Seplat Energy Plc has unveiled an ambitious five year growth strategy aimed at increasing oil production to 500000 barrels per day while delivering $1 billion in dividends to shareholders. The announcement was made during the company’s post Annual General Meeting media briefing held in Lagos.
Chairman of Seplat Energy, Senator Udoma Udo Udoma, disclosed that the company’s latest targets are part of its broader vision to become a leading energy company in Nigeria and across Africa. He explained that the successful acquisition and integration of Mobil Producing Nigeria Unlimited, MPNU, marked a major milestone for the company and positioned it for rapid expansion.
Udoma stated that Seplat had fulfilled earlier commitments made to shareholders, including the completion of the MPNU acquisition within the promised timeline. According to him, the company now aims to increase production from its legacy assets to 200000 barrels per day while total joint venture production is projected to reach 500000 barrels daily.
He also highlighted Seplat’s commitment to rewarding shareholders, noting that the company recently announced a dividend payout of 25 cents per share as part of its journey toward the $1 billion dividend goal. He emphasized that Seplat has built a reputation for meeting its targets and maintaining credibility with investors.
Chief Executive Officer Roger Brown said the integration of MPNU has transformed Seplat into a stronger and more diversified company. He revealed that Seplat now operates 11 blocks, including seven onshore and four offshore assets, with 48 producing fields and five gas plants. The company’s reserves have also grown significantly, reaching 2.5 billion barrels including contingent resources.
Brown added that Seplat’s operational structure and resilience in varying oil price environments have contributed to stronger financial performance and rising share prices in both Lagos and London markets.
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