Seplat Eyes More Barrels
Seplat Energy Plc charts path to unlock more barrels of crude oil and strengthen Nigeria’s energy security, insisting that sustainable exploration, local capability, technology and connected infrastructure remain critical to industry growth
By Edu Abade
Seplat Energy Plc has canvassed accelerated exploration, stronger indigenous capabilities, greater deployment of technology and sustained investments across Nigeria’s energy value chain to unlock the country’s hydrocarbon potential, strengthen energy security and drive long-term economic prosperity.
Chief Executive Officer (CEO) of Seplat Energy Plc, Engr. Effiong Okon, made the call in keynote addresses delivered during the 44th edition of the Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition (AICE) 2026 in Lagos.
Speaking on the first day of the conference with the theme: Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capabilities and Adaptive Technology, Okon said Nigeria possesses a significant hydrocarbon resource base but must accelerate the conversion of resources and reserves into actual energy production.
“Nigeria is better placed than most. We have a significant resource base and a strategic position in global energy supply. However, a reserve is a promise. A barrel delivered is the result. Our task is to close the distance between the two, and to do it faster,” he said.
He identified exploration, local capability and adaptive technology as three critical levers for growing reserves and production, noting that investments in better seismic imaging, disciplined appraisal and digital technologies can reduce subsurface uncertainty and improve the quality and speed of investment decisions.
Okon highlighted Seplat Energy’s own operations as evidence of the potential for indigenous companies to translate local expertise into increased output. The company has restored 90 idle offshore wells in less than 24 months, while 41 wells restored in 2026 added gross production capacity of approximately 33,700 barrels of oil and 176 million standard cubic feet of gas per day.
He also pointed to the company’s application of machine learning in subsurface evaluation and development planning, as well as successful appraisal programmes at Amukpe and Okporhuru, as examples of combining technology, existing infrastructure and disciplined execution to accelerate resource commercialization.
Expanding the conversation on the second day of the conference, Okon said unlocking additional resources must be supported by a resilient and interconnected energy value chain if Nigeria is to achieve genuine energy security.
In his pre-panel keynote on the second day of the conference titled: Energy Security in an Era of Global Disruption: Positioning Nigeria for Resilience, Competitiveness and Prosperity, he described energy security as a whole-system challenge encompassing upstream production, pipelines, gas processing, refining and petrochemicals, power generation and transmission, as well as a stable policy environment capable of attracting long-term investment.
“Disruption raises the value of dependable supply, and Nigeria is building the capacity to provide it: first for Nigerians, and then for the world,” he said, noting that renewed investments across Nigeria’s upstream, gas, midstream, refining and power sectors provide a robust and important opportunity to strengthen domestic energy supply while improving the country’s position within the global energy market.
Okon stressed that the growing investments demonstrate that Nigeria’s energy system is being progressively rebuilt, but announcements and individual projects will only translate into energy security when the different components of the value chain work effectively together.
He, therefore, identified connection, consistency and Nigerian delivery as three priorities required to translate investment into sustainable energy security, adding, “Every project is only as valuable as its link to the next point in the chain: well to plant, plant to pipeline, pipeline to power station, and power station to customer.”
For Seplat Energy, this principle is reflected in the ANOH Gas Plant and its connection to national gas infrastructure. The company achieved its first commercial gas through the OB3 pipeline in September, demonstrating the potential of connecting indigenous investment with strategic national infrastructure.
Okon also stressed the importance of regulatory and policy consistency, pointing out that capital would continue to flow towards jurisdictions where investors have confidence in the rules and projects can move from investment decisions to execution within predictable timelines.
He further charged Nigerian companies, capital, skills and contractors to play an increasingly significant role in the development of the country’s energy resources, ensuring that expansion of the sector creates domestic economic value.
According to Okon, Nigeria’s ultimate objective should go beyond increasing oil and gas production to ensuring that available energy supports industrialisation, employment and wider economic development.
“The objective was never security alone. Energy security is the means. Prosperity is the end: power for homes and factories, feedstock for fertiliser and petrochemicals, jobs and revenue that stays at home,” he said.
He added that natural gas would remain particularly important to Nigeria’s development, providing energy for electricity generation and industry while strengthening the country’s position as a reliable energy supplier.
While reaffirming Seplat Energy’s commitment to supporting Nigeria’s energy transition and economic development, he said the sector must now concentrate on execution, collaboration and speed, adding, “The stronger our own system, the more we can contribute to the world’s energy security. National and global energy security are one project.”
“A resource in the ground creates potential, but only energy delivered creates prosperity. Our task is to find more, decide faster and deliver sooner. We must connect the investments being made, sustain the momentum and deliver the energy Nigeria needs, so that the country is secure at home and becomes an increasingly dependable partner to the world.”
A statement made available to journalists by the company’s Corporate Communications and Media Relations Manager, Stanley Opara, described Seplat Energy Plc as Nigeria’s leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).
“Through our strategy to build a sustainable business and deliver energy transition, we are transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.
“Seplat Energy’s portfolio consists of 11 PMLs, 17 PPLs and 5 OMLs in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, the majority of which we operate with partners including the Nigerian Government and other producers. Furthermore, we have an operating interest in three export terminals including; the Qua Iboe export terminal (QIT), Yoho FSO, and Bonny River Terminal (BRT), and operate two large offshore NGL recovery plants at Oso and EAP.
“We operate three gas processing plants onshore, at Oben and Sapele on our Western Assets and the 300 MMscfd ANOH Gas Processing Plant on our Eastern Assets, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy’s position as a leading supplier of natural gas to the domestic power generation market,” the statement reads.
