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The Federal Government has encouraged oil and gas operators to develop innovative strategies for raising capital, particularly by utilizing the nation's capital market to expand their investments and address the various challenges facing the sector.
The Minister of States for Petroleum Resources, Heineken Lokpobiri, made this statement during the Seplat Energy anniversary event, which marked its 10 years of Dual Listing on the Nigerian Exchange Limited (NGX) and London Stock Exchange held in Lagos on Tuesday.
Lokpobiri reassured that the government would continue to establish a conducive regulatory framework for companies to operate in accordance with the Petroleum Industry Act, PIA.
He emphasized the need for the industry to find domestic solutions to energy challenges and highlighted the commitment to sustainable and cleaner production in the oil and gas sector through the utilization of advanced technology.
Reviewing Seplat Energy's performance over the past decade, CEO Roger Brown highlighted that the company generated $1.7 billion in Free Cash Flow (FCF), invested over $57 million in community projects focusing on healthcare, education, and empowerment, and returned dividends worth $575 million.
He also mentioned that the firm invested $1.6 billion in capital expenditure to support business expansion.
Group Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, acknowledged Seplat's significant role as a leading indigenous energy company deeply integrated into Nigeria's economic landscape since its inception in 2009 and dual listing on Nigerian Exchange Limited and London Stock Exchange in 2014.
