Seplat Energy COO Commends Divestment Initiatives in Nigeria’s Energy Sector
The Chief Operating Officer of Seplat Energy Plc, Mr. Samson Ezugworie, has highlighted the success of divestment in Nigeria’s petroleum upstream sector in terms of value creation, realization, and retention for the economy.
Speaking during a panel discussion at the 12th Practical Nigerian Content Forum, Ezugworie emphasized the need to support Indigenous Oil Companies in growing onshore shallow water assets, especially as International Oil Companies focus on deepwater activities through their divestment programs.
The discussion, held at the Nigerian Content Development and Monitoring Board (NCDMB) Headquarters in Bayelsa State, centered around the theme ‘Deepening Nigerian Content Amidst Divestments, Domestication & Decarbonisation,’ with the specific topic being ‘Upstream Divestments: Outlining the Pathway to Success.’
“So, we need to enable the divestment opportunities that abound in the country today because that is the catalyst that will propel Nigeria to grow as have been set out by the current government,” he advised.
The Chief Operating Officer of Seplat Energy Plc, Mr. Samson Ezugworie, emphasized the company’s commitment to driving excellence and advancing the fortunes of the Nigerian entity through its participation in the divestment journey in the petroleum upstream sector of Nigeria. Seplat Energy initiated this effort in 2009, leading to the acquisition of the Western Asset blocks in 2010. Presently, Seplat Energy operates on seven onshore blocks.
Ezugworie attributed the success of Seplat Energy and other indigenous players to the effectiveness of local content advocacy. He urged Nigerians to take pride in the advancements and achievements made in the sector. The COO highlighted that divestment activities not only enhance local potential in the Nigerian energy landscape but also significantly contribute to capital development, expand the government’s revenue through taxes, and create job opportunities for Nigerian businesses and individuals.
“Divestments in Nigeria have been of great success and what we need to do today is to make the sky wide enough for all the birds to fly” he added, noting that funding remains very strategic, as the right balance must be struck between sourcing for funding locally and attracting foreign direct investments.
The Chief Operating Officer of Seplat Energy, Mr. Samson Ezugworie, emphasized the importance of governance and ethics in securing the right funding for projects. He highlighted the need for a clear and transparent commitment to ESG (Environment, Social, and Governance) principles.
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Additionally, Ezugworie noted that shareholders in the business should receive the right dividends, which is crucial for retaining existing investors and attracting new ones. This emphasis on ethical practices, transparency, and shareholder value underscores the significance of responsible business conduct in the energy sector.
“The future looks bright for Nigeria as we have quite some divestment opportunities in-country. Let’s enable those and allow the country to achieve organic growth.”
