Cape Town, South Africa – Nigeria’s leading indigenous energy company, Seplat Energy Plc, has declared that its remarkable growth since inception has been driven by strategic acquisitions, asset optimisation, operational efficiency, safety performance, and a resilient Nigerian workforce.
Speaking at the 2025 Africa Energy Week (AEW) Conference & Exhibition in Cape Town, CEO Roger Brown revealed that the company’s success is rooted in unlocking value from acquired assets and integrating people, systems, and expertise to achieve long-term growth.
Asset Acquisition Success
During a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy”, Brown highlighted the company’s track record of integrating major acquisitions over the past decade while reducing emissions and downtime.
- On the most recent acquisition of Mobil Producing Nigeria Unlimited assets, he explained:
- The focus was to quickly re-engage wells and facilities to deliver immediate results.
- Investments in integrity and reliability reduced downtime and set the stage for future growth.
- The cultural and technical integration of Mobil’s offshore experience with Seplat’s onshore expertise has boosted production and cash flow from day one.
He added:
“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas. Much of this is within reach of export infrastructure we control, which aligns with government targets for boosting production.”
Strong Operating Mindset
Brown emphasized Seplat’s strategy of targeting mature fields where hidden value can be unlocked through agile operations. This, he said, has:
- Increased production levels.
- Maintained strong cost control.
- Built a healthy balance sheet.
- Enabled consistent dividend payments to investors.
“We’re a low-cost operator, meaning we remain profitable even at lower oil prices, while our Nigerian-led workforce continues to drive operational excellence and succession planning,” Brown stressed.
Financing Milestones – CFO’s Perspective
In a panel session on “Financing Upstream Projects for Domestic Energy Security”, CFO Eleanor Adaralegbe highlighted Seplat’s exceptional capital raising record, disclosing that the company has raised over $4 billion in debt financing to grow its operations, while keeping leverage below 1.5x.
She listed financing strategies such as the Initial Public Offer (IPO), Bonds, Revolving Credit Facility (RCF), Advance Payment Facility, and Project Financing – including the $320m ANOH Gas JV with NGIC.
“Seplat Energy remains the first and only dual-listed Nigerian oil and gas company, with strong credit highlights ranging from portfolio diversification and ESG compliance, to robust risk management and financial discipline,” she explained.
Nigeria’s Energy Security Outlook
Adaralegbe cautioned that Nigeria’s energy security still depends largely on upstream oil and gas, stressing that:
- Declining global investment in hydrocarbons, coupled with rising domestic gas demand, requires urgent expansion of upstream activity.
- Until renewables and storage become more scalable, oil and gas remain Nigeria’s lifeline for electricity, transport, industry, and households.
- A stable fiscal framework and consistent application of the Petroleum Industry Act (PIA) are crucial to attract long-term capital into the sector.
“Upstream development is a direct lever on national energy security. Without it, Nigeria cannot power homes, industries, and transport systems sustainably,” she advised.
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