Seplat is an independent indigenous Nigerian upstream exploration and production company with a focus on Nigeria.
The Company is listed on the Nigerian Stock Exchange and main market of the London Stock Exchange.
The Company’s focus is on maximising hydrocarbon production and recovery from its existing assets, acquiring and farming in to 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.
Seplat was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC’s portfolios. In July 2010 Établissements Maurel et Prom acquired a 45% shareholding in Seplat and was followed by certain other pre-IPO investors.
In July 2010 the Company acquired a 45% working interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases, OMLs 4, 38 and 41. Located in the prolific western delta basin of Edo and Delta states the three OMLs contain the producing Oben, Ovhor, Sapele, Okporhuru and Amukpe Fields. Initially Seplat formed a JV partnership with NNPC, until the NNPC transferred its 55% interest to NPDC. Today, Seplat operates the blocks on behalf of the Seplat/NPDC joint venture.
In June 2013, Newton Energy, a wholly owned subsidiary of Seplat, reached an agreement with Pillar Oil to acquire a 40% participating interest (non-operated) in the Umuseti/Igbuku Fields (OPL 283).
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 over 70,000 bopd by the end of 2014, representing over a four-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 also successfully begun to commercialise, develop and monetise 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.
Seplat’s total work force is over 350 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.
The Seplat Board consists of highly experienced professionals and business experts with profound understanding of the dynamics of the oil and gas industry at both local and international levels. The Chairman of the Board is Dr. Ambrosie Bryant Chukwueloka Orjiako and Mr. Austin Ojunekwu Avuru is Chief Executive Officer.
Seplat’s commitment to being a best practice operator as well as a responsible and accountable corporate citizen is reflected in our above-ground approach to our operations. This is encompassed by the strong relationships we have built with our local stakeholders to create both a stable operating environment and positive social and economic outcomes for the host communities.
Our office locations
Address: Seplat Petroleum Development Company Plc,
25A, Lugard Avenue, Ikoyi, Lagos, Nigeria
Phone: +234 1277 0400
Address: Seplat Petroleum Development Company Plc, 4th Floor, 50 Pall Mall, London SW1Y 5JH
Phone: +44 (0)20 3725 6500