Seplat Energy Plc has assured that 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 (CEO) Seplat Energy, Roger Brown, said this at the 2024 NOG Energy Week Conference & Exhibition recently held in Abuja.
 
Brown, who spoke during a panel session on ‘Defining the Regulatory Frameworks Required to Support the Capabilities of Independents and Incentivise Growth’, said the success of Nigerian independent energy companies will benefit Nigeria through oil revenues and the development of a domestic gas-to-power industry.

This, he said, will help to fund expansion into renewable energy as well as increase Nigeria’s energy access.
 
The Seplat boss 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 doubtless 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 to 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 strong governance framework is needed to support bankability of private sector direct participation/investment in the space.

“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.”
   
He said Seplat Energy is committed to ending routine flaring by the middle of next year, urging other producers to make it a priority.