Seplat CEO Roger Brown praises NNPC for clearing legacy debts, calling it a game changer that strengthens partnerships with indigenous oil producers
The Chief Executive Officer of Seplat Energy Plc, Roger Brown, has hailed the recent NNPC debt clearance, describing it as a “game changer” for Nigeria’s oil and gas industry, particularly for indigenous operators.
Also read: Oando, Aiteo, Seplat and other local oil companies fight against COVID-19
Brown made this known during a high-level panel session titled “Harnessing Africa’s Energy Shift – From Acquisition to Optimisation” at the 2025 Nigerian Oil and Gas Conference in Abuja on Wednesday.
Reflecting on past challenges, Brown revealed that Seplat, during its Initial Public Offering in 2014, raised $500 million—an amount dwarfed by the $550 million owed to it by the Nigerian National Petroleum Company Limited (NNPC) at the time.
“That is a thing of the past,” Brown said. “Cash flows have now been paid. NNPC today is all about financial alignment and partnerships.”
He commended the transformation of the national oil company, stating that the NNPC’s improved cash flow management and commitment to timely payments have created a more stable and trusted environment for local oil producers.
A New Era for Indigenous Players
The NNPC debt clearance marks a significant shift for the sector. For years, unpaid dues to both local and international suppliers hampered operations, discouraged investment, and strained relationships within joint ventures.
In 2024, product suppliers halted delivery over a backlog of debts estimated at $6 billion, exacerbating fuel shortages across the country. The recent repayment efforts have begun to reverse that trend.
Brown highlighted that Seplat’s acquisition of ExxonMobil’s onshore assets in 2024 reflected the growing competence and resilience of local operators.
When we listed in 2014, NNPC owed us more than we raised in our IPO. That’s now history. This alignment is a game changer.
“We are ready to optimise divested assets. We don’t panic when things go wrong. We adapt because this is our terrain—we know the communities, and we are here for the long haul,” he said.
Seplat now operates eight of the 11 oil and gas blocks it holds, with a strategic focus on domestic gas supply and expansion into LNG and CNG export projects.
“We already supply NLNG and are investing heavily in domestic gas infrastructure to meet Nigeria’s energy needs,” Brown noted.
NNPC’s Strategic Transformation
Dr Ainojie Irune, Managing Director of Oando Energy Resources, echoed similar sentiments during the session. He praised the NNPC for streamlining its focus towards production efficiency, cost control, and security.
“This is the first time NNPC is laser-focused on targets without distractions. They’ve got the right people in the right roles. We must all align,” Irune said.
He added that local oil companies are now driving Nigeria’s upstream oil strategy.
“Indigenous firms have evolved from fringe players to lead actors. With NNPC now acting like a commercial partner, the future of energy in Nigeria is very achievable,” he added.
Shell Announces Major Oil Boost
Meanwhile, Ronald Adams, Managing Director of Shell Nigeria, announced a major milestone for the company.
The Ubonga North oil project, which reached Final Investment Decision (FID) in December 2024, is expected to contribute an additional 100,000 barrels per day (bpd) to Nigeria’s crude oil output by mid-2027.
Also read: FG Debunks Reports of NNPCL Crude Oil Sale Collapse
The announcement aligns with Nigeria’s broader ambition to raise its production capacity amid global energy transition pressures and local energy demand.
