Seplat Energy Chief Executive Officer Effiong Okon has urged Nigerian oil and gas operators to place asset integrity, infrastructure renewal and disciplined maintenance at the centre of their growth strategies.
Okon said companies seeking to maximise value from producing assets must understand and manage the entire production chain, from reservoirs and wells to flow lines, surface facilities and export routes.
Speaking at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers in Lagos, he said operators should target equipment availability of about 95 per cent to minimise unplanned production losses and improve reliability.
He identified effective water treatment, elimination of routine gas flaring, commercialisation of associated gas, improved evacuation routes and stronger logistics management as critical measures for lowering operating costs.
According to him, operators should seek to monetise every available molecule of gas rather than incur penalties for flaring, while outsourcing selected activities where specialised partners can deliver greater efficiency.
Okon also stressed the importance of investing in technical manpower, especially in subsurface operations, well management and production facilities.
He said deeper technical competence would not only improve operational performance but also strengthen companies’ ability to raise capital and optimise the value of their assets.
The Seplat chief called for more engineers to be trained to address the industry’s manpower gap.
On Seplat’s performance, he said the company had continued to create value through share price appreciation, dividend payments and disciplined capital allocation.
He added that Seplat had built a strong position in Nigeria’s domestic gas market and was working to accelerate the monetisation of about 12 trillion cubic feet of gas in its shallow-water portfolio while expanding liquefied petroleum gas supply to the domestic market.
