The Chief Executive Officer of Seplat Energy Plc, Effiong Okon, has called for an end to routine gas flaring and greater investment in asset integrity and maintenance as part of efforts to improve efficiency and value creation in Nigeria’s oil and gas industry.
Okon made the call on Thursday while speaking at a panel session during the 49th Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) in Lagos.
According to him, independent oil and gas companies must prioritise asset integrity, address equipment obsolescence and extend the lifespan of critical infrastructure to optimise returns and build resilient operations.
He said key equipment should consistently operate at about 95 per cent reliability to minimise unplanned production losses and improve operational efficiency.
Okon noted that operators must have a comprehensive understanding of their assets, from reservoirs and wells to pipelines and export facilities, to maximise production and reduce operational disruptions.
He also identified effective water treatment, elimination of routine gas flaring, monetisation of associated gas, improved evacuation routes and greater efficiency in logistics and outsourcing as measures that could help lower operating costs.
The Seplat CEO further stressed the need for sustained investment in human capital, saying skilled professionals were essential to improving understanding of subsurface resources, wells and production facilities.
He urged the Society of Petroleum Engineers to continue producing qualified engineers to help bridge the industry’s skills gap.
Speaking on the company’s operations, Okon said Seplat Energy planned to accelerate the development and commercialisation of its gas resources, including an estimated 12 trillion cubic feet of gas in its shallow-water assets.
He added that the company would continue expanding domestic gas supply and liquefied petroleum gas (LPG) production as part of efforts to support cleaner energy use and reduce dependence on biomass.
The conference was themed, “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape.”
(The Whistler)