Seplat Energy has said that people, asset integrity, and operational reliability remain central to its strategy for sustainable growth in Nigeria’s energy sector.
Seplat CEO Roger Brown made this statement on Thursday during the 2025 Africa Energy Week Conference and Exhibition in Cape Town, South Africa.
Mr Brown, speaking at a Fireside Chat with the theme, ‘Assets Acquisition Success Strategies: Seplat Energy’, said the company achieved strong growth by acquiring divested assets, unlocking value, and improving efficiency and safety.
He noted that Seplat had successfully integrated major acquisitions over the last decade, boosting efficiency, enhancing safety, and reducing routine emissions across operations.
Following its recent acquisition of Mobil Producing Nigeria Unlimited’s assets, Mr Brown stated that Seplat quickly re-engaged wells and facilities, achieving immediate results while investing in integrity and reliability. He restated the cultural alignment with new colleagues, whose expertise and insights had enhanced seamless performance across the group.
According to Mr Brown, combining Seplat’s onshore experience with offshore know-how had strengthened operations, already delivering improved cash flows from day one.
He added that a reserves upgrade confirmed significant production potential in oil and gas, with assets close to export infrastructure under Seplat’s control.
Mr Brown said Seplat was confident of increasing production in line with the government’s target of 3.0 MMbbl liquids and expanded gas output for domestic and export markets. He highlighted the company’s operator mindset, stressing that Seplat acquires assets where its capabilities can unlock hidden value, particularly in mature fields that require agile management.
He noted Seplat’s track record of reviving onshore assets, maintaining low costs, and strengthening its balance sheet while ensuring dividend returns to investors.
Mr Brown reiterated the company’s commitment to safety and operational excellence, targeting maximum production and cash flows for business resilience. He said Seplat remained a low-cost operator, capable of weathering price volatility and extended market downturns.
The CEO added that most staff were highly qualified Nigerians, aligned with the company’s vision, ensuring shared success for Seplat and Nigeria’s energy system.
He also affirmed Seplat’s strong leadership pipeline and succession planning.
Seplat’s chief financial officer, Eleanor Adaralegbe, spoke during a panel on financing upstream projects for domestic energy security. She said Seplat had raised over $4 billion in debt to fund operations while maintaining a low leverage threshold of less than 1.5x throughout the cycle.
Ms Adaralegbe listed financing options such as IPOs, revolving credit facilities, bonds, and advance payment facilities, alongside refinancing legacy loans, including the $110 million RBL. She added that Seplat secured $320 million in project financing for ANOH, its joint venture with the Nigerian Gas Infrastructure Company, a subsidiary of NNPC.
Ms Adaralegbe stressed the importance of appealing to international investors due to high borrowing costs in Nigerian banks. She noted Seplat’s dual listing status had helped it repeatedly refinance, extend maturities, reduce debt costs, and maintain moderate leverage.
She added that Seplat’s credibility with lenders stemmed from asset diversification, steady production, strong financials, low leverage, tax efficiency, and leadership focus.
(NAN)
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