Seplat Energy Attributes Growth to Strong Workforce, Reliable Assets, and Strategic Financing
Seplat Energy Plc, Nigeria’s leading independent energy company, has credited its impressive growth to a combination of its people, robust asset reliability, and sound financing strategies.
Speaking at the 2025 Africa Energy Week (AEW) Conference & Exhibition in Cape Town, South Africa, Seplat Energy’s Chief Executive Officer, Roger Brown, highlighted how the company has sustained value creation through asset acquisitions, operational efficiency, and safety improvements.
During a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy,” Brown explained that Seplat’s recent acquisition of Mobil Producing Nigeria Unlimited assets reflected its proactive approach—swiftly re-engaging wells and facilities, investing in integrity and reliability, and integrating both systems and 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 said.
He noted that the company’s reserves upgrade demonstrates how the acquisition has positioned Seplat for significant growth in both oil and gas, aligning with Nigeria’s goals of reaching 3 million barrels per day in crude production and boosting gas supply for domestic and export use.
According to him, Seplat’s “operator mindset” focuses on acquiring mature assets where agility and technical strength can unlock hidden value. “We’ve proven we can acquire assets onshore and raise production while keeping tight control of costs. This has helped us maintain a strong balance sheet, invest in the future, and deliver healthy dividends to investors,” he added.
Brown also emphasized Seplat’s resilience as a low-cost operator with a highly skilled, predominantly Nigerian workforce committed to safety and operational excellence. “We’re profitable at good oil prices and resilient during low-price cycles. We look after our staff and ensure they’re aligned with our success, which ultimately supports Nigeria’s energy system. We’ve built a deep bench and strong succession pipeline,” he stated.
On financing, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, detailed the company’s disciplined approach to funding growth while maintaining low leverage. Speaking on a panel titled “Financing Upstream Projects for Domestic Energy Security,” she revealed that Seplat has raised over $4 billion in debt since inception through IPOs, revolving credit facilities, bonds, and project financing.
Adaralegbe noted that Seplat remains Nigeria’s first and only dual-listed oil and gas company, a move that broadens investor confidence. “We’ve consistently refinanced to extend maturities and reduce our cost of debt while keeping leverage moderate. We achieve this by focusing on what lenders value—asset diversification, steady production, strong financials, tax efficiency, and solid leadership,” she said.
She stressed that financing upstream oil and gas projects is critical for Nigeria’s energy security amid growing demand for gas and power, declining global investment in hydrocarbons, and the nation’s reliance on the sector for foreign exchange.
Adaralegbe concluded that a stable and predictable fiscal framework remains the strongest enabler of upstream financing. Consistent implementation of the Petroleum Industry Act (PIA), timely cash-call settlements, and transparent pricing policies, she said, are essential to attract long-term investment
