Seplat Energy Plc has announced plans to invest between $2.5 billion and $3 billion in Nigeria over the next five years, as the indigenous energy company consolidates its position following the completion of its landmark acquisition of ExxonMobil’s shallow-water assets.
The transaction, which transferred Mobil Producing Nigeria Unlimited (MPNU) to Seplat, has been described by Roger Brown, chief executive officer as “truly transformational,” positioning the company as a leading force in Nigeria’s oil and gas industry.
“The acquisition of MPNU has made Seplat a larger, stronger and more diversified company,” Brown said during the company’s Capital Markets Day presentation on September 18, 2025.
Under its 2026–2030 roadmap, Seplat has committed to deploying up to $3 billion in capital expenditure, largely directed at unlocking value from the ExxonMobil assets and driving production growth. The company expects to grow its working-interest production from about 134,000 barrels of oil equivalent per day (boepd) in mid-2025 to over 200,000 boepd by 2030.
Focus of the $3bn Investment
According to Seplat, about 70 percent of the planned capital spending will go into oil monetisation projects, including drilling new wells and expanding offshore infrastructure.
Gas monetisation will account for around 20 percent of the outlay, as the company accelerates projects such as the ANOH Gas Plant and the development of the Yoho gas field for liquefied natural gas (LNG) exports. The remainder will support asset integrity, safety, and sustainability initiatives.
The investment drive comes at a time when Nigeria is looking to ramp up oil production to meet its OPEC quota and expand domestic gas utilisation to close its energy supply gap. Seplat has positioned itself as a key partner in this effort, with gross joint-venture gas sales projected to hit 1 billion standard cubic feet per day (scfd) by the end of the decade.
Early Returns from ExxonMobil Assets
Seplat has already recorded early gains from the MPNU assets. Since the deal closed in late 2024, the company has restored 29 idle wells, boosting joint-venture capacity by nearly 26,000 barrels per day. Offshore production in June 2025 averaged its highest levels since October 2022.
“These assets have the resources and the people. What was missing was the right owner — and that owner is now Seplat,” said Oladotun Isiaka, Managing Director of Seplat’s offshore business.
The enlarged portfolio gives Seplat control of four offshore oil mining leases, more than 200 producing wells, and over 1,500 kilometers of pipelines, including ownership interests in major terminals such as Qua Iboe and Bonny River.
Financial Strength and Shareholder Returns
Seplat has emphasised that its multi-billion-dollar investment programme will be fully funded from operating cash flows, with no need for fresh equity issuance. The company expects to generate between $5 billion and $6 billion in operating cash flow from 2026 to 2030, supporting free cash flow of $2 billion to $3 billion and cumulative dividends of at least $1 billion over the same period.
“My commitment is clear- ensuring disciplined capital allocation, where every dollar works harder to drive growth and ensuring our balance sheet is protected while delivering sustainable returns to Nigeria and our shareholders,” said Eleanor Adaralegbe, Seplat’s Chief Financial Officer.
Implication for Nigeria
Analysts say Seplat’s aggressive investment plan underscores the growing importance of indigenous players in Nigeria’s energy landscape, particularly as international oil majors scale back their exposure. With 99 percent of its workforce Nigerian and strong community relations across its asset base, Seplat has also cast itself as a flagbearer for local participation in the sector. .
Industry observers note that the ExxonMobil deal and the $3 billion spending plan will strengthen Nigeria’s capacity to meet its 2030 target of producing 3 million barrels per day of oil and 12 billion scfd of gas.
For Seplat, the roadmap to 2030 is not just about growth but also about resilience. “Our 2030 plan sets the foundation to drive continued growth well into the next decade,” Brown said.
