Engr. Afolabi Abiodun Folorunso (FNSE, D.SC, D.BA) is the current CEO/MD of FORMAT Hydrocabon Company Ltd, a family-owned oil and gas management company; before this new role, he was the Managing Director, Seplat West Ltd., of Seplat Petroleum Development Plc. SEPLAT is a premium indigenous Oil and Gas company in Nigeria with a robust and diverse asset base spanning the Eastern and Western hubs of the Niger Delta. As Managing Director of Seplat’s Western Asset, Engr Afolabi has championed improved cultural changes, produced water management and in-field disposal, heavy oil development, lean well delivery process, asset integrity management for life extension of ageing fields with over 40 years of production, vigorous flare out strategy execution with over 150MMSCF/d of operational and installation-ready compression horsepower and alternate crude evacuation strategies to stay ahead of repeated trunk line outages. He demonstrated exceptional commercial acumen with his records of continuously improving operational efficiency with continuous attendant reduction of unit operating cost from a high value of 19USD/BOE in 2012 to as low as 7.0usd/boe in 2021. The Western Assets enjoyed a renaissance under his stewardship.
Before joining SEPLAT, he was a lead WRFM, and he was awarded the best Coach and Mentor for over two years. He was also Gas Lift and Stimulation SME for Shell Petroleum Development from 2010 to 2012.
Afolabi received a B.SC. Degree in Chemical Engineering (Shell, State and Federal Government Scholar) from the Obafemi Awolowo University, Ile-Ife and a PGD in Petroleum Engineering, Herriot Watt University, A honorary Doctor of Science – from European American University and Doctor of Business Management- from London School of Graduate. Afolabi has published several technical papers on various subjects.