Seplat Energy targets 500k barrels daily and $1bn dividends in new 5-year plan

Seplat Energy Plc has announced a bold five-year strategic growth plan aimed at scaling oil production to 500,000 barrels per day while committing to return $1 billion in dividends to shareholders, as the company leverages the successful acquisition and integration of Mobil Producing Nigeria Unlimited (MPNU).

The ambitious targets were revealed by the company’s Chairman, Senator Udoma Udo Udoma, during a post-Annual General Meeting media briefing in Lagos. According to Senator Udoma, the plan reflects Seplat’s vision of becoming the leading energy company in Nigeria and across the broader African continent.

“When I took over three years ago at the first AGM, we made some commitments as a board,” Udoma said. “Our commitment was that we would complete the MPNU acquisition, and before the end of that year, we achieved that target.”

Under the new five-year roadmap, Seplat is targeting 200,000 barrels per day from its legacy assets, contributing to a combined joint venture production of 500,000 barrels per day. On the shareholder returns front, the company is well on track to deliver its $1 billion dividend commitment, having recently announced a payout of 25 cents per share.

“We are a company that is ambitious, but when we announce targets, we achieve them. We have credibility in terms of achieving targets,” Udoma declared with confidence.

The Chairman attributed much of the company’s strengthened position to the seamless integration of MPNU, which has more than doubled production and positioned the company to triple output in the coming years. He highlighted the deliberate approach taken to blend cultures, identifying synergies while creating a unified “One Seplat” identity that harnesses the best of both organizations.

“There’s strong engagement and a shared drive among staff to advance Nigeria’s energy production and gas development,” he added. The company now operates under an asset management structure that maintains separate offshore and onshore operations while integrating critical support functions.

ALSO READ: AFF 2026: OKHAIMO ADVOCATES FOR CREDIT GUARANTEES AS CATALYST FOR NIGERIA’S $1TRN ECONOMY

Echoing the Chairman’s optimism, Chief Executive Officer Mr. Roger Brown emphasized the transformative impact of the MPNU integration, describing Seplat as now significantly larger, more diversified, and far more robust.

Brown noted that Seplat currently operates 11 blocks — seven onshore and four offshore- with 48 producing fields, five gas plants, and 1.1 billion barrels of 2P reserves evenly split between oil and gas. When combined with 2C resources, the company’s total working interest reserves now stand at 2.5 billion barrels.

“The scale is already showing in stronger revenues and profits,” Brown said. “Seplat now has a strong team across onshore and offshore, operating under a ‘One Seplat’ model with integrated support functions while keeping offshore and onshore assets operationally separate.”

He added that the company’s diversified portfolio and operational model have made it resilient in both high and low oil price environments. This strength has translated into impressive market performance, with Seplat’s share price recently crossing the N10,000 mark in Lagos for the first time and delivering strong returns in London.