Seplat Energy to unlock more Barrels, strengthen Nigeria’s Energy Security

Seplat Energy Plc has 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.

The Chief Executive Officer of Seplat Energy Plc, Effiong Okon, made the call in keynote addresses delivered during the 44th Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition (AICE) 2026 in Lagos.

Speaking on the conference opening day on 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 a 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 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.

Credit Seplat Energy PR

Nigeria is transitioning from Economic Stabilisation to Shared Prosperity - Tinubu

President Bola Tinubu says his administration’s economic reforms are yielding positive results, with non-oil activities now accounting for about 96 per cent of Nigeria’s Gross Domestic Product (GDP).

The ​‌‌​‍‌‍⁠⁠‍‍‌‌‍​​‍⁠‌​President also disclosed that Nigeria’s external reserves had risen to about 55 billion dollars, representing more than 14 months of import cover.

Tinubu stated this on Thursday in Abuja at the public presentation of a book titled Economic Diversification and Structural Transformation in Nigeria: Past, Present and Future.

The President, who was represented by the Speaker of the House of Representatives, Abbas Tajudeen, said Nigeria is transitioning from economic stabilisation to shared prosperity.

He said the administration remained committed to building a one-trillion-dollar economy by 2030 through investments in infrastructure, agriculture, manufacturing, energy and the digital economy.

Tinubu recalled inheriting a difficult economic situation in May 2023, characterised by a weakening naira, rising debt-servicing obligations, depleted foreign reserves and an unsustainable fuel subsidy regime.

He said his administration opted for fundamental reforms, including fuel subsidy removal and foreign exchange market unification.

“These were not easy decisions, and I know the weight they placed on every household but they were necessary, and today the pain is yielding its promise,” he said.

The President disclosed that non-oil exports had exceeded six billion dollars, the highest in the country’s history, while non-oil revenue rose from N13.63 trillion in 2023 to N16.4 trillion in the first half of 2026.

He said the government was relying on private-sector investments to drive economic growth, adding that the 2025 budget introduced a de-risking Framework expected to attract 86 per cent of the investments required to achieve the 2030 target.

Tinubu also said the administration was harmonising the tax system to eliminate multiple taxation and improve the business environment.

“We cannot tax our way into prosperity; we must produce our way there,” he said.

On infrastructure, he highlighted efforts to revive the Mambilla Hydroelectric Power Project following Nigeria’s victory in a 3.38-billion-dollar arbitration at the International Chamber of Commerce in Paris.

He also cited plans to expand Geregu Power’s capacity to 1,300 megawatts and revive the Port Harcourt and Warri refineries, describing reliable electricity as essential for industrial growth.

The President listed the Kano-Katsina-Maradi Railway, Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway among major projects expected to expand trade and economic activities.

On agriculture and industrial development, Tinubu said the government is promoting irrigation, mechanisation and livestock reforms, while supporting local industries with affordable credit and encouraging domestic processing of mineral resources.

He further highlighted investments in digital infrastructure and skills development, including the deployment of 90,000 kilometres of fibre-optic cables and the 3 Million Technical Talent (3MTT) programme.

He said the Bank of Industry is also extending low-interest loans and grants to market women, artisans and young entrepreneurs across the 774 local government areas.

On social development, Tinubu said NELFUND is expanding access to higher education, while the university solarisation programme would address electricity challenges in tertiary institutions.

He added that more than 10,000 homes were being developed across 14 states and the Federal Capital Territory under the Renewed Hope Cities and Estates Programme.

The MOFI Real Estate Investment Fund, he said, had also provided about N128 billion in mortgages to 1,859 families across 25 states.

The President pledged to work with the National Assembly and relevant stakeholders to establish a strong regulatory authority for the housing and real estate sector.

Tinubu commended the author, Abdulmumin Jibrin, a member of the House of Representatives, representing Kiru/Bebeji Federal Constituency, Kano State, for documenting Nigeria’s economic transformation.

He also acknowledged Governor Charles Soludo of Anambra, who delivered the keynote address; Abdulsamad Rabiu, the book presenter; and Reuben Abati, the reviewer.

Earlier, Jibrin said Nigeria’s future prosperity depended on unlocking the potential of non-oil sectors, including agriculture, technology, solid minerals, manufacturing and the creative industry.

“For too long, our nation has leaned heavily on a single economic pillar. The future of our macro-prosperity depends on our ability to aggressively unlock the vast potential of our non-oil sectors; from agriculture and technology to solid minerals and industrial manufacturing and the creative industry,” he said.

Jibrin said his experience as chairman of several House committees, including Finance, Appropriations, Land Transport, Foreign Affairs, and Housing and Habitat, informed the book’s examination of Nigeria’s fiscal policies, infrastructure and economic development.

The 555-page book, reviewed by Abati, chronicled Nigeria’s economic journey, changing leadership and policies, and the search for prosperity beyond oil.

Highpoint of the event was the public presentation of the book, with Tinubu expressing hope that its contents would inspire practical actions to transform Nigeria’s economic fortunes.

Credit NAN: Texts excluding Headline

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