By Christie U. Omonigho
- It’s our governance strategy and people-oriented and spiritedness that drive our growth
Nigeria’s leading indigenous energy company, Seplat Energy Plc, has credited the exponential growth it has recorded over the years to what it called, “well thought-through strategies, strong governance practice and dedicated people,” stressing that the quest to develop Nigeria and the support from the Nigerian government were also instrumental.
Seplat’s Chief Mr. Roger Brown said this during a panel session at the just-concluded Nigerian International Energy Summit (NIES) in Abuja, with the theme, “Transformative Deals and Nigeria’s Upstream Future.”
Brown stated the opportunities in Nigeria are vast, (with special reference to sub-surface opportunities,) adding that Seplat Energy remained committed to harnessing these opportunities and driving transformation in Nigeria.
“With these asset acquisitions coming through, it is a new dawn for Nigeria and the Nigerian people. It is an opportunity to develop and transform Nigeria; and the Seplat Energy Group will be a very dominant player in this space,” Brown said.
“We have the right strategies, people and a very strong corporate governance stance; and Seplat Energy is already collaborating and aligning with relevant stakeholders,” he added.
With the acquisition of Mobil Producing Nigeria Unlimited – now rechristened Seplat Energy Producing Nigeria Unlimited (SEPNU) – and serving as one of the largest oil and gas producers in Nigeria at the moment, and a partner to government – provides the Company with greater impetus to strengthen its alignment towards its drive for increased oil and gas production in the country’s interest.
According to Brown, Seplat Energy has proved itself to be a highly credible operator and a good steward of Nigeria’s natural resources. “We have been operating for more than 15 years and our dual listing in 2014 showed that international financial markets had confidence in the company and its business model. This is because we’ve proven ourselves to be very capable of acquiring assets and improving their production, which benefits everyone in Nigeria.”
He said Seplat prides itself in its implementation of best-in-class Well Reservoir and Facility Management (WRFM) practices, noting that the company has continued to adopt strategies that help in the optimization of Short Term Oil Generation (STOG), while maximizing returns from new wells, which have also helped them save cost as well as time, carrying out “workovers” that targeted stranded opportunities, and maximizing, simultaneously, value from new drills.
Brown maintained that the enormous gas resources in the Company’s Group asset portfolio, provide a huge opportunity to boost Nigeria’s electricity generation and lead transformation and development of the country.
Adding Brown said: “We have a strong commitment to sustainability and sound governance and we believe this is important to IOCs when they divest assets. We are a listed company bound by strong sustainability and governance demands of regulators and investors in Nigeria and elsewhere, and so there is a high degree of assurance that we will be very transparent about what we do with these assets and how we look after the environment.”