LEADERSHIP Awards: Seplat Energy Plc Is Oil & Gas Company Of The Year 2023

Seplat Energy PLC, is a foremost indigenous oil company in Nigeria.

The company is the operator of five oil blocks: OMLs 4, 38 & 41, OML 53 and OML 40.

The company is a leading supplier of processed natural gas to the expanding Nigerian domestic market with working interest gas volumes of averaged 112.3 million metric standard cubic feet per day (mMscfd), 30 percent of processed gas used for electricity in Nigeria.

In 2023, the company committed $11.5 million in 2023 towards projects that will end routine flares in its operations, including $10.8 million towards installing gas compression facilities at the flow stations in Amukpe, Oben and Sapele, and $0.7 million towards incineration at the Amukpe flow station.

With a significantly high indigenous workforce of 98 per cent, Seplat Energy seeks to ensure there is a positive multiplier effect on the local economy through significant local content spend, enhancing the Company’s local supply chain and contributing to a thriving and competitive local market. Seeking to use local business partners has also simultaneously reduced it’s operating costs and project risks by developing a mutually-beneficial relationship with the Company’s local partners.

In 2023, the company grew its revenue by 31.0 per cent to $810.4 million by the end of September, 30 compared to $618.6 million as at September 2022.

Despite the challenges of crude oil theft and pipeline vandalism, the company successfully raised it’s production output 48,152 boepd, as at September 2023, indicating an increase of 11 per cent from the level in the corresponding period of 2022, thus helping to boost Nigeria’s efforts to meet it’s Organization of Petroleum Exporting Countries (OPEC) production quota.

The company also successfully reduced it level of indebtedness, with Net debt declining to $347.6 million as at end September 2023, compared to $452.2 million in the previous year.

In addition, Seplat has committed $1 million towards planting trees across Nigeria as part of afforestation efforts that will capture residual emissions.

Seplat Energy was awarded the ISO 55001 Asset Management certification and is now subject to annual surveillance audits in April 2023 and 2024 and a recertification audit in April 2025 in line with ISO 55001 3-yearly certification renewal cycle.

On 25 February 2022, they announced that they have entered into a Sale and Purchase Agreement (subject to ministerial and other regulatory approvals) to acquire the entire share capital of Mobil Producing Nigeria Unit for a purchase price of $1,283 million plus up to $300 million contingent consideration.

The oil firm also funds a significant amount of sustainable community development initiatives to create shared value for communities. The company channels investment to areas that align local priorities to its business objectives whilst addressing the people’s broader development.