By Stanley Onyeka, Lagos
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 company’s Chief Executive Officer, Effiong Okon, made the call in his 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.
Okon also noted that unlocking additional resources must be supported by a resilient and interconnected energy value chain if Nigeria is to achieve genuine energy security.
A resource in the ground creates potential, but only energy delivered creates prosperity. Our task is to find more, decide faster and deliver sooner.
Systemic challenge
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.
This, he said, encompasses 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 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.
“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.
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.
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.
