The Chief Executive Officer, SEPLAT Energy Plc Mr. Roger Brown, has unveiled the company’s roadmap that is anchored on $2.5 to $3 billion capital investment over five years, beginning from 2026.
According to the statement released on Friday by the Nigerian energy company, 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 that Seplat’s strategy was supported by a significantly larger resource base, confirmed by a new independent Competent Person’s Report (CPR).
The report disclosed proven and probable reserves above one billion barrels of oil equivalent, an 18 per cent increase from previous estimates.
It also showed that total reserves and resources rose about 90 per cent to 2.3 billion barrels of oil equivalent, providing long-term growth and energy security.
Brown said that the roadmap would materially grow production, increase cashflow, and drive enhanced shareholder returns, while supporting him, 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 explained that the plans reflected confidence in the Nigerian economy, assuring Seplat’s commitment as a reliable partner to government and investors.
According to him, Seplat, which was successful in the acquisition of Mobil Producing Nigeria Unlimited (MPNU), is in talks with the Nigerian National Petroleum Company Ltd. (NNPCL) on selling a 10 per cent joint venture interest.
This, he noted, will align NNPCL’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 also said that 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, while planning to cut operating costs to $10 per barrel of oil equivalent by 2030 and strengthening Seplat’s position as a low-cost operator.
GIK/APA