How Seplat plans to unlock 12TCF Gas in shallow waters‎

Seplat Energy says it is set to accelerate the monetisation of about 12 trillion cubic feet (TCF) of gas reserves held in its shallow water assets, positioning the company for a major push in Nigeria’s domestic gas market.
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‎Confiance News learned that the disclosure was made by Seplat Energy CEO, Engr. Effiong Okon, during Panel Session Two of the 49th Nigeria Annual International Conference and Exhibition (NAICE), organised by the Society of Petroleum Engineers (SPE) in Lagos, themed “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape.”
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‎According to Okon, Seplat’s shallow water business holds substantial untapped gas potential that the company plans to unlock and monetise at a pace never before achieved. “We are indeed trailblazers when it comes to domestic gas development,” he said, noting that Seplat is also scaling up Liquefied Petroleum Gas (LPG) supply to displace biomass use and reduce carbon intensity in the domestic market.
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‎Asset integrity, life extension key to sustaining value
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‎Beyond the gas reserves disclosure, Okon used the platform to stress that independent oil and gas operators in Nigeria must prioritise asset integrity, address obsolescence and extend asset lifespans to sustain value and protect returns.
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‎He said critical equipment must be maintained at a top-quartile performance benchmark of 95 per cent uptime, and that operators must track hydrocarbon molecules from reservoir to export. This, he explained, calls for a comprehensive understanding of reservoir capacity, well capacity, flow lines and surface facilities. “When you do all that, you drive down unscheduled deferment… The approach is all encompassing,” he was quoted as saying.
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‎Cost-Cutting levers, talent investment
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‎On reducing operating costs, Okon pointed to effective water treatment, ending routine gas flaring, monetising gas instead of paying flare penalties, streamlining evacuation routes, and strengthening logistics and outsourcing capacity as measures with significant impact.
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‎He also called for deliberate investment in human capital to deepen understanding of sub-surface assets, wells and facilities, adding that the right technical knowledge drives capital raising and value optimisation. Okon urged the SPE to train more engineers to help close the industry’s skills gap.
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‎Shareholder value
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‎Confiance News gathered that Seplat Energy delivered substantial shareholder value over the past year through share price appreciation and dividend payouts, while balancing this with capital allocation aimed at future growth.
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‎Seplat Energy fact file
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‎Seplat Energy Plc is Nigeria’s leading indigenous energy company, dual-listed on the Premium Board of the Nigerian Exchange (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL). The company holds interests in eleven oil and gas blocks across onshore and shallow-water locations in the Niger Delta, alongside stakes in three export terminals and three gas processing plants, including the 300 MMscfd ANOH Gas Processing Plant.
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