Seplat Energy Plc has unveiled a five-year growth strategy aimed at expanding its footprint in Nigeria’s energy sector and increasing returns to shareholders. The company plans to raise production by 50 per cent to about 200,000 barrels of oil equivalent per day by 2030 and generate a cumulative operating cash flow of up to $6 billion over the period.

Speaking at the company’s Capital Markets Day, Chief Executive Officer Roger Brown outlined the roadmap, emphasising production growth, improved cash flow, and enhanced shareholder returns.
“Over the past decade, we have built a track record of value creation, growing reserves and production nearly fourfold since our 2014 IPO while returning over $700 million to shareholders,” Brown said. “Today, we set out our roadmap to 2030, which will see us materially grow production and cashflow to drive significantly enhanced shareholder returns.”

The strategy follows the integration of Mobil Producing Nigeria Unlimited, now Seplat Energy Producing Nigeria Unlimited (SEPNU), acquired in December 2024. The company reported working interest production of approximately 133,000 barrels per day in the first half of 2025, indicating plans to increase output by 50 per cent over the next five years.

Seplat intends to invest between $2.5 billion and $3 billion in capital expenditure from 2026 to 2030. Plans include drilling 120 to 150 new wells and sanctioning up to three gas projects, alongside reducing operating costs to $10 per barrel of oil equivalent, down from $12.5 in H1 2025.

A key aspect of the strategy is a revised dividend policy, which will see the company return 40–50 per cent of free cash flow to shareholders, potentially totalling $1 billion over five years. The policy sets a minimum annual dividend floor of $120 million (20 cents per share), provided Brent crude remains above $50 per barrel. In line with the policy, Seplat will increase its Q3 2025 dividend by 10 per cent to five cents per share.

The company also said the dividend commitment will remain in place even if it completes a proposed sale of a 10 per cent interest in its NNPC/SEPNU joint venture to the Nigerian National Petroleum Company Limited (NNPC). Under the proposed deal, NNPC’s stake would rise to 70 per cent, while Seplat retains operatorship and 30 per cent ownership.

Seplat released an updated Competent Person’s Report by Ryder Scott Company L.P., confirming significant reserve and resource growth from the Mobil acquisition. The report showed 2P reserves rising 40 per cent from 394.6 million barrels of oil equivalent (MMboe) to 551.7 MMboe, while 2C resources increased 378 per cent from 246.6 MMboe to 1,178.2 MMboe.

Brown described Nigeria as “a land of opportunity with a young and fast-growing population and one of the world’s premier hydrocarbon provinces,” adding that Seplat’s reserves and operational capacity will support long-term growth.

The company’s new strategy positions it to expand production, strengthen cash flow, and deliver higher shareholder returns in the coming years.