LAGOS — Seplat Energy Plc has rolled out a five-year growth plan aimed at ramping up oil production to 500,000 barrels per day and paying out $1 billion in dividends to shareholders, as it consolidates gains from the acquisition and integration of Mobil Producing Nigeria Unlimited, MPNU.
Making this disclosure at the company’s post-Annual General Meeting media briefing in Lagos, the Chairman, Senator Udoma Udo Udoma, said the targets reflected the company’s ambition to become the leading energy firm in Nigeria and beyond.
“When I took over three years ago at the first AGM, we made some commitments as a board. Our commitment was that we would complete the MPNU acquisition, and before the end of that year, we achieved that target,” Udoma said.
Under the new plan, he said Seplat targets 200,000 bpd for the legacy company and 500,000 bpd for total joint venture production.
On shareholder returns, Udoma said the company is on course to achieving the $1 billion dividend target having just announced 25 cents per share payout.
“We are a company that is ambitious, but when we announce targets, we achieve them. We have credibility in terms of achieving targets,” he said.
He noted that integration with MPNU had made Seplat larger, more diversified, and better positioned to achieve its set goals, saying that the production has already more than doubled, with the target to triple it.
Speaking further on the integration with MPNU, Udoma explained that Seplat took time to understand Mobil’s culture, identify synergies, and create a “One Seplat” culture that blends the best of both legacy and Mobil teams.
He said there’s strong engagement and a shared drive among staff to advance Nigeria’s energy production and gas development.
According to him, company uses an asset management structure for offshore and onshore operations, while integrating support functions.
Also speaking, the Chief Executive Officer, Mr. Roger Brown, said that MPNU integration has given Seplat significant scale and made it a much bigger, and more robust company.
He noted that Seplat now operates 11 blocks comprising seven onshore and four offshore, with 48 producing fields, 5 gas plants, and 1.1 billion barrels of 2P reserves split evenly between oil and gas. With 2C resources, he said that the total working interest reserves has now risen to 2.5 billion barrels, adding that the scale is already showing in stronger revenues and profits.
“Seplat now has a strong team across onshore and offshore, operating under a “One Seplat” model with integrated support functions while keeping offshore and onshore assets operationally separate,” Brown said.
The CEO added that the company is built to perform in both high and low oil price environments, making it more resilient. This strength, he said, has driven a rise in Seplat’s share price, crossing N10,000 in Lagos for the first time and performing strongly in London.
Beyond shareholder returns, he stressed Seplat’s commitment to giving back to its host communities.
