Seplat Energy demand swift divestment process to boost oil, gas output

Onwubuke Melvin
Onwubuke Melvin

Seplat Energy Plc, a Nigerian independent energy business listed on the Nigerian and London Stock Exchanges, has stated that if divestiture and other related deals are hastened, Nigeria’s subsurface potentials could be greatly maximized and oil/gas production levels improved.

This disclosure was made by the CEO of Seplat Energy, Mr. Roger Brown at the 2024 NOG Energy Week Conference & Exhibition recently held in Abuja, according to Nairametrics.

Brown said, “Nigeria’s sub-surface potentials could be largely optimized and oil/gas production levels increased if divestment and other related deals are expedited.”

He stressed the critical role of Nigeria’s independent energy companies in improving the country’s economic and energy situation.

Brown outlined the substantial benefits these companies can bring.

He emphasized that the success of independent energy firms in Nigeria may greatly improve the country’s oil income while also encouraging the development of a domestic gas-to-power industry.

He stated this progress would offer critical financing for growing renewable energy efforts, hence enhancing electricity availability across Nigeria.

Furthermore, Brown argued that reliable and affordable electricity is critical for unlocking Nigeria’s entrepreneurial potential, which aligns with the United Nations Sustainable Development Goals.

The CEO 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 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.”

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