Seplat Energy Plc is set to invest up to $3 billion in Nigeria over the next five years, strengthening its position in the country’s oil and gas sector following its acquisition of ExxonMobil’s shallow-water assets.
The landmark transaction, which transferred Mobil Producing Nigeria Unlimited (MPNU) to Seplat, has been hailed as transformative by the company’s CEO, Roger Brown. Speaking during Seplat’s Capital Markets Day on September 18, 2025, Brown described the acquisition as a major step in creating a larger, more diversified energy company.
Under its 2026–2030 strategy, Seplat intends to allocate most of the investment toward maximising output from the newly acquired ExxonMobil assets. The company expects production from its working-interest portfolio to rise from roughly 134,000 barrels of oil equivalent per day (boepd) in mid-2025 to more than 200,000 boepd by 2030.
Seplat plans to dedicate about 70% of the investment to oil-focused projects, including drilling new wells and expanding offshore infrastructure. Gas projects will receive around 20%, with priority given to the ANOH Gas Plant and the Yoho gas field, aimed at boosting liquefied natural gas (LNG) exports. The remainder will support maintenance, safety, and sustainability programs.
The initiative aligns with Nigeria’s broader energy goals, including increasing oil output to meet OPEC quotas and expanding domestic gas usage to close the country’s energy supply gap. Seplat projects gross joint-venture gas sales of 1 billion standard cubic feet per day (scfd) by the end of the decade.
Seplat has already seen early benefits from the MPNU assets, restoring 29 idle wells and adding nearly 26,000 barrels per day to its joint-venture capacity. Offshore production in June 2025 reached its highest level since October 2022. The acquisition has given Seplat control of four offshore oil mining leases, more than 200 producing wells, and over 1,500 kilometers of pipelines, including stakes in major terminals such as Qua Iboe and Bonny River. Oladotun Isiaka, Managing Director of Seplat’s offshore division, said the company’s local ownership has unlocked the potential of these assets.
Seplat confirmed that the $3 billion investment will be fully funded from internal cash flows, without the need for new equity issuance. The company anticipates generating $5–6 billion in operating cash flow from 2026 to 2030, supporting $2–3 billion in free cash flow and at least $1 billion in cumulative dividends over the same period. CFO Eleanor Adaralegbe emphasized disciplined capital allocation, ensuring every dollar contributes to growth while protecting the company’s balance sheet and delivering sustainable returns to shareholders.
Analysts view Seplat’s aggressive expansion as evidence of the rising influence of indigenous energy companies in Nigeria, particularly as global majors reduce their footprint. With a workforce that is 99% Nigerian and strong ties to local communities, Seplat is positioning itself as a key driver of local participation in the sector. The ExxonMobil acquisition and planned $3 billion investment also support Nigeria’s 2030 energy targets, including producing 3 million barrels of oil per day and 12 billion scfd of gas. Brown noted that the company’s roadmap sets a strong foundation for sustained growth well beyond 2030.
