Seplat Unveils 5-Year Strategic Plan, Targets 500,000bpd Output, $1bn Dividends Payment

Seplat Energy has unveiled an ambitious five-year growth strategy targeting oil production of 500,000 barrels per day and dividend payments of $1 billion to shareholders as the company strengthens its position following the acquisition of Mobil Producing Nigeria Unlimited.

Speaking during the company’s post-Annual General Meeting media briefing in Lagos, Chairman Udoma Udo Udoma said the targets reflected Seplat’s long-term ambition to become one of Africa’s leading energy companies.

According to him, the company had already fulfilled one of the major promises made by its board after successfully completing the acquisition of MPNU, a development he described as a major milestone for Seplat’s expansion strategy.

Udoma disclosed that the company plans to increase production from its legacy operations to 200,000 barrels per day while targeting a total joint venture production capacity of 500,000 barrels daily under the new growth roadmap.

He also assured shareholders that Seplat remained on track to achieve its planned $1 billion dividend payout, noting that the company recently announced a dividend of 25 cents per share.

“We are a company that is ambitious, but when we announce targets, we achieve them,” Udoma stated, adding that Seplat had built credibility through consistent delivery on its promises.

The chairman explained that the integration of MPNU had significantly expanded Seplat’s operational capacity, diversified its assets, and strengthened its ability to compete within the oil and gas sector.

Also speaking at the briefing, the company’s Chief Executive Officer, Roger Brown, said the acquisition had transformed Seplat into a much larger and more resilient energy company with stronger revenues and improved profitability.

Brown disclosed that Seplat now operates 11 oil blocks, including seven onshore and four offshore assets, with 48 producing fields, five gas plants, and 1.1 billion barrels of proven reserves shared evenly between oil and gas.

According to him, the company’s total working interest reserves have now increased to 2.5 billion barrels when additional contingent resources are included.

He added that Seplat’s expansion and operational strength had contributed to strong market performance, with the company’s share price surpassing N10,000 on the Nigerian Exchange while also recording impressive performance on the London market.