Seplat Energy Plc, Nigeria’s leading indigenous energy company, has unveiled an ambitious $3 billion investment plan spanning five years (2026-2030) to drill 120 new wells and launch three major gas projects. This bold strategy follows the company’s recent acquisition of ExxonMobil’s Nigerian shallow-water assets, transforming Seplat into one of the largest oil and gas producers in the country.
According to CEO Roger Brown, the acquisition has been “a truly transformational step,” positioning Seplat for significant growth. “The acquisition of MPNU has made Seplat larger, stronger, and more diversified,” Brown emphasized during the company’s September 18 Capital Markets Day presentation.
The investment plan aims to generate an estimated $6 billion in revenue from these developments. Approximately 70 percent of the capital expenditure will be directed towards drilling new wells and expanding offshore infrastructure. Roughly 20 percent is earmarked for gas monetization efforts, including the critical development of the ANOH Gas Plant and the Yoho gas field, targeted for liquefied natural gas (LNG) exports. The remaining funds will fund asset integrity, safety, and sustainability initiatives.
Since closing the ExxonMobil deal in late 2024, Seplat has revitalized 29 idle wells, increasing production by nearly 26,000 barrels per day. Offshore production recently reached its highest level in almost three years. Oladotun Isiaka, managing director of Seplat’s offshore operations, remarked, “These assets had the resources and the talented people. What was missing was the right owner — and that is now Seplat.”
Seplat’s expanded portfolio now includes over 200 producing wells, four offshore oil mining leases, more than 1,500 kilometers of pipelines, and stakes in major terminals like Qua Iboe and Bonny River. Seplat plans to fund this ambitious program entirely from operating cash flows, avoiding dilutive financing. They forecast generating between $5 billion and $6 billion in cash flows between 2026 and 2030, supporting robust free cash flow and dividends.
Founded in 2009 by Nigerian energy entrepreneurs Austin Avuru and Ambrosie Orjiako, Seplat has grown into Nigeria’s largest publicly listed energy firm. In 2025, the company reported $1.4 billion in revenue for the first half alone, more than tripling the previous year’s figure, driven by increased oil sales and offshore operations ramp-up.
Beyond oil and gas, Seplat plans to deploy modular gas-to-power systems aimed at expanding rural electrification and addressing Nigeria’s power deficits. This integrated approach aligns with national goals to boost crude production and expand domestic gas utilization to support industrial and power generation demands.
Energy analysts view Seplat’s strategy as a pivotal growth driver for Nigeria’s energy sector, signaling confidence in local capacity to manage and optimize formerly foreign-held assets. The investment is expected to bolster employment, infrastructure, and the country’s position as a key energy player regionally and globally.
In summary, Seplat’s $3 billion investment marks a decisive step in Nigeria’s energy future, with plans for extensive drilling and gas project development poised to generate substantial revenues and support national development goals. The company will continue executing this strategic plan while monitoring market dynamics and operational performance.
Readers interested in Nigeria’s energy landscape should watch for Seplat’s ongoing progress reports and government policy developments shaping the country’s oil and gas industry over the coming years.
