At a glance
Seplat’s portfolio comprises eight blocks in the Niger Delta, four of which Seplat operates directly.
To be a world-class independent energy company delivering premium value to all stakeholders.
To sustainably deliver profitable, diversified energy solutions through operational excellence, skilled workforce and effective partnership.
Who we are
Since Seplat acquired its first blocks and commenced production in 2010, the Company has increased oil and gas production and grown reserves in each year of operation and is today widely recognised as a leading Nigerian independent oil and gas operator. Underpinning Seplat is a strong balance sheet and profitable production base with a balanced mix of oil and gas.
What we do
Seplat is a leading independent oil and natural gas producer in the prolific Niger Delta area of Nigeria. The Company’s focus is on maximising hydrocarbon production and recovery from its existing assets, acquiring and farming into new opportunities in Nigeria (specifically those which offer production, cash flow and reserve replacement potential, with a particular focus on the onshore and shallow water offshore areas) and realising the upside potential within its portfolio through exploration and appraisal activities.
The only Nigerian company fully listed on the Nigerian Stock Exchange and London Stock Exchange
In April 2014, Seplat completed the first ever dual listing on both the London Stock Exchange and the Nigerian Stock Exchange. Seplat raised US$535 million in an initial public offering that ranked as the largest for a sub-Saharan Africa company since 2008 and the second largest ever for a Nigerian company, demonstrating the international investor appetite for leading Nigerian indigenous players in the oil and gas sector.
The capital raised allowed Seplat to further implement the Company’s business strategy, including the acquisition of additional blocks.
A strong track record
Net cash flow from operations (US$m)
Gross profit (US$m)
WI production within guidance (boepd)
Seplat has a strong reserve base and proven track record of converting contingent resources to reserves. The management team has also achieved a consistent increase in gross operated oil production and boasts a record of value-accretive acquisitions.
Since making its first acquisition in 2010, Seplat has risen to become a leading indigenous oil and gas operator in Nigeria. The Company has increased its production and reserves year on year and has consistently grown revenues and profits since it commenced operations. Gross operated liquids production at OMLs 4, 38 and 41 at the time of acquisition was 14,000 bopd. Through the implementation of a focused re-development work programme and drilling campaign, the Company grew this to a peak rate of over 84,000 bopd, representing a six-fold increase and significantly ahead of the peak rate achieved by the previous operator of approximately 56,000 bopd in 1996.
Alongside its oil business, the Company has successfully established itself as the pre-eminent supplier of natural gas to the domestic market in Nigeria through substantial investments made in the commercialisation, development and monetisation of the substantial gas reserves that exist on its blocks.
Whilst natural gas was commonly viewed as a by-product from oil production in previous years, Seplat was quick to see the opportunity of the increasing importance of natural gas as a key source of energy for Nigeria. The Company has responded by investing in the installation of dedicated gas production and processing facilities and the drilling of gas production wells to meet domestic supply obligations and provide feedstock to power projects that will help increase Nigeria’s power generation capacity. Rather than being the by-product, natural gas for Seplat is a valuable primary commodity in its own right that will form a significant component of its future growth and success in Nigeria.
Working interest 2P gas reserves (2010 to 2019)
Working interest 2P liquid reserves (2010 to 2019)
Total working interest 2P reserves (2010 to 2019)
Strategically located, high-quality assets
Since its inception, Seplat has acquired an attractive portfolio of assets in the prolific Niger Delta region. The Company’s portfolio provides a robust platform of oil and natural gas reserves and production together with material upside opportunities through 2C to 2P conversion and exploration and appraisal drilling. Seplat’s initial focus has been on securing assets in the onshore regions of the Niger Delta, but the Company also views the shallow water offshore areas of the Niger Delta as an appealing opportunity set and one it aims to access in the future.
Seplat has a 45% working interest in OMLs 4, 38 and 41 which are located in Edo and Delta States onshore Nigeria. Seplat is operator of the three blocks on behalf of the NPDC/Seplat Joint Venture. As operator, Seplat is empowered with running the day-to-day operations activities and is able to set production and operational improvement goals and lead exploration activities, subject to the approval of its partners. Production is predominantly from seven fields, namely Amukpe, Oben, Okporhuru, Ovhor, Orogho, Sapele and Sapele Shallow, and the partners aim to bring additional fields onstream in the future.
Seplat also has a 40% non-operated working interest in OPL 283 Marginal Field Area (Pillar). The block is located in the northern onshore depo-belt of the Niger Delta and contains the Umuseti and Igbuku fields. The block is operated by Pillar Oil.
In February 2015, the Company acquired a 40% interest in OML 53 and a 22.5% effective working interest in OML 55, which was later converted to a financial revenue interest, from Chevron Nigeria Limited (‘CNL’). OML 53 covers an area of 1,556km2 and is located onshore in Imo State, in the north eastern Niger Delta approximately 60km north of Port Harcourt. The block contains one producing field (Jisike), two undeveloped fields (Ohaji South gas which forms part of the ANOH gas and condesnate development project, and Ohaji South oil), seven unappraised discoveries (Apani, Alaoma, Emeabiam, Iheoma, Odinma, Omerelu and Owu), four exploration prospects (Aku A, Manu A, Onyinye A and Owu South) and numerous exploration leads. The large scale ANOH gas and condensate development project is unitised with the adjacent OML 21 and is set to form the next major growth leg for Seplat’s burgeoning gas business and substantially boost supply of gas to the domestic power and industrial sectors.
In December 2019, Seplat completed the acquisition of Eland Oil and Gas, an AIM listed independent oil and gas company focused on production, development and exploration in Nigeria. Eland in 2012, completed the acquisition of a 45% equity stake in OML 40 and in 2014 acquired a 40% stake in a second licence, Ubima.
Strong relationship with local communities
Seplat has built strong relationships with its key local communities, promoting trust and confidence amongst its various stakeholders, ultimately resulting in a stable operating environment that facilitates the creation of shared value. In December 2010, the Company entered into a Global Memorandum of Understanding with the communities within OMLs 4, 38 and 41 which host its operations and has established a trust fund for community projects. To continue to nurture these relationships, Seplat is fully focused on proactive engagement with the communities where it operates, implementing community projects based on sustainable development principles. These initiatives seek to promote local capacity building. Support host community participation and enhance the quality of life for individuals within these local communities through the provision of high-standard free healthcare, implementation of education and community development programmes, skills training, educational scholarships/grants and the development of local infrastructure.
Importantly, Seplat has established an operational base office within these host communities, reflecting the depth of its commitment and the importance it places on the relationship it has with its host communities and partners.
Seplat’s total work force is over 400 people. The Company’s objective is to be a first-class employer and it undertakes to comply with all relevant regulations, frameworks, guidelines and best practice at all times. The Company encourages and promotes diversity and equality of opportunity throughout the business, and appreciates that its people constitute its most valuable asset. It is committed to the continual learning and development of employees to assist them in realising their own, and Seplat’s, full potential.