Seplat Energy

Powering Nigeria’s Gas Transformation

Seplat Energy is one of West Africa’s fastest-growing oil & gas companies. Since it started operations in 2010, the company has built a major upstream and midstream business that generated over $1bn in revenues in 2024. Average working interest production stood at 48,618 boepd that year, including some 111 MMscf/d of gas, and is set to more than double in 2025 following the acquisition of ExxonMobil's MPNU business.

It is currently involved in the development of some of Nigeria’s most strategic assets and gas projects, expected to confirm it as one of the strongest African energy companies this decade.

Name

Seplat Energy PLC

Incorporation Date

17th June 2009

Address

Lagos, Nigeria

Employees

1,446 (as of 2024)

Business/Services

Seplat Energy is an independent energy company engaged in the exploration, development, and production of oil and gas in Nigeria, with a growing midstream gas processing business.

Industry Leadership

“We are on the precipice of a wholesale change within Nigeria, and Seplat Energy is certainly part of the leading pack driving growth for the country.”

-Roger Brown

Company Overview

Since its founding in 2009, Seplat Energy has rapidly emerged as a leading Nigerian independent energy company. To keep meeting the needs of Africa’s most populous country, Seplat Energy has continuously expanded its portfolio and businesses that now span seven onshore upstream blocks and midstream gas infrastructure.

The company made history in 2010 by becoming the first Nigerian firm to acquire and operate producing assets from an international oil company, purchasing Shell’s 45% interest in OMLs 4, 38 & 41. This marked the beginning of Seplat Energy's rapid growth trajectory, which saw the company’s daily liquids production jump to over 30,000 barrels per day by 2011. The three blocks have remained until 2024 the cornerstone of the company’s gas production business.

In 2014, Seplat Energy achieved another milestone with its landmark IPO, becoming the first company to dual-list on both the London and Lagos stock exchanges. This strategic move raised US$535 million and valued the business at US$1.9 billion, positioning Seplat as a major player in Nigeria's energy sector.

Since then, the company's growth strategy has focused on both organic expansion and strategic acquisitions, including the purchase of interests in OML 53, OML 55, and the acquisition of Eland Oil & Gas plc in 2019. In 2024, its acquisition of Mobil Producing Nigeria Unlimited (MPNU) received Ministerial consent, paving the way for a new phase of growth for the company.

Upstream Operations

Seplat's upstream portfolio currently comprises interests in seven onshore oil and gas blocks in the Niger Delta. In 2024, the company achieved a working interest production of 48,618 barrels of oil equivalent per day (boepd), with 2P reserves standing at 226 million barrels of oil and 1,463 Bscf of gas before MPNU acquisition.

Seplat has been actively expanding its upstream capabilities, having drilled over 100 wells and continuously investing in asset development. Its acquisition of ExxonMobil’s shallow water business in Nigeria recently saw it gain a 40% operated interest in four offshore and gas-rich blocks, including 90 shallow water platforms and some 300 producing wells. The deal also include the Qua Iboe Oil Export Terminal and a 51% stake in the Bonny River Terminal and the EAP and Oso Natural Gas Liquids (NGL) recovery plants.

The deal has doubled Seplat Energy’s reserves, adding some 445 MMboe of 2P oil and gas reserves to its portfolio and significant opportunities to diversify its natural gas business, including potential LNG developments.

Midstream Gas Business

Seplat has made substantial investments in gas infrastructure, positioning itself as a key player in Nigeria's gas sector. The company operates three gas processing plants at Oben (465 MMscfd capacity), Sapele (85 MMscf/d) and more recently ANOH (300 MMscf/d). These provide a total processing capacity of 850 MMscf/d and have enabled the processing of associated gas, thereby reducing flaring in the Niger Delta.

In 2024, Seplat produced an average of 111 MMscf/d gas delivered to the Nigerian domestic market, where it is expanding its offerings to include LPG production from the Sapele Gas Plant while exploring Compressed Natural Gas (CNG) opportunities.

In an interview with Gas for Africa, CEO Roger Brown emphasized the transformative potential of gas for Nigeria: "Gas is really the big story for Nigeria, for the future. It really means a transformation of energy security, energy affordability."

Market Position and Future Outlook

As the MPNU deal demonstrates, Seplat Energy is well-positioned to capitalize on the ongoing shift in Nigeria's energy landscape as international oil companies (IOCs) divest from onshore and shallow water assets. The completion of the acquisition will increase Seplat Energy’s role as a key partner of Nigeria’s energy future, set to take on the critical challenge of providing energy to one of Africa’s biggest economies.

Looking ahead in 2025, Seplat has set a production guidance of 120-140,000 boepd and a capital expenditure guidance of $260-320 million. The company also anticipates first gas from the ANOH project in 2025, marking a significant milestone in its gas development strategy.

Statistics

Strategic Insights about African Gas

We believe that everyone should have access to comprehensive data on African gas markets. That’s why we are working to compile an Annual Statistical Review: a yearly reference of reliable and up-to-date data and statistics, freely accessible to anyone globally, covering the entire value chain of Africa's gas sector.

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