Seplat Launches Five‑Year Plan, Aims for 500,000 BPD Production and $1 Billion in Dividends

By Nkiruka Nnorom

LAGOS — Seplat Energy Plc has announced a five‑year growth strategy that aims to increase oil production to 500,000 barrels per day and distribute $1 billion in dividends to shareholders, following the acquisition and integration of Mobil Producing Nigeria Unlimited (MPNU).

During a media briefing in Lagos after the company’s Annual General Meeting, Chairman Senator Udoma Udo Udoma explained that the targets reflect Seplat’s ambition to become the leading energy firm in Nigeria and beyond.

“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,” Udoma said.

The new plan sets a production target of 200,000 barrels per day for the legacy company and 500,000 barrels per day for total joint‑venture output.

Regarding shareholder returns, Udoma said the company is on track to meet the $1 billion dividend goal, having just announced a payout of 25 cents per share.

“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.

He noted that integration with MPNU has made Seplat larger, more diversified, and better positioned to reach its goals, with production already more than doubled and a target to triple it.

Speaking further about the integration, Udoma explained that Seplat took time to understand Mobil’s culture, identify synergies, and create a “One Seplat” culture that blends the best of both legacy and Mobil teams.

He said there is strong engagement and a shared drive among staff to advance Nigeria’s energy production and gas development.

According to him, the company uses an asset‑management structure for offshore and onshore operations while integrating support functions.

Chief Executive Officer Roger Brown also spoke, noting that MPNU integration has given Seplat significant scale and made it a much bigger, more robust company.

Brown said Seplat now operates 11 blocks, comprising seven onshore and four offshore, with 48 producing fields, five gas plants, and 1.1 billion barrels of 2P reserves split evenly between oil and gas. With 2C resources, the total working‑interest reserves now rise to 2.5 billion barrels, adding that the scale is already reflected in stronger revenues and profits.

“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 added that the company is built to perform in both high and low oil‑price environments, making it more resilient. This strength has driven a rise in Seplat’s share price, crossing N10,000 in Lagos for the first time and performing strongly in London.

Beyond shareholder returns, he stressed Seplat’s commitment to giving back to its host communities.

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