Seplat eyes more oil and gas assets

Following the company's recent announcement of the completion of its Eland Oil and Gas Plc’s acquisition deal on December 17, 2019, Seplat Petroleum Development Company Plc is looking to acquire more assets in the exploration and production sector of the Nigerian oil industry.

According to the Chief Executive Officer, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, Seplat had positioned itself as an early mover through the acquisition of a 45% operated interest in OMLs 4, 38 and 41 from Shell, Total and Agip in 2010; thus, becoming the first Nigerian independent to acquire a package of oil and gas blocks directly from the major international oil companies (IOCs) as part of a disposal process.

Following this landmark deal in 2010, Seplat further grew its portfolio through the acquisition of a 40% interest in the OPL 283 marginal field area from Pillar Oil. In 2015, it acquired further interests in OML 53 and OML 55 from Chevron Nigeria Limited. Seplat grew production at OMLs 4, 38 and 41 from 14,000 bopd as at acquisition to a peak rate of over 84,000 bopd.

He noted that Seplat also began to invest in its gas business in 2010 in response to the Nigerian government’s initiatives to improve the debilitating impact of poor power generation and supply in the country by opening the domestic supply obligation pricing to market forces.

He assured stakeholders that the company is strategically positioned to access Nigeria’s main gas demand centers with current well stock delivering around 300MMscfd.

“We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development,” Avuru said.