Indigenous oil and gas producer, Seplat Energy, has unveiled a five-year oil and gas investment roadmap, which the company said will require up to $3 billion.
Under the plan, the company would drill at least 120 new wells and commission three gas projects.
According to reports, Seplat said it expects its cumulative cash flow to jump to $6 billion by 2030, which is 2.5 times what it generated between 2020 and 2024.
The company said funds for the planned drilling operations would come from this income. It benchmarked the projection on a crude oil price of $65 per barrel and a daily production rate of 200,000 barrels.
Listed in Lagos and London, Seplat has accumulated interests in eight oil blocks in Nigeria’s oil-producing
Niger Delta region since its founding in 2009. Its acquisition of shallow water assets from ExxonMobil last December typified a trend of domestic firms taking the lead in Nigeria’s oil sector following recent exits of international oil compani
Seplat’s future plans include a potential sale of a 10 per cent interest in a joint venture it has with the Nigerian National Petroleum Company Limited (NNPCL) a move that would lower Seplat’s stake to 30 per cent.
