Seplat Energy Plc has urged the Nigerian federal government to accelerate investments across the entire gas value chain to unlock Nigeria’s 215 trillion cubic feet of proven reserves and position the country as Africa’s leading gas powerhouse.
Effiong Okon chief executive officer of Seplat Energy, made the call at the Gas Investment Forum (GIF) 2026 in Lagos. Okon, who was represented Okechukwu Mba, director of gas & new energy at Seplat, said Nigeria’s gas wealth will remain untapped unless it is backed by sustained investment in production, processing, transportation and utilisation.
The gross in-ground market worth of Nigeria’s 215.19 trillion cubic feet (TCF) of proven natural gas reserves is estimated by government statements to exceed $800 trillion, though real-world realization depends heavily on prevailing market prices and infrastructure.
Past federal announcements and sector assessments value baseline proven reserves (historically cited around 206–215 TCF) at over $803.4 trillion using theoretical gross energy equivalents.
One trillion cubic feet (TCF) equals roughly 1.027 billion MMBtu (Million British Thermal Units). At current global spot pricing (such as European TTF spikes up to $14.80 per MMBtu), the theoretical gross value exceeds $3.27 trillion. Under regulated Nigerian domestic base pricing for power generation (around $2.18 per MMBtu), the localized asset value sits closer to $481.7 billion.
Speaking on the theme, “Positioning Nigeria as Africa’s Global Gas Powerhouse,” Okon said Africa’s energy poverty crisis, with about 600 million people in sub-Saharan Africa still without electricity, makes commercialization of Nigeria’s gas urgent.
“Gas reserves in the ground do not power homes or factories. Gas creates value only when it is produced and reliably delivered to consumers,” Okon said. “The task before us is to convert Nigeria’s vast gas endowment into tangible economic growth, industrial development and energy access for millions.”
Okon commended the federal government for reforms aimed at improving the bankability of gas projects, including efforts to clear legacy debts in the gas-to-power value chain. He cited the Final Investment Decisions (FIDs) on major projects and the commencement of operations on the OB3 gas pipeline as major milestones.
He said the Petroleum Industry Act (PIA) has created a more transparent, investor-friendly environment, while regulators like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are helping to close infrastructure gaps.
On competitiveness, Okon noted that Nigeria’s strategic position in the Gulf of Guinea offers a dual advantage — serving high-demand export markets in Europe while meeting growing domestic and regional demand.
He highlighted Seplat’s decade-long investment in domestic gas infrastructure as evidence of private sector commitment. The assets include the 375 MMscfd Oben Gas Plant, the 90 MMscfd Sapele Gas Plant, and the flagship 300 MMscfd ANOH Gas Plant.
Seplat currently supplies gas directly to six power stations and to industrial customers via distribution networks. Through ANOH, it also supplies feedstock to fertilizer producers, supporting the country’s food security drive.
The company said its acquisition of ExxonMobil’s onshore and shallow-water assets has boosted domestic supply of butane and Liquefied Petroleum Gas (LPG), while its ongoing investment in Compressed Natural Gas (CNG) infrastructure is extending clean, affordable energy to off-pipeline consumers.
“Together, these investments demonstrate Seplat Energy’s commitment to supporting government efforts to strengthen Nigeria’s energy security and accelerate gas-led economic growth,” Okon said.
On sustainability, Okon disclosed that Seplat ended routine gas flaring across its onshore operations at the end of 2025, leading to a significant cut in emissions intensity.
He called for stronger collaboration among government, operators, and financiers to fast-track projects that convert “gas molecules into electrons.”
“Nigerians cannot wait any longer. We must move from discussions to implementation and create the partnerships and investments necessary to fully realise the promise of our gas resources,” he added.
