Seplat Unveils 2030 Growth Plan: 200,000 boepd, Cost Cuts, Dividend Boost
Seplat Energy has revealed ambitious plans for growth and increased dividends, aiming to boost production and return more cash to investors. The company will detail these plans at its Capital Markets Day on 18 September 2025.
Seplat targets a significant increase in production to around 200,000 barrels of oil equivalent per day (boepd) by 2030, marking a 50% rise from mid-2025. This growth is supported by a new Competent Person's Report showing substantial increases in reserves and resources for its offshore assets. On a group-wide basis, 2P reserves grew 18% to 1,043.2 MMboe, and total 2P plus 2C reserves and resources increased 89% to 2,305.2 MMboe.
To fund this growth, Seplat plans to reduce operating costs from $12.5/boe to $10/boe through cost optimization and higher production volumes. The company expects to generate US$5-6 billion in cash flow over the next five years, with capital spending of US$2.5-3 billion.
Seplat is also exploring strategic partnerships. It is in discussions with the Nigerian National Petroleum Corporation (NNPC) regarding the possible sale of a 10% interest in the NNPC/SEPNU Joint Venture. If the sale is finalized, SEPNU would hold a 30% stake in the Joint Venture and NNPC 70%, with Seplat continuing as the operator.
Seplat's 5-year growth plan, targeting 200,000 boepd by 2030, is backed by reserve increases and cost optimization strategies. The company is also considering strategic partnerships, with talks ongoing for the potential sale of a 10% stake in the NNPC/SEPNU joint venture. The new dividend policy, aiming to return 40%-50% of Free Cash Flow to investors over the 2026-2030 period, could potentially total $1.0 billion.
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