Seplat Energy Plc, on Wednesday noted the potential for indigenous companies in Nigeria to translate local expertise into increased output.
Delivering a keynote address during the 44th Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition (AICE) 2026 in Lagos, the company’s Chief Executive Officer, Engr. Effiong Okon, noted for example, said Seplat successfully restored 90 idle offshore wells in less than 24 months, while 41 wells restored in 2026.
Speaking on the theme, “Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capabilities and Adaptive Technology,” Okon said in the process, Seplat achieved gross production capacity of approximately 33,700 barrels of oil and 176 million standard cubic feet of gas per day.
He called for accelerated exploration, stronger indigenous capabilities, greater deployment of technology and sustained investment across Nigeria’s energy value chain to unlock the country’s hydrocarbon potential, strengthen energy security and drive long-term economic prosperity.
A statement by Stanley Opara, Manager, the company’s Corporate Communications, Corporate Communications & Media Relations, quoted Okon as saying Nigeria possesses a significant hydrocarbon resource base but must accelerate the conversion of resources and reserves into actual energy production, stressing that “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 a result. Our task is to close the distance between the two, and to do it faster.”
Exploration, local capability and adaptive technology, he continued, are 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.
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 commercialisation.
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,” the Seplat Energy CEO said.
He noted that renewed investment across Nigeria’s upstream, gas, midstream, refining and power sectors provides an important opportunity to strengthen domestic energy supply while improving the country’s position within the global energy market.
According to Okon, 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.
“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,” he said.
For Seplat Energy, this principle is reflected in the ANOH Gas Plant and its connection to national gas infrastructure. The company achieved 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, noting 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 called for 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.
“The stronger our own system, the more we can contribute to the world’s energy security. National and global energy security are one project,” Okon stated.
Reaffirming Seplat Energy’s commitment to supporting Nigeria’s energy transition and economic development, the CEO said the sector must now concentrate on execution, collaboration and speed.
“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,” Okon concluded.
