For independent oil and gas players in Nigeria to optimise the value of their assets, boost returns on investments and ensure resilient systems, they must get asset integrity right, fix obsolescence in their operations and consciously work on life extension of their assets, Effiong Okon, CEO Seplat Energy Plc has said.
Okon said this recently during the Panel Session Two (2) of the 49th Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) in Lagos themed “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape”.
According to him, critical equipment must be maintained at top quartile performance of 95 per cent, meaning that 95 percent of the time, equipment should be running.
“When you do all that, you drive down unscheduled deferment. In fact, you must follow your oil and gas molecules from reservoir to export. The approach is all encompassing – you must understand your reservoir capacity, well capacity, your flow line and surface facilities. These mean a total understanding of the asset,” he emphasised.
On ways of further reducing cost in operations, he said effective water treatment, ending routine flares and monetising every gas molecule as against paying penalties on flares, cutting a few redundancies for evacuation routes, and building capacity around logistics and outsourcing would significantly impact operations.
The Seplat CEO equally called for deliberate investment in human capital to really understand the sub-surface, wells and…
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