get more production to help our industry reach the production targets the government has set,” the Seplat COO informed.
On the company’s gas business, he said Seplat Energy was close to delivering first gas from its joint venture ANOH Gas Processing Plant, and “we’ve also recently delivered our first cargoes of LPG from the newly upgraded Sapele Gas Plant, and I’m pleased to report that we’re well on track to ending routine flaring in our onshore operations, enabling us to reduce emissions, capture gas and monetise it, which is a win-win for Seplat, for the environment and for our communities.
“Our progress on gas initiatives like ANOH, Sapele, and LPG shipments is a testament to our commitment to Nigeria’s prosperity. These projects are not just about energy; they are about transforming lives and powering Nigeria’s development.”
