Seplat Energy has unveiled a medium- to long-term growth strategy aimed at generating between $5bn and $6bn in post-tax operating cash flow by 2030, while sustaining shareholder returns through a planned dividend payout of at least $1bn over the next five years.
The indigenous energy company disclosed the targets during its 13th Annual General Meeting (AGM) held virtually from Lagos, where shareholders approved the company’s 2025 audited financial statements and a final dividend of 8.3 US cents per share, bringing total dividend for the 2025 financial year to 25 US cents per share.
The company also reaffirmed plans to invest up to $3bn in capital expenditure over the next five years as part of efforts to expand production capacity to about 200,000 barrels of oil equivalent per day (boepd) by 2030.
Chairman of Seplat Energy, Udoma Udo Udoma, said the company had entered a new phase of growth following the successful integration of Mobil Producing Nigeria Unlimited (MPNU) and its offshore assets into its operations.
According to him, the integration has transformed Seplat from a predominantly onshore operator into a more diversified onshore and offshore energy company with stronger production capabilities, improved operational efficiency, and enhanced cash flow generation.
He described the AGM as a “milestone moment” for the company, noting that Seplat had successfully delivered on key strategic commitments, including the completion of the MPNU acquisition, seamless integration of the combined business, and consolidation into a single headquarters to improve efficiency and strengthen cost discipline.
Operationally, the company recorded significant growth during the 2025 financial year, with average production rising by 148 per cent to 131,506 boepd from 52,947 boepd recorded in 2024.
The offshore business contributed about 76,023 boepd to total production, while the restoration of 49 previously idle wells added approximately 48,600 barrels per day to gross output.
Chief Executive Officer, Roger Brown, said the company’s focus remains on disciplined execution across its enlarged portfolio, stressing that growth would continue to be driven by operational efficiency, prudent financing, and sustainable cash generation.
“Our priority is disciplined execution across our expanded portfolio. This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow,” Brown stated.
He added that Seplat’s strengthened asset base now includes 11 oil and gas blocks comprising seven onshore and four offshore assets, alongside 48 producing fields.
Management also reiterated its commitment to maintaining strong financial discipline, capital efficiency, operational safety, and sustainable engagement with host communities.
The company said its strong financial performance in 2025 was supported by an average realised oil price of approximately $86 per barrel, which helped drive robust cash flows despite global market volatility.
Chief operating and finance executives of the company assured shareholders that Seplat would continue to prioritise safety, cost management, strong internal controls, and efficient capital allocation as it pursues long-term expansion objectives.
Shareholders at the AGM commended the company’s leadership for successfully integrating the offshore business, sustaining strong operational performance, and maintaining a consistent dividend policy despite industry challenges.
The positive feedback from investors, according to the company, reflects growing confidence in Seplat Energy’s long-term strategy, governance standards, and capacity to deliver sustainable value creation while supporting Nigeria’s energy security objectives.
