Seplat Energy Unveils $3bn 5-Year Oil & Gas Plan, Eyes Stake Sale

Seplat Energy, a Nigerian indigenous oil and gas producer, has revealed a $3 billion 5-year investment plan for oil and gas development. The company plans to drill at least 120 new wells and commission three gas projects.

Seplat expects a cash flow increase to $6 billion by 2030, compared to $2 billion generated between 2020 and 2024. The funding for the drilling operations will be sourced from income, based on a crude oil price projection of $65 per barrel.

Seplat, listed in Lagos and London, has interests in eight oil blocks in Nigeria's Niger Delta region. The company also plans to potentially sell a 10% stake in a joint venture with the Nigerian National Petroleum Company Limited to lower its stake to 30%.