Seplat Energy Plc, leading Nigerian indepconcludeent energy company, has recorded unprecedented growth since it was founded by acquiring divested assets, unlocking value from them, improving efficiency and safety performance of the assets, whilst driving the entire growth process with a world-class and resilient people (workforce).
Similarly, the company stated that it had raised more than $4bn in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.
Roger Brown, Chief Executive Officer, Seplat Energy Plc, who spoke at the 2025 Africa Energy Week (AEW) Conference & Exhibition in Cape Town, South Africa during a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy”, declared the company has successfully integrated major acquisitions in the last decade, each time improving efficiency and safety performance, while at the same time reducing routine emissions.
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It would be recalled that Seplat Energy Offshore Limited acquired the Mobil Producing Nigeria Unlimited.
Speaking on its most recent acquisition of Mobil Producing Nigeria Unlimited assets, Brown declared the goal had been to relocate quickly to re-engage wells and facilities – resulting in the delivery of immediate results; investing early in integrity and reliability – thus reducing downtime while setting a foundation for future growth; and integrating not isn’t just systems, but people.
“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights and the entire Group is benefiting from them,” Brown hinted.
According to the Seplat CEO, by combining Seplat’s onshore experience with decades of offshore know-how from new colleagues, the company has built a stronger operation from day one, which is already delivering higher cash flow.
“The recent reserves upgrade reveals we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within straightforward reach, close to export infrastructure that we control. We are confident we can increase production and that aligns with the Government’s tarreceive to increase liquids production to 3.0 MMbbl, and to increase gas production for both domestic energy and export markets,” he added.
Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy Plc, who spoke during a panel discussion titled “Financing Upstream Projects for Domestic Energy Security”, declared since inception, the company has continued to blaze the trail with a highly successful capital raising history.
According to him, the company had raised more than $4bn in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.
On the various financing options the company had leveraged since inception, Adaralegbe identified the Initial Public Offer (IPO), Revolving Credit Facility (RCF), Bonds, Advance Payment Facility, as well as other financings like taking over the $110m RBL, which is currently being refinanced (on Eland acquisition of 2019; and putting in place a $320m project financing for ANOH, Seplat’s 50/50 JV with the Nigerian Gas Infrastructure Company (a 100% wholly owned subsidiary of NNPC).
Speaking on financing challenges and what Seplat Energy had done to overcome them, she declared: “Corporates are always seeing to access low-cost financing for development and growth, more so, Nigerian energy companies, as Nigerian banks have a high USD cost of borrowing. As such, we knew that we had to become a first relocater and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual listed Nigerian oil and gas company.”
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