Seplat Petroleum Development Company is a Nigerian independent oil and gas company listed on both the

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and

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s with assets in the

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History

Seplat was formed as Seplat Petroleum Development Company in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) and lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturate ...

and

gas Gas is a state of matter that has neither a fixed volume nor a fixed shape and is a compressible fluid. A ''pure gas'' is made up of individual atoms (e.g. a noble gas like neon) or molecules of either a single type of atom ( elements such as ...

opportunities in

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

, and in particular divestment opportunities arising out of the incumbent Major IOC's portfolios. In July 2010, SEPLAT acquired a 45 percent interest in, and was appointed operator of, three onshore producing oil and gas blocks in the

(OMLs 4, 38 and 41). SEPLAT subsequently grew oil production to a peak rate of of oil per day and had almost doubled its remaining reserves at the end of 2015. In June 2013, SEPLAT acquired an interest in the Umuseti/Igbuku marginal field area within OPL 283 and in February 2015 acquired interests in OML 53 and OML 55. Alongside its

oil business The petroleum industry, also known as the oil industry, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products o ...

, the company has also developed its gas reserves. In 2015–16, SEPLAT installed and commissioned a new gas processing facility at its Oben hub, taking gross overall processing capacity to . On February 8, 2015, it was announced that Seplat had purchased stakes in two onshore Nigeria blocks from

Chevron Nigeria Chevron Nigeria Limited is a subsidiary of Chevron Corporation and it is one of the largest oil producers in Nigeria. It was previously operating in Nigeria under the business name of Gulf Oil Company until merger activities changed its name to Che ...

for a combined $391.6 million. Seplat changed its name from Seplat Petroleum Development Company to Seplat Energy in 2021. In December 2024, Seplat finalised its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from

ExxonMobil Exxon Mobil Corporation ( ) is an American multinational List of oil exploration and production companies, oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the Successors of Standard Oil, largest direct s ...

. This deal was initially stalled due to a legal challenge by the

Nigerian National Petroleum Company The Nigerian National Petroleum Company (NNPC) Limited is a state-owned oil company in Nigeria. Still a fully-owned government company, it was transformed from a corporation into a limited liability company in July 2022. NNPC Limited is the on ...

(NNPC) in 2022, but was resolved after President

Bola Ahmed Tinubu Asiwaju Bola Ahmed Adekunle Tinubu (born 29 March 1952) is a Nigerian politician serving as the 16th and current president of Nigeria since 2023. He previously served as the governor of Lagos State from 1999 to 2007, and senator for Lagos ...

's intervention. The acquisition added significant assets to Seplat's portfolio, including: 40% operated interest in OML 67, 68, 70, and 104, 40% operated interest in the Qua Iboe export terminal and the Yoho FSO, 51% operated interest in the Bonny River Terminal (BRT) NGL recovery plant and 9.6% participating interest in the Aneman-Kpono field. Approximately 1,000 staff and 500 contractors joined Seplat as part of the deal.

References

External links

Official website
{{Portal, Nigeria, Energy Oil and gas companies of Nigeria Companies in the NSE-30 Index