Tag: Seplat Energy Plc

•New gas supply to boost earnings

Seplat Energy Plc yesterday announced that it has started gas supply from its 300 MMscfd ANOH gas project after the company successfully achieved first gas.

In a regulatory filing at the Nigerian Exchange (NGX), Seplat Energy indicated that it had completed 11km Indorama gas export pipeline and received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday January 16, 2026 to begin gas supply.

With the approval, ANOH Gas Processing Company (AGPC) commenced gas supply to Indorama, under a firm and interruptible offtake Gas Sales Agreements (GSAs).  To enable the flow of gas, the four upstream wells, which had been on standby since November 2025, were brought online.

Seplat Energy is listed on the Premium Board of the NGX and the Main Market of the London Stock Exchange.

 “Since first gas, wet gas production has been stabilising, delivering 40-52 MMscfd of processed gas directly from the ANOH gas plant to the Indorama Petrochemical Plant. Condensate production has reached 2.0-2.5 kboepd and is expected to increase with gas production as the plant ramps up to design capacity.

“In addition, preparations are underway to initiate sales of processed gas to the Nigeria LNG (NLNG) with an offtake agreement structured on an interruptible basis and will support the gas plant to further scale production towards full design capacity of 300MMscfd,” Seplat stated.

The company added that the construction of the OB3 pipeline export route by Nigerian Gas Infrastructure Company (NGIC), originally designated as the primary channel for ANOH gas supply to the domestic market, has resumed and a revised completion date will be communicated in due course.

The ANOH gas plant was developed by AGPC, an incorporated joint venture between Seplat Energy and the NGIC. The integrated plant consists of two 150 MMscfd gas processing units, Liquefied Petroleum Gas (LPG) recovery units, condensate stabilization units, a 16MW power plant and other supporting facilities, and has been built to operate with zero routine flares.

“Across the unitised field of OML 53 and OML 21, the ANOH gas plant unlocks an estimated 4.6 Tcf condensate rich gas resource base.

Seplat’s working interest 2P reserves in the unitised field, as booked at year end 2024, stood at 0.8 Tcf.  Seplat will derive value from two distinct income streams: wet gas sales from OML 53 to the ANOH gas plant, and dividends from its 50 per cent equity ownership in AGPC.

“The LPG produced from ANOH, combined with the LPG production at Sapele and the Bonny River Terminal (BRT), will make Seplat a leading supplier of clean cooking fuel to the domestic market. In addition, the ANOH gas plant will process the flared gas from the Ohaji field, enabling Seplat to achieve its onshore End of Routine Flaring programme, a key commercial and sustainability initiative for the company.

“The ANOH gas plant has been developed without a single recordable Lost Time Incident (LTI) across 17.5-million-man hours, a testament to the focus of the whole team on safe and secure operations,” Seplat stated.

Chief Executive Officer, Seplat Energy, Roger Brown, said ANOH would provide material income streams for Seplat, reducing its carbon intensity and contributing significantly to the 2030 production target of 200 kboepd.

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He added that the new gas supply  would also increase energy access for Nigerians in terms of both power and clean cooking fuel for the local communities, while advancing delivery of Seplat’s mission to support economic prosperity in Nigeria.

“ANOH is the first of the seven critical gas development projects identified by Federal Government of Nigeria to commence operations. It is an important strategic project for Seplat, our partner NGIC, and Nigeria as a whole. It has taken a significant amount of commitment and hard work to complete the project in a part of the onshore Niger Delta with limited gas pipeline infrastructure, and we are extremely proud of this achievement.  This is our third major gas processing facility onshore and increases our Joint Venture gross gas processing capacity onshore to over 850 MMscfd,” Brown said.

Seplat Energy’s portfolio consists of eleven oil and gas blocks in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other oil producers. Furthermore, we have an operated interest in three export terminals including; the Qua Iboe export terminal and Yoho FSO, as well as an operated interest in the Bonny River Terminal (BRT), and operate two large offshore NGL recovery plants at Oso and EAP.

It operates three gas processing plants onshore, at Oben in OML 4 and Sapele in OML 41 and the 300 MMscfd ANOH Gas Processing Plant in OML 53, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy’s position as a leading supplier of natural gas to the domestic power generation market.

Seplat Energy Plc has secured three significant awards across finance, upstream operations, and sustainability, reinforcing its position as one of Africa’s most admired corporate performers.

At the 30th Anniversary of the PEARL Awards in Lagos, Seplat clinched the Market Excellence Award for the 2025 Highest Net Asset Ratio, a recognition that underscores the company’s strong asset efficiency and profitability on the Nigerian Exchange (NGX). The PEARL Awards—established in 1995 to promote discipline, transparency, and growth within Nigeria’s capital market—apply a rigorous, data-driven process to honour top-performing listed companies.

