Oritsegbubemi Omatseyin
Lagos — Seplat Energy Plc has called for prudent management of oil and gas assets in Nigeria in the country’s quest to drive growth of the energy sector and encourage expansion.
The Chief Executive Officer, Mr. Roger Brown, gave this insight at the Centre for Petroleum Information, CPI, Petroleum Policy Roundtable (PPR XXIV) held in Lagos, where he delivered a Keynote address titled “Managing inherited Assets: Rising to the Challenge”. The general theme for the Roundtable was “Sustainably Powering Forward the Nigerian Petroleum Industry – As IOCs backpedal”.
The hybrid event had in attendance oil and gas operators, service providers, government officials, industry watches, and advisers amongst others. Brown said in managing inherited oil/gas assets, cash generation should be ensured while the operators drive the growth and development of the assets.
Referencing the Seplat Energy case, he said from the company’s 14 year-experience in managing inherited assets, production has been increased across its portfolio of acquired assets, of which acquiring and managing assets has driven the company’s journey to becoming Nigeria’s leading independent supplier.
He noted that since its dual listing in 2014, the indigenous operator has invested $1.6 billion in its acquired assets, revitalising their output and even increasing reserves.
The success of this investment is reflected in the fact that since 2014, Seplat Energy has paid Nigeria’s Treasure more than £2 billion in taxes and royalties, repaid $2.6 billion in debt, and returned dividends of $575 million to shareholders.
The Seplat Energy CEO further called for strong collaboration between operators and their communities, stressing that working closely with host communities is essential to future success of acquired assets.
“As a matter of importance, the communities where you operate should grow as the company grows, as well as the nation at large,” he added.
