Seplat Energy

What Seplat Energy does

Seplat Energy Plc is a Nigeria-focused, publicly listed independent energy company (NGX: SEPLAT; LSE: SEPL) operating an integrated upstream and midstream gas business in the Niger Delta. Upstream operations span oil and gas production across onshore and offshore acreage including OMLs 4, 38, 40, 41, 53, 55, PML 17, and OMLs 67, 68, 70, 104, with FY2025 group production averaging 131,506 boepd (up 148% year-on-year following the December 2024 acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil). Midstream operations comprise three gas processing plants (Oben, ANOH at 300 MMscfd which achieved first gas in January 2026, and Sapele), through which Seplat supplies approximately 30% of Nigeria's processed gas used for electricity generation, with a new domestic LPG (butane) lift commenced in August 2025 from the Bonny River Terminal.

The business model is B2B and asset-heavy: revenue is generated through transaction-based sales of crude oil to international trading houses and refineries, and through long-term gas supply agreements with Nigerian power-generation companies and industrial offtakers, with pricing tied to international crude benchmarks and regulated domestic gas frameworks. The company operates under joint ventures with NNPC (NEPL/Seplat JV, NPDC/Seplat JV), has migrated key onshore assets into the Petroleum Industry Act (PIA) regime, and maintains ISO 55001, ISO 45001, ISO 14001, and ISO 26000 certifications. FY2025 revenue reached $2.7 billion with adjusted EBITDA of $1.27 billion, net debt down 25% to $673.3 million, and a stated dividend policy returning 40–50% of free cash flow with a target of at least $1 billion in aggregate dividends over 2026–2030.

Customer concentration is structurally high on the gas side (Nigeria power sector, NNPC JV counterparty) and globally diversified on crude exports. Capital structure includes a $650 million, 9.125% senior unsecured bond maturing 21 March 2030 (rated B2/B/B by Moody's, S&P, Fitch). Following Heirs Energies' approximately $500 million acquisition of the 20.07% Maurel & Prom stake in December 2025, Heirs Energies is the single largest shareholder; Tony O. Elumelu is designated Chairman from January 2027 and Effiong Okon CEO from August 2026, signalling a strategic pivot toward pan-African energy consolidation.

Name

Seplat Energy

Legal name

Seplat Energy Plc

Website

https://seplatenergy.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Seplat Energy is a Nigeria-focused, NGX- and LSE-listed independent energy company operating upstream oil and gas production in the Niger Delta and midstream gas processing that supplies approximately 30% of Nigeria's domestic gas for power generation.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Natural Gas Compression Services (EUAAACAC)

akta.pro secondary industry

Gas Gathering & Inlet Compression (EUAAABAA)

Keywords

• Upstream oil production
• Natural gas processing
• Crude oil exploration
• Niger Delta operations
• Domestic gas supply

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Others

Revenue model

1. Upstream Oil and Gas Production: Seplat Energy generates the majority of its revenue from upstream crude oil and natural gas production across its portfolio of OML assets in the Niger Delta. Following the acquisition of Mobil Producing Nigeria Unlimited (MPNU) in December 2024, the company achieved its first full year of combined operations, with production averaging 131,506 boepd in 2025 — a 148% increase year-on-year. Revenue for FY2025 was $2.7 billion, up 144% from the prior year, driven by higher offshore oil and gas output.
2. Midstream Gas Processing and Sales: Seplat operates midstream gas processing infrastructure (Oben, ANOH, Sapele Gas Processing Plants) that processes gas for sale to power generation companies and industrial customers. Gas supplies up to 30% of Nigeria's domestic grid electricity generation. The company also lifted its first domestic LPG (butane) from the Bonny River Terminal in August 2025, expanding into downstream gas commercialization.
3. Dividend Distributions: Seplat operates a dividend policy returning 40-50% of Free Cash Flow to shareholders. For FY2025, the company declared a final dividend of US5 cents and special dividend of US3.3 cents per share, totaling 8.3 cents per share, payable around May 29, 2026. The company targets at least $1 billion in aggregate dividends over the 2026–2030 cycle.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Seplat Energy operates upstream oil and gas exploration and production across multiple Oil Mining Leases in the Niger Delta, alongside midstream gas processing through three plants (Oben, ANOH, Sapele) that supply approximately 30% of Nigeria's processed gas for electricity generation. The company produces crude oil and natural gas for sale to international trading houses and domestic power generation companies, and has expanded into downstream LPG commercialization via the Bonny River Terminal.

