Seplat Energy COO, Mr. Samson Ezugworie, has hailed the success of divestment in Nigeria’s petroleum upstream sector, emphasising its value creation and retention for the economy.
Speaking at the 12th Practical Nigerian Content Forum in Yenagoa, Bayelsa State, Ezugworie highlighted the need to support indigenous oil companies in developing onshore shallow water assets while international oil companies focus on deep-water activities through their divestment programmes.
Ezugworie stressed the importance of enabling divestment opportunities in Nigeria to propel the country’s growth, as outlined by the government. He pointed out that Seplat Energy has been actively involved in the divestment journey since 2009, leading to the acquisition of Western Asset blocks in 2010. Today, Seplat Energy operates on seven onshore blocks, contributing to the advancement of the Nigerian entity and national prosperity.
The COO attributed the success of Seplat Energy and other indigenous players to the potency of local content advocacy, urging Nigerians to be proud of the achievements made so far.
He emphasised that divestment activities not only enhance local potential in the energy sector but also significantly boost capital development, expand the government’s revenue base through taxes, and create job opportunities for Nigerian businesses and individuals.
Ezugworie also highlighted the importance of funding for sustainable growth, emphasizing the need for a balanced approach between local sourcing and attracting foreign direct investments. He emphasized the significance of governance, ethics, and transparent commitment to environmental, social, and governance (ESG) factors in securing the right funding.
Furthermore, he stressed the importance of providing shareholders with appropriate dividends to retain existing investors and attract new ones.
Looking towards the future, Ezugworie expressed optimism about Nigeria’s divestment opportunities, suggesting that by enabling these opportunities, the country can achieve organic growth and a bright future.
And stressed that with a clear focus on supporting indigenous players and promoting sustainable practices, the Nigerian petroleum upstream sector is poised for continued success and prosperity.
