Seplat Energy Plc has said Nigeria must aim for an energy regime that is affordable, reliable and accessible to all in its quest for a prosperous nation.
Speaking at the opening ceremony of the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorers (NAPE), held in Lagos, Seplat Energy Chief Operating Officer, Samson Ezugworie, said the nation must increase oil production, not only to increase national revenue and reduce the current deficit to meet its budgetary needs, but also to boost GDP growth that reinforces the country’s position as an economic powerhouse on the African continent.
The Chief Operating Officer of Seplat Energy, who spoke on the conference theme: “Revitalizing Nigeria’s Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development,” said the imperative before the nation is to build a prosperous Nigeria.
“We can only do this with affordable, reliable energy that is accessible to everyone,” he said.
To justify his request, he noted that more than 70 million Nigerians still lack access to electricity and more than 170 million depend on biomass for cooking, which is terrible for the environment and for homes, and stated that the time has come for action.
“And with Nigeria’s population projected to reach 237 million in 2025 and 400 million in 2050, the urgency for action is undeniable, because the current problems will get much worse if we do not take action now to resolve them,” he said.
We will have 160 million more people to feed and house, and we will need to create 100 million new jobs. But can you imagine what Nigeria can achieve if we do it?” he added.
According to Ezugworie, to meet these challenges, Nigeria must increase oil production, not only to increase national revenue and reduce the current deficit so that our government can meet its budgetary needs, but also to drive GDP growth that strengthens the country’s position as an economic powerhouse on the African continent.
He said: “We must also tap into our huge gas reserves and increase gas and NGL production to expand access to domestic energy, displace polluting imported generators, provide clean cooking for our people and power our core industries to support our national growth.
“The global energy landscape is changing, as is ours. We are witnessing a transition in the ownership and operation of Nigeria’s vast natural resources as assets shift from well-funded and well-resourced international giants to local Nigerian operators, blessed with enthusiasm and experience but less global in their outlook. It is a shift that creates a new capital dynamic in our need to raise international financing, while at the same time increasing our focus on risk management and caring for 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 above all, build an industry that is owned and run by Nigerians, for Nigerians.”
At Seplat Energy, we believe that the future of Nigerian production lies in three basic principles that our industry must adopt: leadership, partnership and stewardship, Ezugworie emphasized, adding that the principles have been applied since Seplat Energy took control of its offshore assets, following its recent acquisition.
“We have worked on the rehabilitation of 33 wells and have been successful with 26, which are now producing about 33,000 barrels between them. That is a step in the right direction to close the current gap in production that could leave Nigeria with a shortfall in its income. We will continue to rehabilitate wells, which is not costing us much, and we are optimistic that we can get more production to help our industry achieve the production targets that the government has set,” he said. Seplat operations director.
Turning to the company’s gas business, he said Seplat Energy was close to delivering the first gas from its joint venture ANOH Gas Processing Plant, and “we also recently delivered our first LPG cargoes from the newly upgraded Sapele gas plant, and I am pleased to report that we are on track to end routine flaring in our onshore operations, which will allow us to reduce emissions, capture gas and monetize it, which is a win-win for Seplat, the environment and our communities.
“Our progress on gas initiatives such as 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 driving Nigeria’s development.”