Table of Contents
Key Points
- Seplat Energy plans to unlock 14 trillion cubic feet of gas to expand power generation, fertilizer production, and LNG development.
- Its $1.3 billion MPNU acquisition doubles oil capacity, boosting Nigeria’s crude output and energy security.
- Seplat now accounts for 16% of Nigeria’s oil production, reinforcing its leadership in the nation’s energy sector.
Seplat Energy, co-founded by Nigerian energy magnate Austin Avuru, is set to play a key role in boosting Nigeria’s domestic energy supply. The company plans to tap into 14 trillion cubic feet (TCF) of previously untapped natural gas reserves from its newly acquired assets in Akwa Ibom State, a move that will enhance the country’s energy security and support economic growth.
This effort ties into Nigeria’s broader push to increase gas use as a transition fuel while working toward its goal of producing more than 2 million barrels of crude oil per day by 2025.
Seplat Energy’s expansion will fuel Nigeria’s energy future
With an estimated 14 trillion cubic feet (TCF) of untapped gas in its newly acquired Akwa Ibom assets, the company is set to deliver 850 million standard cubic feet (scf) to power generation, fertilizer production, and LNG development. The federal government aims to increase crude oil production to over 2 million barrels per day (bpd) by 2025. However, Nigeria’s output for January stood at 1.5 million bpd—500,000 bpd short of the target. With the 2025 budget benchmarked on an output of 2.06 million bpd, the government remains committed to meeting this goal.
Seplat’s Game-changing acquisition of MPNU
Speaking at the Heirs Energies Leadership Forum 2025 in Abuja, CEO Roger Brown reaffirmed the firm’s commitment to boosting Nigeria’s energy sector by accelerating oil production and expanding domestic gas supply. “We see tremendous potential in unlocking the gas in our new assets,” he stated, emphasizing alignment with Nigeria’s vision for energy security and economic growth.
In a strategic move to expand its footprint, Seplat Energy acquired Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil for $1.3 billion in 2024. This acquisition grants Seplat equity in 11 oil blocks, 48 producing oil and gas fields, five gas processing facilities, and three export terminals. The company described the deal as a “game-changer,” doubling its oil production capacity and strengthening its position in Nigeria’s energy sector.
Brown noted that Seplat’s investments align with Nigeria’s broader goal of optimizing available resources for economic growth. “We are committed to safe and efficient operations that will ensure long-term energy security and sustainable development,” he added.
Seplat’s contribution to Nigeria’s drive for increased crude production
Seplat, co-founded by Austin Avuru and Ambrosie Orjiako, has reinforced its leadership in Nigeria’s energy sector with recent acquisitions, particularly the $800 million acquisition of ExxonMobil’s assets underscoring Seplat’s commitment to enhancing Nigeria’s energy infrastructure but also bolsters investor confidence.
Completed in December after a two-year regulatory delay, the deal has propelled Seplat’s operations to account for 16 percent of Nigeria’s total oil production—a milestone achieved through its strategic co-management of assets with the state-owned NNPC under the Nigeria Petroleum Industry Act.
As the nation undergoes a transformative shift in its oil and gas landscape, Seplat’s forward-thinking investments and ambitious production targets are set to drive economic growth, strengthen energy security, and unlock new opportunities for industrial development.
