Seplat Energy CEO, Effiong Okon, has urged independent oil and gas producers in Nigeria to improve asset management, modernise equipment and extend the lifespan of their facilities to boost returns and strengthen operations.

Okon made the call during a panel session at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers in Lagos.

He said maintaining critical equipment at high performance levels would help producers reduce unplanned production losses and improve operational efficiency.

According to him, operators must have a clear understanding of their assets, from reservoirs and wells to flowlines, surface facilities and export systems.

Okon also identified efficient water treatment, ending routine gas flaring, commercialising gas and improving logistics as ways companies could reduce operating costs.

He further stressed the importance of investing in skilled professionals, urging the Society of Petroleum Engineers to help develop more engineers to address the industry’s skills gap.

On Seplat Energy’s performance, Okon said the company had continued to deliver value to shareholders through dividends and share appreciation while investing in future growth.

He said Seplat’s shallow-water business has about 12 trillion cubic feet of gas resources that the company plans to develop and monetise more aggressively.

Okon also highlighted Seplat’s investments in liquefied petroleum gas as part of efforts to expand domestic energy access, reduce dependence on biomass and lower carbon emissions.