The Chief Executive Officer of Seplat Energy Plc, Roger Brown, says the Nigerian National Petroleum Company Limited has cleared its legacy debts and now operates with greater financial discipline — a development he described as a “game changer” for local oil firms.

Speaking at a panel session titled “Harnessing Africa’s Energy Shift – From Acquisition to Optimisation” during the 2025 Nigerian Oil and Gas Conference in Abuja, Brown commended NNPCL’s renewed emphasis on operational efficiency and partnership.

Brown said, “Yesterday (Tuesday), you heard from the GCEO (of NNPC) talking about what NNPC is doing. One of the big things is cash flows and ensuring that, and I will tell you a story. When we listed in 2014, we raised $500m, that is half a billion dollars. And NNPC owed us $550m. More than we raised in our IPO. And that is a thing of the past.”

According to him, NNPCL has overhauled its payment and cash flow structure, paving the way for more seamless and transparent partnerships with independent producers.

“Cash flows have been paid. A very clear line from the NNPC now is alignment. It’s a partnership. And that’s what the indigenous players are bringing to the party here,” he said.

He recalled that NNPCL had long struggled under the burden of multi-billion-dollar debts owed to both local and international petroleum product suppliers. The backlog, which accumulated over several years, severely hampered operations, delayed payments to joint venture partners, and undermined investor confidence across the oil and gas value chain.

By 2024, the situation had worsened to the point where both domestic and foreign suppliers halted deliveries due to unpaid debts estimated at around $6 billion.

Brown said indigenous companies were now better prepared to operate and optimise divested assets.

“So when we completed the Mobil acquisition last year, we were ready for it. The indigenous sector is thriving because we understand the terrain, we engage communities directly, and we play for the long term,” he said.

He added, “When things go wrong, which they inevitably will, we don’t panic. In 2016, our pipeline was shut down. In 2017, we didn’t run away. You can’t run from your own home. That’s the mindset we bring to these prolific assets in the onshore and shallow water offshore space.”

Brown noted that Seplat currently holds 11 oil and gas blocks, eight of which it operates, with an increasing focus on domestic gas monetisation as well as exports through Liquefied Natural Gas and Compressed Natural Gas.

Also speaking on the panel, the Managing Director of Oando Energy Resources Nigeria Limited, Dr. Ainojie Irune, commended NNPCL for its strategic focus and enhanced collaboration with independent operators.

“This is the first time we have a national energy company focused on production targets, not distracted by unrelated mandates. It’s staffed by the right people in the right places,” Irune said.