Energy Subtraction Won’t Work: Seplat CEO Advocates ‘Energy Addition’ for Nigeria
CHIGOZIE AMADI
The new Chief Executive Officer of Seplat Energy Plc, Engr. Effiong Okon, says Nigeria must pursue “energy addition” to drive industrialization, warning that the global energy system is being tested by geopolitical shocks, rising demand from AI, and selective investment flows.
Speaking as keynote speaker at the opening of the 49th Nigeria Annual International Conference and Exhibition, NAICE 2026, in Lagos, Okon said the theme “Collaborative Growth and Resilience in an Evolving Global Energy Landscape” captures the exact challenge facing the industry.
According to him “For nearly five decades, this conference has remained one of Nigeria’s most important meeting points for the technical, commercial and policy conversations that shape our industry.
“Today is also my first day at work as CEO of Seplat Energy Plc. So it is a great privilege that one of my first assignments is with the SPE community.
Okon pointed to recent disruptions in the Strait of Hormuz as evidence that energy security remains central to global stability. Citing Lloyd’s List Intelligence and Kpler data, he noted vessel transits through the Strait fell from 157 to 53 in the week to 20 July 2026, while tanker movements dropped sharply.“The world is asking who can deliver energy reliably when the system is stressed.
This is Nigeria’s moment to lead by improving uptime, securing routes, delivering more products to the market and deepening gas infrastructure,” he said.
Quoting the IEA July 2026 Oil Market Report, he said while global oil supply rebounded to 98.8 million bpd in June, refined product markets remained tight, pushing margins to four-year highs. “Energy security is therefore not only about reserves; it is about the full chain – reservoir to markets,” he added.
Okon argued that for Nigeria, the energy transition cannot mean removing energy from a system that already has too little. “The right frame is energy addition, not energy subtraction. We need more reliable electricity, more gas into industry, more LPG and cleaner cooking, more responsible oil production, more transmission, more renewables where they are competitive, more technology, more skills and more investment.
”He said gas must sit at the center of that plan, calling it “Nigeria’s industrialisation fuel” for factories, fertiliser, petrochemicals, data centres, CNG, LPG and power. The IEA projects global LNG supply growth will accelerate in 2026, he noted, as data centre electricity demand could double to over 1,000 TWh by 2030.Seplat’s Delivery Record
Highlighting Seplat’s role, Okon said the company delivered average working interest production of 131,506 boepd in 2025, up 148% year-on-year, after restoring 49 idle offshore wells. On gas, Seplat processed 172 MMscfd net in 2025 and supplies up to 30% of Nigeria’s grid-connected gas for power. Its ANOH plant achieved first gas in January 2026 and reached a peak of 193 MMscfd by April.
“We are set to beat the 2025 performance when you look at our Q2 and H1 2026 results,” he said.
“NNPCL has set a 2030 ambition of 3 million barrels per day and 12 Bscf/d. We are very much behind this goal.”Five-Point AgendaOkon outlined five priorities for the industry: Competitiveness: Treat infrastructure reliability and asset integrity as national issues to attract investment. Gas-to-Industry: Ensure every gas molecule has a market and infrastructure with accountable delivery.Lower-Cost, Lower-Carbon Barrels: Produce oil and gas that meets global emissions and cost standards.
Practical Collaboration: Faster approvals, shared infrastructure, policy consistency and better data.
People Development: Build engineers, technicians and digital specialists, with SPE playing a critical role.
“At Seplat, our answer is yes: yes to responsible oil, yes to gas-led industrialisation, yes to lower-carbon operations, yes to partnerships, yes to Nigerian capability, and yes to African energy leadership,” he concluded.
NAICE 2026, organized by SPE Nigeria Council, runs for three days in Lagos with government, regulators, IOCs, independents and over 17,000 SPE members in attendance.