Explaining the metrics, the organisers stated that the Return on Net Assets (RONA) ratio highlights how efficiently a company converts its assets into earnings. Seplat’s performance in this category reflects sustained operational strength and investor value creation.

The company also won Upstream Deal of the Year at the World Energy Capital Assembly (WECA) Awards in London, a global recognition that celebrates outstanding transactions, financial performance, and innovation in the oil and gas industry. The accolade places Seplat among globally respected deal-makers shaping the future of upstream energy.

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Rounding off the honours, Seplat received the Education Intervention of the Year at the SERAS Africa Sustainability Awards in Lagos. The award recognises the company’s contributions to human capital development and its role in driving inclusive, community-focused education initiatives. This year’s SERAS theme—“Sustainability 2.0: Innovating for Impact and Inclusive Growth”—reflects a shift towards more intentional, future-ready actions across the continent.

SERAS Founder Ken Egbas emphasised that African companies must increasingly connect “growth to inclusion, profit to purpose, and ambition to equity,” noting that Seplat and other winners demonstrated exemplary leadership in sustainable development.

Pearl Awards President/CEO Tayo Orekoya highlighted the credibility of the awards’ methodology, adding that each category is determined through verifiable metrics. NGX CEO Jude Chiemeka commended the Awards’ founders for fostering a culture of performance excellence within Nigeria’s capital markets.

Together, the recognitions affirm Seplat’s strong strategic execution, operational resilience, and commitment to innovation and social impact—hallmarks that continue to position the company as an industry leader both locally and globally.

Seplat Energy Plc has reaffirmed its commitment to driving responsible leadership and industry transformation through active participation and innovation. The company restated this at the 13th Annual BusinessDay CEO Forum Nigeria, held recently in Lagos.

The 2025 edition of the forum, with “Nigeria: From Reform to Recovery,” as theme convened senior government officials, investors, corporate leaders, and experts to explore the nation’s ongoing reforms and share strategies for sustainable economic renewal.

Representing Seplat Energy’s CEO, Roger Brown, the Chief Operating Officer, Samson Ezugworie, spoke as a panelist in a session titled: “Oil and Gas in Transition – Reforms, Recovery and Deals That Matter.” He discussed the transformative role of indigenous companies in Nigeria’s oil and gas landscape and how Seplat leverages technology to boost efficiency and build local capacity.

“If you look at the trajectory, the outlook is excellent, and we are well-positioned for a transformative oil and gas industry,” Brown noted.

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Highlighting Nigeria’s abundant resources — including over 200 trillion cubic feet of gas — he emphasized the opportunity created by international oil companies transferring onshore and shallow water assets to indigenous firms. “We’ve shown we have the capacity and financial strength to manage these assets successfully,” he added.

Brown also pointed to the surge in rig activity as a clear sign of sectoral revival: “Rig count in Nigeria rose from eight in 2021 to about 46 today. That reflects growing investor interest and capital inflows, signaling recovery and renewed momentum.”

He stressed that Seplat Energy’s participation in the forum underlines its commitment to shaping the future of Nigeria’s energy sector through innovation, responsible leadership, and inclusive growth. “As the country transitions from reform to recovery, Seplat remains dedicated to delivering sustainable value to stakeholders, communities, and the broader economy,” he said.

Publisher and CEO of BusinessDay Media Ltd, Frank Aigbogun, noted that the publication has a duty not just to report, but to guide discourse towards the future.

The event featured prominent speakers including Aliko Dangote of Dangote Group; Haresh Aswani of Tolaram Group; Kofo Akinkugbe of SecureID; Ainojie Irune, MD of Oando Energy Resources; Tony Attah, MD/CEO at Renaissance Africa Energy Company; and Gbite Falade, MD/CEO at Aradel Holdings Plc, among others.

Seplat Energy Plc has continued to blaze the trail in the country’s energy space by leveraging its freedom to operate in host communities and access to capital.

The company has developed and serviced clear ways of engagement with its communities and developing strong partnership with capitals.

Chief Executive Officer, Seplat Energy, Roger Brown, said this at the 2025 NOG Energy Week Conference in Abuja during a panel session titled: “Harnessing Africa’s Energy Shift – From Acquisition to Optimisation”.

Seplat Energy, he noted, sees engagement with its communities and other stakeholders from the long-term horizon.

“A very clear way of engagement is what Seplat Energy and the indigenous players bring to the party. Shared prosperity is very important. Freedom to Operate has been our success, and this is the substance of our community engagement model,” Brown said.

Speaking on the inclination of the indigenous energy sector to succeed, he said currently, the sector is thriving and full of incredible talents, which are committed to deliver value and boost the fortunes of operators and the country at large.

He added: “For us at Seplat Energy, when we completed the Mobil Producing Nigeria Unlimited (MPNU) acquisition last year, we were ready for it. This consolidates the fact that we are here for the long term. The assets are prolific in oil and gas, and we will continue to develop and optimise these resources.”

