Seplat Energy Expands Asset Base, Projects $1bn Dividend Amid Growth Drive

Seplat Energy Plc has projected a $1 billion dividend payout to shareholders over the next four to five years, as the company consolidates gains from its expanded operations and integration of Mobil Producing Nigeria Unlimited.

The company also set an ambitious production growth agenda, targeting up to 500,000 barrels of oil per day at the joint venture level while significantly increasing its attributable output over the medium term.

Chairman of Seplat Energy, Udoma Udo Udoma, disclosed this during a post-Annual General Meeting media briefing in Lagos, noting that the company remained firmly on course to deliver on its shareholder return and production commitments.

“We have committed ourselves to deliver a billion U.S. dollars in terms of dividends over the next four or five years, and we are well on track,” he said.

Udoma explained that the integration of Mobil Producing Nigeria Unlimited, now rebranded as Seplat Energy Producing Nigeria Unlimited, had strengthened the company’s operational base and positioned it for sustained growth.

According to him, the acquisition and full operational integration were completed within the timelines earlier communicated to shareholders, marking a key milestone in the company’s expansion strategy.

Chief executive officer of Seplat Energy, Roger Brown, said the enlarged business now spans 11 oil blocks, comprising seven onshore and four offshore assets, alongside 48 producing fields and five gas processing plants.

He noted that the expanded asset base had significantly enhanced production capacity and financial resilience, supporting the company’s medium-term growth ambitions.

Also speaking, the chief operating officer, Samson Ezugworie, said Seplat had set 2026 production guidance of 125,000 to 155,000 barrels per day as part of its pathway toward higher long-term output targets.

He added that the company was focused on safety, operational efficiency and sustainable growth, disclosing that Seplat had recorded zero fatalities and zero lost time injuries following the completion of the integration process.

Ezugworie also said the company had ended routine gas flaring in its onshore operations by the end of 2025, in line with its environmental commitments.

He further disclosed that Seplat restored about 50 idle wells in 2025 and plans to reactivate an additional 48 wells this year to boost production at relatively lower costs.

On operational efficiency, he noted that pipeline losses dropped to 3.8 per cent in the first half of 2025, following improved collaboration with the Federal Government and security agencies.

The company also highlighted strong local content performance, with over 99 per cent Nigerian workforce participation, alongside continued investments in graduate recruitment, healthcare, education, and host community development initiatives.

At the AGM, shareholders approved the appointment of Tony Elumelu as a non-executive director and Larry Ettah as an independent non-executive director, with stakeholders expressing confidence that the new board additions would strengthen governance and long-term value creation.