Seplat Energy has projected that it will deliver $1bn in shareholder dividends over the next four to five years as the indigenous oil and gas company intensifies efforts to boost production and strengthen investor returns.
The company also disclosed plans to achieve 500,000 barrels of oil per day in joint venture production while targeting a significant increase in attributable output over the medium term.
Chairman of Seplat Energy, Udoma Udo Udoma, made the disclosure during a post-Annual General Meeting media briefing in Lagos on Wednesday, where he said the company remained on course to meet its operational and shareholder return objectives.
“We have committed ourselves to deliver a billion U.S. dollars in terms of dividends over the next four or five years. And we’re well on track,” Udoma stated.
The dividend projection follows Seplat’s acquisition and integration of Mobil Producing Nigeria Unlimited, now renamed Seplat Energy Producing Nigeria Unlimited.
According to Udoma, the company successfully completed both the acquisition and operational integration within the timelines previously communicated to shareholders.
He explained that Seplat had consolidated operations into a single headquarters in Lagos after relinquishing its former office space as part of efforts to cut operating costs and improve profitability.
“Our commitment is to return shareholder value. So we’re always looking at ways of keeping our costs down and keeping our profits up,” he added.
Chief Executive Officer of Seplat Energy, Roger Brown, said the integration had significantly expanded the company’s operational capacity and strengthened its financial position.
Brown disclosed that the combined business now consists of 11 oil blocks, including seven onshore and four offshore assets, alongside 48 producing fields and five gas processing plants.
He further stated that Seplat currently holds approximately 1.0 billion barrels of oil equivalent in proven and probable reserves, evenly split between oil and gas.
According to him, the company’s total reserves and contingent resources stand at about 2.5 billion barrels.
“What the integration brings us is scale. We are a much bigger, more robust company,” Brown said.
The company also unveiled ambitious medium-term production targets of 200,000 barrels per day in attributable production and 500,000 barrels per day at the joint venture level.
Chief Operating Officer, Samson Ezugworie, said Seplat had already issued a production guidance of between 125,000 and 155,000 barrels per day for 2026 as part of its strategy towards achieving the longer-term target.
He noted that operational priorities remained focused on safety, asset integrity, and sustainable production growth.
According to Ezugworie, the company recorded zero fatalities and zero lost-time injuries following the completion of the integration process.
On environmental sustainability, Seplat disclosed that it successfully ended routine gas flaring across its onshore operations by the end of 2025, fulfilling commitments previously made by management.
The company also revealed that it restored about 50 idle wells in 2025 and plans to reactivate an additional 48 wells this year to increase production at relatively lower operational costs.
Seplat further reported improvements in operational efficiency, noting that pipeline losses across its assets declined to 3.8 per cent in the first half of 2025 following enhanced collaboration with the Federal Government and security agencies.
Management added that the company maintained over 99 per cent Nigerian workforce participation while continuing investments in graduate recruitment, local vendor development, healthcare, and education initiatives across host communities.
At the AGM, shareholders approved the appointment of businessman Tony Elumelu as a Non-Executive Director and Larry Ettah as an Independent Non-Executive Director.
Shareholders expressed optimism that the new appointments would strengthen the company’s governance and long-term growth strategy.
