Nigeria must pursue ‘energy addition,’ not energy subtraction, Seplat CEO tells NAICE 2026

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Nigeria must embrace an “energy addition” strategy that expands access to reliable, affordable and cleaner energy, rather than reducing existing energy sources, the Chief Executive Officer of Seplat Energy Plc, Effiong Okon, has said.

Delivering the keynote address at the opening ceremony of the 49th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Monday, August 3, 2026, Okon urged governments, industry leaders, investors and technical professionals to work collaboratively in building resilient energy systems capable of supporting economic growth in an increasingly uncertain global environment.

Speaking on the conference theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” the Seplat CEO described energy as the foundation of national prosperity, stressing that no country can industrialise or achieve sustainable development without sufficient and reliable energy.

“Energy is not an abstract idea,” he said. “It powers hospitals, schools, industries, transportation and businesses. When energy is reliable and affordable, opportunities expand. When it is scarce, every aspect of development becomes more difficult.”

Okon, who officially assumed office as Chief Executive Officer of Seplat Energy on the same day, described the opportunity to address the SPE community as particularly significant, recalling his decades-long membership of the professional body dating back to his days as a student at the University of Benin.

He commended SPE Nigeria Council for sustaining NAICE as one of Africa’s foremost technical platforms, noting that the conference has, for nearly five decades, shaped conversations around engineering excellence, innovation and energy policy.

Addressing global developments, Okon observed that recent geopolitical tensions have once again underscored the strategic importance of energy security.

He cited disruptions around the Strait of Hormuz and growing instability in parts of Europe and the Middle East as reminders of the vulnerability of global energy supply chains, warning that interruptions to crude oil, liquefied natural gas (LNG) and fertiliser shipments could have far-reaching consequences for economies, food production and inflation.

According to him, the evolving global landscape presents Nigeria with a unique opportunity to establish itself as a dependable supplier of energy by improving production efficiency, strengthening infrastructure, securing transportation routes and expanding gas development.

“The world is asking who can deliver energy reliably when the system is under stress,” he said. “This is Nigeria’s moment to inspire confidence by improving uptime, delivering more products to the market and deepening gas infrastructure.”

Reviewing global energy market trends, Okon noted that while demand remains resilient, investors have become increasingly selective, favouring jurisdictions capable of delivering safe operations, competitive production costs, credible environmental performance and sound corporate governance.

He emphasised that energy security now extends beyond hydrocarbon reserves to encompass the entire value chain – from reservoirs and pipelines to processing plants, storage facilities, refineries, ports and power infrastructure.

The Seplat chief also highlighted the growing impact of artificial intelligence, cloud computing and data centres on global electricity demand, saying countries that can provide reliable power will attract the next generation of digital investments.

For Nigeria, he said, the implications are profound.

“If we want to compete in data centres, fintech, industrial automation and AI-enabled enterprise, we must expand electricity supply, deepen gas-to-power, strengthen transmission and integrate renewables where they are commercially viable.”

He therefore advocated what he described as “energy addition” – an approach that simultaneously expands oil and gas production, renewable energy deployment, electricity generation and cleaner cooking solutions.

“The transition for Nigeria cannot mean removing energy from a system that already has too little,” Okon stated. “It must mean adding cleaner, more reliable and more affordable energy while supporting economic development.”

Describing natural gas as Nigeria’s industrialisation fuel, Okon said the resource remains central to powering manufacturing, fertiliser production, petrochemicals, embedded power generation, compressed natural gas (CNG), liquefied petroleum gas (LPG), exports and cleaner household energy.

However, he stressed that unlocking gas value requires coordinated investments across upstream production, processing facilities, pipeline infrastructure, commercial frameworks and industrial demand.

Turning to Seplat Energy’s operations, Okon showcased the company’s recent performance as evidence of disciplined execution.

He disclosed that the company’s enlarged business achieved average production of more than 131,000 barrels of oil equivalent per day in 2025, representing a 148 per cent increase over the previous year, while restoring 49 previously idle offshore wells and expanding its resource base to approximately 2.49 billion barrels of oil equivalent.

On the gas business, he said Seplat currently supplies up to 30 per cent of Nigeria’s grid-connected gas for electricity generation and has continued expanding processing capacity through facilities such as Oben, Sapele and the ANOH Gas Processing Plant, which achieved first gas in January 2026.

According to him, these achievements demonstrate the importance of collaboration among operators, regulators, financiers, host communities and technical professionals in overcoming project challenges and delivering tangible results.

Looking ahead, Okon expressed confidence that Seplat would surpass its 2025 performance in 2026, while reaffirming support for Nigeria’s ambition of producing three million barrels of oil per day and 12 billion standard cubic feet of gas daily by 2030.

He outlined five priorities for the industry, including improving competitiveness to attract investment, accelerating gas infrastructure development, producing lower-cost and lower-carbon hydrocarbons, strengthening collaboration among stakeholders and investing in human capital.

He particularly praised the Society of Petroleum Engineers for its long-standing role in developing engineers, geoscientists and future energy leaders, describing professional capacity building as critical to the industry’s future.

Concluding his address, Okon called on all stakeholders to translate discussions at NAICE 2026 into practical actions capable of strengthening Nigeria’s energy sector.

“Nigeria has the resources. Africa has the demand. The world needs secure, affordable and progressively cleaner energy,” he said.

“The question is whether we will execute with the discipline, speed and resilience that this moment requires.”

Reaffirming Seplat Energy’s commitment to responsible oil production, gas-led industrialisation, lower-carbon operations and strategic partnerships, Okon expressed confidence that the conference would generate ideas, investments and collaborations that would advance Nigeria’s ambition of becoming a leading energy hub in Africa.