Seplat Energy has announced plans to invest $3 billion in Nigeria’s oil and gas sector over the next five years, while projecting a return of at least $1 billion in dividends to shareholders within the same period.
The Chief Executive Officer of Seplat Energy, Roger Brown, disclosed this in Lagos at the company’s 13th Annual General Meeting, where he outlined the company’s long-term growth strategy anchored on expanded production, disciplined financing, and sustainable cash flow generation.
According to Brown, the investment programme is expected to drive Seplat Energy’s oil production capacity to about 200,000 barrels per day by 2030, while generating between $5 billion and $6 billion in post-tax operating cash flow between 2026 and 2030, subject to crude oil prices remaining above $65 per barrel.
He said the targets demonstrate the company’s commitment to balancing growth with financial discipline and shareholder value creation.
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Brown noted that Seplat Energy delivered a strong operational performance in 2025, supported by its enlarged asset base following the acquisition and integration of offshore assets.
He explained that the company’s average daily production rose by 148 per cent to 131,506 barrels of oil equivalent per day (boepd), compared to 52,947 boepd recorded in 2024.
According to him, offshore assets contributed 76,023 boepd, while the restoration of 49 previously idle wells added about 48,600 barrels of oil per day to gross production.
“These results reflect disciplined execution and the operational benefits of the enlarged portfolio,” Brown said.
“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,” he added.
The CEO further disclosed that Seplat Energy’s strengthened operational platform now comprises 11 oil blocks — seven onshore and four offshore — as well as 48 producing fields.
Speaking at the AGM, the Chairman of Seplat Energy, Udoma Udo Udoma, said the company has entered a new phase of growth following the successful integration of Mobil Producing Nigeria Unlimited and its offshore assets.
Referencing the company’s 2025 Integrated Report theme, “Delivering at Scale: Powering Nigeria’s Future,” Udoma stated that Seplat Energy has successfully transitioned from a largely onshore operator to a balanced onshore and offshore energy company.
He said the offshore integration has significantly boosted production capacity and strengthened the company’s cash flow position.
“Seplat Energy is now better positioned to support Nigeria’s energy security and economic development,” he stated.
Supported by an average realised oil price of about $86 per barrel, the company said it maintained strong cash flows, disciplined capital allocation, and continued investments in host communities, personnel development, and operational efficiency.
Shareholders at the meeting commended the company’s management for the successful integration of the offshore business, robust operational and financial performance, and consistent dividend policy.
The positive feedback, according to the company, reflects sustained investor confidence in Seplat Energy’s long-term strategy and execution capability.
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