Nigerian oil and gas producer Seplat plans to invest up to $3 billion to drill at least 120 new wells and commission three gas projects, as part of a five-year investment roadmap.
Seplat said it expects its cumulative cash flow to jump to $6 billion by 2030, 2.5 times what it generated between 2020 and 2024. Funds for the planned drilling operations would come from this income, the company said. It benchmarked the projection on a crude oil price of $65 per barrel and a daily production rate of 200,000 barrels.
Listed in Lagos and London, Seplat has accumulated interests in eight oil blocks in Nigeria’s oil-producing Niger Delta region since its founding in 2009. Its acquisition of shallow water assets from ExxonMobil last December typified a trend of domestic firms taking the lead in Nigeria’s oil sector following recent exits of international oil companies.
Seplat’s future plans include a potential sale of a 10% interest in a joint venture it has with Nigeria’s oil company NNPC, a move that would lower Seplat’s stake to 30%.