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© OKN MEDIA PUBLISHING 2022 - All rights reserved
Energy & Oil

Nigeria’s Upstream Sector Requires Success Stories to Attract Increased Investments, Affirms Seplat CEO

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: July 13, 2023
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The Chief Executive Officer of Seplat Energy Plc, Mr. Roger Brown, has emphasized the crucial role of success stories in Nigeria’s upstream sector to attract greater investments.

Speaking at the 2023 Nigeria Oil & Gas Conference (NOG) in Abuja, Brown participated in a panel session titled “The Investors Perspective: Assessing the Attractiveness of Nigeria’s Energy Sector.”

Highlighting the need for funding in the upstream and midstream segments, Brown underscored the significance of showcasing success stories to stimulate investments.

Regulatory reforms, fiscal terms restructuring, and the implementation of relevant policies were identified as key factors influencing the attraction of necessary funding.

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Brown expounded on the specific areas that require attention to make the sector more appealing to potential investors.

“Nigeria needs more success stories to attract more investments to the upstream sector,” he explained.

Addressing the audience, he emphasized the importance of resolving security concerns surrounding the country’s pipeline infrastructure, establishing clarity and separation of powers among regulatory authorities, and fostering closer collaboration with field operators to address host community issues.

Brown also stressed the need to amend fiscal terms of production sharing contracts (PSCs) and production sharing agreements (PSAs) to offer additional incentives to asset partners.

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Additionally, he highlighted the significance of improving fiscal terms on gas contracts, supporting the uptake of domestic gas supply at market reflective prices.

Brown also called for enhancing the efficiency and capacity of Nigeria’s electricity value chain to facilitate increased utilization of domestic gas.

Discussing the factors that influence investors when considering Nigerian companies for gas development, Brown highlighted key considerations.

Financially robust companies with strong balance sheets, low debt, and credible access to international capital markets were deemed favorable.

Stock market listings, particularly for dual-listed companies like Seplat, were advantageous due to the ability to trade equity in liquid markets.

International accountability and transparency in reporting, particularly in relation to environmental, social, and governance (ESG) reporting, were also emphasized. Additionally, maintaining positive relationships with the government, regulators, and local communities were identified as crucial factors.

Brown reasserted Seplat Energy’s commitment to creating and sustaining value in Nigeria’s upstream sector.

The company has demonstrated this commitment through a robust investment work plan, active host community development, partnerships with the government, and prioritizing aggressive human capital development.

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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