Seplat Energy Plc has announced an ambitious five-year strategic growth plan aimed at significantly expanding its oil production capacity to 500,000 barrels per day (bpd) and delivering $1 billion in dividends to shareholders.
The company disclosed the plan during its post-annual general meeting media briefing in Lagos, where senator Udoma Udo Udoma , the chairman said the targets reflect Seplat’s long-term ambition to become a leading energy player in Nigeria and beyond.
According to him, the company’s growth strategy builds on its successful acquisition and integration of Mobil Producing Nigeria Unlimited (MPNU), which has already strengthened Seplat’s operational scale and diversified its asset base.
Udoma explained that Seplat is targeting 200,000 bpd from its legacy operations, while combined joint venture production is expected to reach 500,000 bpd over the next five years. He added that the company has already demonstrated strong execution capacity by completing the MPNU acquisition within its planned timeline.
On shareholder returns, he said Seplat is working toward achieving a $1 billion dividend payout, noting that recent dividends, including a 25 cents per share declaration, show steady progress toward that goal.
He described the company as disciplined and execution-driven, stating that once targets are announced, they are delivered.
Roger Brown, Seplat’s chief executive officer said the integration of MPNU has transformed the company into a larger and more resilient energy group with expanded upstream and gas operations.
He noted that Seplat now operates 11 blocks, including seven onshore and four offshore assets, with 48 producing fields, five gas plants, and substantial reserves estimated at about 2.5 billion barrels in combined resources.
Brown added that the company’s “One Seplat” operating model is designed to improve efficiency while maintaining strong performance across both high and low oil price environments.
He also highlighted the company’s rising market performance, noting that Seplat’s share price recently crossed N10,000 in Lagos, reflecting investor confidence in its growth strategy.
Beyond financial performance, the company reiterated its commitment to host communities and sustainable energy development as part of its long-term expansion plan.
