KEY POINTS
- Seplat targets 500,000bpd oil production within four to five years.
- Company plans to pay shareholders $1bn in dividends over the period.
- Seplat is expanding into gas and LPG as Nigeria’s indigenous energy sector grows.
Seplat Energy has unveiled an ambitious four- to five-year growth strategy aimed at increasing its oil production to 500,000 barrels per day and returning $1 billion in dividends to shareholders.
The Nigerian indigenous energy company said the targets form part of its broader plan to strengthen its position as one of the country’s largest integrated energy companies and expand its presence across the West African energy market.
Seplat Chief Executive Officer, Effiong Okon, disclosed the plans during a fireside chat at Africa Oil Week 2026 in Accra, Ghana, where industry leaders and investors gathered to discuss investment opportunities in Africa’s natural resources sector.
Okon said Seplat had committed to paying shareholders $1 billion in dividends over the next four to five years and was already on course to achieve the target.
The planned payout reflects the company’s confidence in its ability to generate stronger cash flows as it expands production, improves existing assets and develops new opportunities across its oil and gas portfolio.
Okon highlighted Seplat’s financial track record, noting that the company borrowed $530 million during its early years but has since returned $835 million to investors through dividends.
Seplat’s market capitalisation stood at about $3.93 billion as of late August 2026, while its share price had contributed to a 170.10% increase in market capitalisation over the previous 12 months.
Oil production target rises to 500,000bpd
At the centre of Seplat’s growth strategy is an ambitious target to produce 500,000 barrels of oil per day through its joint venture operations.
Okon said the company would pursue the target by restoring asset integrity across its portfolio and launching new seismic campaigns designed to identify and unlock additional exploration opportunities.
The strategy is expected to combine improved performance from existing assets with new production and exploration activity.
Seplat’s leadership believes disciplined capital allocation and a strong liquidity position will provide the financial foundation required to execute the expansion.
Seplat’s strategy extends beyond crude oil, with the company placing greater emphasis on Nigeria’s domestic gas market.
Its shallow-water assets are estimated to contain about 12 trillion cubic feet of gas, providing substantial potential for increased domestic gas supply.
The company plans to accelerate the monetisation of these resources by expanding pipeline infrastructure and developing the infrastructure needed to bring more gas to the market.
The focus on gas comes as Nigeria seeks to increase domestic energy supply, improve electricity generation and reduce dependence on more polluting fuels.
The company is also increasing its presence in the liquefied petroleum gas market as part of its wider energy strategy.
Okon said Seplat wants to help replace biomass-based cooking fuels in Nigerian households with cleaner LPG alternatives.
The company views the LPG expansion as both a commercial opportunity and an environmental initiative, with greater use of LPG expected to reduce carbon intensity and household air pollution.
Seplat’s expansion comes against the backdrop of increasing divestment by international oil companies from some of their Nigerian upstream assets.
The shift has created opportunities for indigenous operators with the financial capacity and technical expertise to acquire, rehabilitate and expand mature oil and gas assets.
Seplat has positioned itself to benefit from this changing industry landscape by combining upstream oil production with growing gas and LPG operations.
Its dual listings on the Nigerian Exchange and London Stock Exchange also give the company access to international investors and broader sources of capital.