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Also commenting on the availability of capital to develop the assets, Brown said: “When we look at capital, we consider as many forms of capital that could be accessed. For us, capital is treated as a partner, and in that partnership, everything is told and nothing is held back. It is full disclosure for us. Hence, capital access has been very critical to our success as a company.”

The Seplat Energy CEO alluded to the prevailing situation where capital has become increasingly harder to access, but maintained that stability in business and business spheres will continue to attract capital.

 “Beyond committing funds to acquire assets, sufficient money should be set aside to develop the acquired assets. Seplat Energy has been able to redeploy capital and optimise growth of the business. There is indeed capital to develop these assets that were acquired and indigenous energy companies would continue to demonstrate this.”

In a related development, Seplat Energy was honoured with the “Indigenous Company of the Year” Award by the organisers of the 2025 NOG Energy Week for its leadership and performance. The award was received on behalf of the company by the Director, New Energy, Okechukwu Mba.

Seplat Energy Plc has clinched the ‘M&A Deal of the Year’ award at the Nairametrics Capital Market Choice Awards held in Lagos at the weekend.

The award ceremony themed ‘Capital Market as a catalyst for Nigeria’s Economic Transformation’ was graced by leading companies listed on the Nigerian Exchange Limited (NGX) and other players in the country’s capital market covering banking, energy, insurance, industry, aviation, construction, food & beverage, and hospitality, amongst other sectors.

Seplat Energy completed the deal on the acquisition of Mobil Producing Nigeria Unlimited (MPNU) – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU) from ExxonMobil in December 2024.

The Nairametrics Capital Market Choice Awards is a milestone initiative aimed at reinforcing the company’s commitment to promoting transparency, financial literacy, and excellence within Nigeria’s financial ecosystem. 

According to Ugo Obi-Chukwu, Founder and Chief Analysts at Nairametrics, “The capital market is home to professionals and organisations that have significantly influenced Nigeria’s financial landscape. The awards initiative is Nairametrics way of recognising and celebrating their impact.

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 “From strengthening investor confidence to driving corporate governance and market reforms, these players have been instrumental in shaping the market’s evolution. The Capital Market Choice Awards is our way of saying ‘thank you’ while encouraging the continuous pursuit of excellence.”

Seplat Energy completed the transformational acquisition of MPNU last year, which more than doubled the company’s production and increased its reserves. The acquired assets have a world-class history as some of Nigeria’s most important oil fields.

Seplat Energy was represented at the awards ceremony by the Director External Affairs & Social Performance, Chioma Afe; and the Manager Corporate Communications, Stanley Opara. In her remark, Afe thanked Nairametrics for the recognition and show of excellence in celebrating the impact of businesses in Nigeria’s capital market.

Afe described the completion of the MPNU deal as a show of hard work, resilience and commitment to the Nigerian course. She also thanked President Bola Ahmed Tinubu GCFR, for supporting the transaction, and appreciated the support and diligence of the various Ministries and regulators for all the work to reach a successful conclusion.

According to her, the company’s mission is to deliver value to all its stakeholders, as it treasures the good relationships that have been developed with the government, regulators, communities and staff.

The acquisition has the capacity of positioning Seplat Energy to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity. The completion of the acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.

The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors have transitioned to the Seplat Group.

Seplat Energy Plc’s turnover rose by 327.9 per cent to N1.228 trillion in first quarter 2025, a remarkable growth on N268.6 billion reported in first quarter 2024.

The three-month report for the period ended March 31, 2025 showed that gross profit soared to N535.4 billion from N63.8 billion in first quarter 2024. Cash generated from operations for the period grew to N464.9 billion from N25.2 billion while profit before tax rose to N314.6 billion in first quarter 2025 from N103.5 billion in first quarter 2024.

The energy company also delivered robust production and cost performance during first quarter 2025, at a new scale, and firmly on track to deliver full-year 2025 guidance.

Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to $ 4.6 cents per share.

For the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

Seplat Energy achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Operational highlights showed that production averaged 131,561 boepd up 167 per cent from first quarter 2024 of 49,258 boepd, above the midpoint of 2025 guidance of between 120  to  140 kboepd. Onshore production contribution of 56,196 boepd, was 14 per cent higher than first quarter 2024, and above 2025 guidance.

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Seplat stated: “SEPNU production contribution of 75,365 boepd, within guidance, of which 88 per cent crude and condensate, 4.0 per cent NGL and 8.0 per cent gas.

“SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.S

“Sapele Integrated Gas Plant (‘SIGP’) was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.

“Carbon emissions intensity for Seplat onshore assets: 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025.A

“Achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU”.

Seplat highlighted that its revenue of $809 million was up c.350 per cent on  $180 million recorded in first quarter 2024.