The impending increase is tied to the completion and activation of the Assa North-Ohaji South (ANOH) and Sapele gas plants, expected to come online by year-end. By dedicating the entire 850 mmscf of gas to the domestic market, Seplat aims to contribute to economic growth and alleviate issues surrounding gas-to-power conversion.

Samson Ezugworie, the Chief Operating Officer of Seplat, highlighted key industry challenges such as gas pricing and debt, which often deter international oil companies from investing in the sector. Seplat’s strategic approach involves managing debt through structured payment arrangements while exploring flexible supply contracts to mitigate financial risks.

Ezugworie emphasized the pivotal role of gas in Seplat’s production portfolio, accounting for 40 percent of the company’s output by the end of 2023. Despite gas generating only 11 percent of revenue, he underscored its importance in promoting responsible business practices, particularly in line with Environment Social Governance (ESG) considerations.

Furthermore, Seplat aims to end gas flaring by 2025, aligning with broader industry efforts to minimize environmental impact and enhance sustainability.

Overall, Seplat’s proactive measures demonstrate a nuanced approach to addressing industry challenges while capitalizing on opportunities for growth and social responsibility