Seplat Energy Plc is set to pump $2.5-3 billion into Nigeria’s economy over the next five years. This bold move comes after the company’s landmark acquisition of ExxonMobil’s shallow-water assets, a deal that CEO Roger Brown calls “truly transformational.” With this investment, Seplat aims to boost production and unlock value from its new assets, solidifying its position as a major player in Nigeria’s oil and gas industry.
The company’s roadmap for 2026-2030 outlines a clear plan to drive growth, with a focus on maximizing output from its assets. By 2030, Seplat expects to increase its working-interest production to over 200,000 barrels of oil equivalent per day (boepd), up from around 134,000 boepd in mid-2025. This ambitious plan is expected to have a significant impact on Nigeria’s energy landscape].
Focus of the $3bn Investment
According to Seplat, about 70 percent of the planned capital spending will go into oil monetisation projects, including drilling new wells and expanding offshore infrastructure.
Gas monetisation will account for around 20 percent of the outlay, as the company accelerates projects such as the ANOH Gas Plant and the development of the Yoho gas field for liquefied natural gas (LNG) exports. The remainder will support asset integrity, safety, and sustainability initiatives.
The investment drive comes at a time when Nigeria is looking to ramp up oil production to meet its OPEC quota and expand domestic gas utilisation to close its energy supply gap. Seplat has positioned itself as a key partner in this effort, with gross joint-venture gas sales projected to hit 1 billion standard cubic feet per day (scfd) by the end of the decade.
Early Returns from ExxonMobil Assets
Seplat has already recorded early gains from the MPNU assets. Since the deal closed in late 2024, the company has restored 29 idle wells, boosting joint-venture capacity by nearly 26,000 barrels per day. Offshore production in June 2025 averaged its highest levels since October 2022.
“These assets have the resources and the people. What was missing was the right owner — and that owner is now Seplat,” said Oladotun Isiaka, Managing Director of Seplat’s offshore business.
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The enlarged portfolio gives Seplat control of four offshore oil mining leases, more than 200 producing wells, and over 1,500 kilometers of pipelines, including ownership interests in major terminals such as Qua Iboe and Bonny River.
Financial Strength and Shareholder Returns
Seplat will fully fund its multi-billion-dollar investment programme from operating cash flows, eliminating the need for fresh equity issuance.. The company expects to generate between $5 billion and $6 billion in operating cash flow from 2026 to 2030, supporting free cash flow of $2 billion to $3 billion and cumulative dividends of at least $1 billion over the same period.
Eleanor Adaralegbe, Seplat’s Chief Financial Officer, declared, “I commit to disciplined capital allocation, making every dollar drive growth, protecting our balance sheet, and delivering sustainable returns to Nigeria and our shareholders.”
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Implication for Nigeria
Analysts say Seplat’s aggressive investment plan underscores the growing importance of indigenous players in Nigeria’s energy landscape, particularly as international oil majors scale back their exposure. With 99 percent of its workforce Nigerian and strong community relations across its asset base, Seplat has also cast itself as a flagbearer for local participation in the sector. .
Industry observers note that the ExxonMobil deal and the $3 billion spending plan will strengthen Nigeria’s capacity to meet its 2030 target of producing 3 million barrels per day of oil and 12 billion scfd of gas.
For Seplat, the roadmap to 2030 is not just about growth but also about resilience. “Our 2030 plan sets the foundation to drive continued growth well into the next decade,” Brown said.
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