Chief Executive Officer of Seplat Energy, Mr Effiong Okon, has urged Nigeria’s independent oil and gas operators to prioritise asset integrity, address ageing infrastructure and extend the lifespan of existing facilities to maximise returns on investment and build resilient energy systems.

Speaking during a panel session at the 49th Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) in Lagos, Okon said sustained operational efficiency depended on maintaining critical equipment at top-quartile performance and adopting a holistic approach to asset management.

According to him, operators should target 95 per cent equipment uptime, ensuring critical facilities remain operational for most of the time to minimise production losses from unplanned shutdowns.

Delivering his contribution at the conference, themed ‘Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape’, Okon identified asset integrity, equipment reliability and life extension as critical factors for independent producers seeking to improve operational performance amid changing industry dynamics.

He also outlined measures that could further reduce operating costs, including improving water treatment systems, eliminating routine gas flaring, monetising associated gas instead of paying flare penalties, streamlining evacuation routes and strengthening logistics and outsourcing capabilities.

According to him, these operational improvements would significantly enhance efficiency while creating additional value from existing assets.

Okon also stressed the importance of investing in human capital, saying operators must develop the technical capacity required to better understand reservoirs, wells and production facilities.

He argued that stronger technical knowledge, backed by adequate capital raising, would ultimately drive value optimisation across the industry.

The Seplat chief executive called on the Society of Petroleum Engineers to produce more engineers to bridge the industry’s skills gap and improve operational efficiency across Nigeria’s oil and gas sector.

On Seplat Energy’s performance, Okon said the company had continued to deliver value to shareholders through sustained share price appreciation and dividend payments while maintaining disciplined capital allocation to support future growth.