Seplat Targets 500,000 Barrels Daily Production, $1bn Shareholder Dividend in Five-Year Plan
Seplat Energy Plc has unveiled an ambitious five-year growth strategy aimed at increasing oil production to 500,000 barrels per day while delivering $1 billion in dividends to shareholders.
The company disclosed the targets during its post-Annual General Meeting media briefing held in Lagos, where Chairman Udoma Udo Udoma said the plan reflects Seplat’s ambition to become a leading energy company in Nigeria and across Africa.
According to Udoma, the company had already fulfilled a major promise made three years ago by successfully completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU), a move he described as transformational for Seplat’s growth trajectory.
“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,” he said.
Under the company’s new strategy, Seplat plans to grow production from its legacy operations to 200,000 barrels per day while targeting a combined joint venture production capacity of 500,000 barrels daily.
Udoma also stated that the company remains committed to rewarding shareholders, noting that Seplat had recently announced a dividend payout of 25 cents per share as part of its long-term $1 billion dividend goal.
“We are a company that is ambitious, but when we announce targets, we achieve them. We have credibility in terms of achieving targets,” he added.
The chairman explained that the integration of MPNU has significantly expanded Seplat’s operational capacity, making the company larger, more diversified and better positioned for future growth.
He revealed that Seplat had deliberately taken time to understand Mobil’s corporate culture and identify operational synergies to build what he described as a unified “One Seplat” culture.
According to him, the company now operates an asset management structure that separates offshore and onshore operations while integrating support functions across the business.
Also speaking at the briefing, Seplat Chief Executive Officer Roger Brown said the MPNU acquisition has transformed the company into a stronger and more resilient energy player.
Brown disclosed that Seplat now operates 11 oil blocks, including seven onshore and four offshore assets, alongside 48 producing fields, five gas plants and 1.1 billion barrels of proven and probable reserves shared evenly between oil and gas.
He added that with additional contingent resources, the company’s total working interest reserves have increased to about 2.5 billion barrels.
“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 stated that the company’s structure allows it to remain profitable in both high and low crude oil price environments, strengthening investor confidence.
He noted that Seplat’s strong performance has also boosted its market valuation, with the company’s share price surpassing N10,000 on the Nigerian Exchange while also recording strong performance on the London market.
Brown added that beyond profitability and shareholder returns, Seplat remains committed to supporting and developing its host communities through various social investment initiatives.
