By Francis Ajuonuma
Seplat Energy Plc, Nigeria’s leading indigenous energy company, has positioned its acquisition-led growth model as a blueprint for sustainable operations in Africa’s oil and gas sector, while acknowledging the financing hurdles and global transition pressures confronting the industry.
Speaking at the Africa Energy Week (AEW) Conference & Exhibition in Cape Town, Chief Executive Officer Roger Brown said Seplat’s success story has been built on acquiring divested assets, unlocking hidden value, and driving efficiency while keeping safety and emissions reduction at its core.
“Our recent acquisition of Mobil Producing Nigeria Unlimited assets showed how quickly we could re-engage wells and facilities, invest early in reliability, and deliver immediate results,” Brown said during a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy.”
He added that integrating people had been as important as integrating systems.
“We found strong cultural alignment with our new colleagues, and their expertise is already strengthening our operations. By combining our onshore experience with their offshore know-how, we are creating a stronger operation from day one.”
Brown emphasised that Seplat’s model is not only about increasing production but also about maintaining operational discipline.
“We are a low-cost operator that can thrive at different oil prices. We look after our staff—mostly Nigerian, highly qualified, and aligned with our success. This has helped us keep costs under control, build a strong balance sheet, and continue to return healthy dividends.”
According to him, safety and emissions reduction are non-negotiable pillars.
“We focus on acquiring assets where our operating capability can unlock value, particularly mature fields. We have demonstrated that we can raise production levels while keeping safety and costs tightly managed.”
Chief Financial Officer, Eleanor Adaralegbe, expanded on the financial backbone of Seplat’s strategy. She stated that the company had raised over $4 billion in debt since its inception to develop assets, while maintaining a leverage ratio of less than 1.5 times.
“We are the first and only dual-listed Nigerian oil and gas company. This was a deliberate strategy designed to appeal to international banks and investors. Nigerian banks face high USD borrowing costs, so we had to build a profile that attracted wider financing options,” she told delegates at a panel on “Financing Upstream Projects for Domestic Energy Security.”
She listed Seplat’s funding mix: Initial Public Offerings, revolving credit facilities, bonds, advance payment facilities, and project financing, including the $320m secured for ANOH, a 50/50 JV with the Nigerian Gas Infrastructure Company.
“We have consistently refinanced to extend maturities, reduce cost of debt, and keep leverage moderate,” she added.
Adaralegbe, however, noted that Nigeria’s broader energy outlook presents challenges that no single operator can address.
“Nigeria’s energy security is still tied to upstream oil and gas. Until utility-scale renewables and storage become substantial, the country’s ability to keep industries running, homes powered, and vehicles moving will depend on oil and gas production,” she explained.
She pointed to declining global investment in upstream projects due to concerns about the energy transition and called for predictable policies at home.
“The most powerful enabler of upstream financing is a stable fiscal framework. Consistent application of the Petroleum Industry Act (PIA), timely joint venture cash-call settlements, and clarity on pricing policies are critical to de-risking projects and attracting long-term capital.”