Product overview

Seplat Energy is Nigeria's leading independent oil and gas company operating a vertically integrated energy business. The company operates upstream assets (OMLs 4, 38, 40, 41, 53, 55, PML 17, and OMLs 67, 68, 70, 104) producing crude oil and gas, with midstream gas processing through three plants (Oben, ANOH, Sapele) providing approximately 30% of Nigeria's processed gas for power generation. The company also maintains a $650 million bond listed on the London Stock Exchange. Seplat has undergone significant growth following the December 2024 completion of its MPNU acquisition from ExxonMobil, which added substantial offshore production capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Upstream Oil & Gas Operations
• Midstream Gas Processing Services
• Domestic LPG (Butane) Supply
• Crude Oil Export Sales

Quantifiable outcome

• 148% year-over-year increase in production to 131,506 boepd in FY2025
• +7 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• NUPRC (Nigerian Upstream Petroleum Regulatory Commission)minorOthers · 10 April 2026NUPRC is the upstream regulatory authority for Nigeria's petroleum sector. Seplat works with NUPRC on permit approvals, asset licensing, and regulatory compliance. NUPRC has been streamlining permit approvals for reviving idle wells, having approved 500 permits in 2024 including for Seplat.
• Nigerian Exchange Limited (NGX)minorChannel Partner/ Reseller/ Distributor · 3 January 2026Seplat Energy is listed on the premium board of the Nigerian Exchange (NGX ticker: SEPLAT). NGX provides the domestic trading platform, regulatory oversight, and index inclusion that gives Seplat visibility with Nigerian retail and institutional investors. FTSE Russell reclassified Nigeria to frontier-market status in 2026, benefiting dual-listed Nigerian stocks.
• London Stock Exchange (LSE)minorChannel Partner/ Reseller/ Distributor · 2 January 2026Seplat Energy is listed on the Main Market of the London Stock Exchange (LSE ticker: SEPL). The LSE listing provides access to international institutional investors, global visibility, and London Stock Exchange's regulatory framework. The LSE trading price (GBX 497.50 as of June 2026) is a key reference for global valuation.
• Nigeria LNG (NLNG) / AKK Pipeline / Trans-Saharan Gas Pipeline ProjectsminorStrategic or Co-development Partner · 26 November 2025Seplat participates in Nigeria's gas value chain alongside national gas infrastructure projects including NLNG Train 7 expansion, the AKK (Ajaokuta-Kaduna-Kano) pipeline, and the Trans-Saharan Gas Pipeline. These are government-led initiatives in which Seplat is a key upstream gas supplier.
• NNPC (Nigerian National Petroleum Company) / NEPL JVcoreStrategic or Co-development Partner · 12 December 2024Seplat Energy operates through joint ventures with NNPC (NEPL/Seplat JV and NPDC/Seplat JV) covering assets including OMLs 4, 38, 41, 53, 55, PML 17, and OMLs 67-68-70-104. NNPC holds the government's equity interest in these joint ventures. The MPNU acquisition also involved NNPC as a key counterparty and regulatory approver. The NNPC/Seplat JV conducts extensive CSI programs including Eye Can See, PEARLs Quiz, STEP, and scholarships.
• ExxonMobil (Mobil Producing Nigeria Unlimited - MPNU)coreStrategic or Co-development Partner · 12 December 2024Seplat Energy completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil on December 12, 2024, for an undisclosed sum. The transaction transformed Seplat into Nigeria's largest indigenous oil producer and was recognized as 'M&A Deal of the Year' and 'Upstream Deal of the Year.' The acquisition added significant offshore producing assets to Seplat's portfolio.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Oando plc: Nigerian integrated energy company listed on the NGX with upstream, downstream, and midstream operations. Directly comparable to Seplat as one of the few indigenous Nigerian energy players with diversified upstream oil and gas production.
• ND Western: Nigerian independent upstream oil and gas producer with NNPC JV assets in the Niger Delta. Comparable to Seplat as a leading indigenous E&P operator with a similar joint venture structure and onshore Niger Delta focus.
• Lekoil: AIM-listed Africa-focused upstream E&P company with primary interests in Nigeria (Otakikpo marginal field) and Namibia. Comparable to Seplat as a small-to-mid cap West Africa-focused independent oil and gas producer with Nigerian operations.
• Waltersmith Petroman Oil: Indigenous Nigerian upstream oil and gas producer operating Ibigwe and Ohaji fields. Comparable to Seplat as a Nigerian independent E&P focused on onshore Niger Delta production and indigenous content.
• Tullow Oil: UK-listed independent upstream E&P company with significant West African (Ghana, Côte d'Ivoire) operations. Comparable to Seplat as a London-listed Africa-focused independent oil and gas producer with similar scale and dual-listing structure.
• First Exploration & Petroleum Development: Nigerian independent upstream E&P company operating NNPC joint venture assets onshore Niger Delta. Comparable to Seplat as a domestic indigenous operator focused on onshore oil and gas production and government JV structures.
• Conoil plc: Nigerian integrated downstream and upstream operator listed on the NGX. Comparable to Seplat as a Nigerian-listed indigenous energy company with both upstream production and downstream fuel marketing exposure.
• Africa Oil Corp: Canadian-listed pure-play African upstream E&P company with interests in Kenya, South Africa, and Nigeria. Comparable to Seplat as a small-to-mid cap Africa-focused independent oil and gas producer with international institutional investor base.

Broad incumbents

• Sahara Group: Nigerian integrated energy conglomerate with upstream, downstream, midstream, and power operations. Comparable to Seplat as a major indigenous Nigerian energy player with diversified operations across the oil and gas value chain.

Regional players

• Maurel & Prom: French-listed E&P company that was Seplat's largest shareholder from 2009 until divesting its 20.07% stake to Heirs Energies in December 2025. Comparable as a French independent E&P with historical West African and Nigerian interests and former strategic relationship with Seplat.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SeplatEnergy
• Instagraminstagram.com/seplatenergy
• Xx.com/seplatenergy

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seplat Energy