Seplat Energy Plc has unveiled a five-year roadmap to boost production capacity by 50 per cent between 2026 and 2030.
Chief Executive Officer, Roger Brown, disclosed this in a statement on Friday, following the firm’s successful acquisition of Mobil Producing Nigeria Unlimited (MPNU). He said the roadmap would be anchored on $2.5 to $3 billion capital investment over five years, beginning in 2026.
The investment will fund 120 to 150 new wells and up to three major gas projects, aimed at strengthening Nigeria’s energy and power supply. Brown said Seplat’s strategy was supported by a significantly larger resource base, confirmed by a new independent Competent Person’s Report (CPR).
The report revealed proven and probable reserves above one billion barrels of oil equivalent, an 18 per cent increase from previous estimates. It also showed total reserves and resources rose nearly 90 per cent to 2.3 billion barrels of oil equivalent, providing long-term growth and energy security.
Brown said the roadmap would materially grow production, increase cash flow, and drive enhanced shareholder returns, while supporting Nigeria’s economic future. He described Nigeria as a land of opportunity with strong population growth and economic vibrancy, positioning Seplat as a key energy player.
Brown noted the plans reflected confidence in the Nigerian economy, stressing Seplat’s commitment as a reliable partner to the government and investors.
As part of its strategy, Seplat is in talks with the Nigerian National Petroleum Company Ltd. (NNPC) on selling a 10 per cent joint venture interest. This would align NNPC’s stake at 70 per cent, reinforcing the partnership.
Brown also confirmed a revised dividend policy, committing 40 to 50 per cent of free cash flow to investors. He said the policy included a base dividend of at least $120 million annually, with a 10 per cent rise in the third-quarter dividend for 2025.
He further disclosed plans to cut operating costs to $10 per barrel of oil equivalent by 2030, strengthening Seplat’s position as a low-cost operator.
