Nigeria’s Port Harcourt, April 4, 2024

Leading indigenous oil and gas exploration and production company in Nigeria, Seplat Energy Plc, with its headquarters in Lagos and listings on the London Stock Exchange and the Nigerian Stock Exchange, is urging immediate action to address the ongoing problem of Oil Theft and vandalism that besets the industry. Since its founding in 2010 as the result of the union of Platform Petroleum Limited and Seplat Petroleum Development Company Plc, Seplat has had a lengthy history of conducting business in Nigeria. The business plays a significant role in the Nigerian economy and deliberately concentrates its operations on the rich Niger Delta region.

Ezugworie underlined how critical it is to put quick fixes in place to stop oil theft, which seriously jeopardizes national output and income creation. He emphasized the necessity of a multifaceted strategy that improves security measures and addresses the underlying causes of the issue.

Seplat’s areas of concentration

Enhanced Security: In order to improve the defense of the oil and gas infrastructure, Seplat supports closer cooperation between industry players and security organizations. Using cutting-edge surveillance tools, like drones and high-definition cameras, to keep an eye out for suspicious activities around pipelines and wellheads might be one way to do this.
improving information exchange between businesses, law enforcement, and local communities in order to increase intelligence collection.
putting more security guards in key places to thwart theft attempts and capture offenders.

Engagement with the Community: Seplat understands the value of building strong bonds with host communities. The organization is of the opinion that the effective implementation of Corporate Social Responsibility (CSR) initiatives may significantly contribute to the stability of oil-producing areas. Seplat seeks to deter theft and vandalism by attending to community needs and promoting a feeling of shared advantage. This might entail doing tasks like funding healthcare and education efforts in the host communities.
provide locals with job opportunities and vocational training.
collaborating with local authorities to create and carry out security initiatives.
putting in place grievance procedures to handle issues raised by the community and guarantee openness.

Taking Care of Divestment Issues

Ezugworie also talked about the multinational oil corporations’ (IOCs’) current divestment initiatives in Nigeria. He emphasized his conviction that these divestitures, if completed successfully, could significantly boost the value of the indigenous oil and Gas Industry and boost the Nigerian economy. One possible advantage of this shift is the knowledge and experience that IOCs may impart to local businesses like Seplat.

Effects on the Oil and Gas Sector in Nigeria

Nigeria’s oil and gas industry continues to face significant challenges from oil theft, which has a detrimental effect on national production limits and costs the government a significant amount of money. Reducing this illicit activity is essential to maintaining the sector’s expansion and stability as well as drawing in much-needed investment.

Seplat’s Dedication to Ecological Development

Seplat’s appeal for action demonstrates the company’s dedication to conducting business in a safe and environmentally responsible manner. Seplat exhibits its commitment to the long-term growth of Nigeria’s oil and gas industry by supporting cooperative solutions to vandalism and oil theft.

Seplat’s demand for immediate action to combat oil theft serves as a reminder of the continued difficulties that Nigeria’s oil and gas industry faces. The company’s suggested remedies, which include stepped-up security and community involvement, present a possible route to a safer and more fruitful future for the sector.