Building a platform for growth
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A remarkable journey

– Celebrating a ten-year Legacy

Having co-founded Seplat with A.B.C. Orjiako (current Chairman of the Board) in 2009, Austin Avuru is retiring from his role as CEO and executive director on 31 July 2020. Under his leadership Seplat has grown to become the leading Nigerian independent oil and gas company and to date the only Nigerian company to be fully listed on both the Nigeria and London stock exchanges.

His unwavering dedication has been a driving force behind the Company’s achievements in not only operational and financial performance, but also its over-riding commitment to deliver value to all stakeholders. In recognition of Austin’s contribution and leadership, we look back at some of the challenges and accomplishments from a remarkable journey that will continue to impact positively on our short and long term goals.


With the vision of creating a leading indigenous upstream E&P company, indigenous independents Platform and Shebah co-founded Seplat to acquire OMLs 4,38 and 41 from Shell, Total and Eni.


Bilateral acquisition of OMLs 4, 38 and 41 completed and Seplat granted operatorship.

Successfully transitioned management and technical teams from SPDC into Seplat operations.

First GMOU executed with host communities.


Seplat Employee checking some machinery

In just a year of operations more than doubled daily liquids production from OMLs 4, 38 & 41 to over 30,000 bopd.


Considering major policy and regulatory developments, Seplat was quick to see the increasing importance of natural gas as a key source of energy for Nigeria and made the strategic decision to invest in expanding the gas business for domestic consumption


Seplat Employees having a discussion

Completed the acquisition of 40% participating interest in Umuseti/Igbuku


Strategic pipeline connecting Seplat’s Rapele LACT unit to Warri refinery completed that would give Seplat an alternative export route in periods of downtime and force majeure at the Forcados pipeline system and terminal.

Landmark IPO; the first ever London and Lagos dual listing and the first upstream E&P company to list on the Nigerian Stock Exchange. The IPO raised US$535 million and valued the business at US$1.9 billion.


Major expansion project to take the Oben gas processing capacity to 300 MMscfd was completed allowing the increased revenue from the gas business to partially offset the reduction in oil prices.

In response to the lower oil price environment, Seplat adopted a prudent approach to align capex with cash flow and reduce costs to ensure a robust capital structure was maintained.


Completed the Acquisition of a 40% working interest in OML 53 and an effective 22.5% working interest in OML 55 (subsequently converted to a revenue interest).

In addition to the low oil price, in 2016 Seplat had to contend with the force majeure at its principal oil export route – the Forcados terminal. Completed upgrades to two jetties at the Warri refinery to sustain exports of 30,000 bopd.


Phase II of the Oben expansion was completed taking processing capacity to 525 MMscfd and the gas business made a record contribution of US$124 million, accounting for 27% of total revenue.

Force majeure at the Forcados terminal was lifted in June allowing Seplat to return to full productivity in the second half and emerge from a difficult chapter in its history a fitter and stronger business.


Seplat attained the Nigerian Stock Exchange’s (NSE) Premium listing status becoming the first oil and gas company migrated to the Premium Board of the NSE.

Seplat entered into its first IJV with NGC for the development of one of the seven National Gas Priority Projects in Nigeria – the 300MMscfd ANOH gas processing plant.

Successfully completed a debut bond issuance of US$350 million, a strong endorsement of the quality of Seplat’s underlying asset base


Seplat Employees having a discussion

Just ten years after it was founded, Seplat is now firmly established as Nigeria’s leading independent oil and gas company

FID was taken for ANOH, which will position Seplat as Nigeria’s largest supplier of processed gas to the domestic market.

Completed the GBP382 million acquisition of Eland Oil and Gas, the first public market acquisition of a London Stock Exchange listed company by a Nigerian company.


Seplat Employees having a discussion

2019 Highlights

Production within revised guidance, strong profitability, cash flow & balance sheet

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Underpinned by a material production base

46,498 boepd

FY 2019 profit before tax

US$293 m

Gas revenues at record levels

US$203 m

FY 2019 profit after tax

US$277 m

Strong cash flow from operations

US$338 m

Low unit production opex

US$6.20 /boe

Capital investments scaled up

US$125 m

Net WI domestic gas market supply

131 MMscfd

Cash position

US$333 m

Gross debt

US$789 m

Strategic growth

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Who we are

Seplat is the leading independent oil and natural gas producer in the prolific Niger Delta area of Nigeria and a leading supplier of processed natural gas to the domestic market.

Our portfolio comprises direct interests in seven blocks in the Niger Delta area, four of which Seplat operates, and one further revenue interest. Since acquiring our first blocks in 2010, we have consistently grown oil production capacity, primarily through the drilling of new oil wells and employing advanced and proven technologies to increase production in mature fields. We have also invested to increase gas production and capitalise on the rapidly growing demand and improving economics for gas in the domestic market.

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Focused and dominant consolidator in the Nigerian E&P space

In 2010 Seplat became the first Nigerian independent E&P to acquire a substantial package of production and development assets from an IOC. In 2019 Seplat became the first Nigerian company to complete the corporate acquisition of a UK listed company through its recommended offer for Eland Oil and Gas PLC. The acquisition is a complementary extension of Seplat’s footprint in the western Niger Delta and delivers immediate production and cash flow, adds depth to our inventory of drilling opportunities and offers scope to capitalise on operational synergies.

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Natural gas development

ANOH Gas Hub – The blueprint for Nigeria's future

The ANOH gas development at OML 53 will drive the next phase of growth for the gas business. Seplat’s involvement positions it at the heart of one of the largest greenfield gas and condensate developments in the Niger Delta, and positions the Company to be the leading long-term gas supplier of choice for Nigeria.

Seplat is well positioned to leverage the experience gained at the Oben gas processing hub, where it expanded gas processing capacity over two phases from 150 MMscfd to 465 MMscfd, to incorporate operational and cost efficiencies. Seplat took the Final Investment Decision (“FID”) to proceed with the ANOH project in March 2019 and first gas is targeted for 2021.

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Chairman's statement

– A.B.C. Orjiako

Positioned for a new growth phase

I believe that in future years we will look back on 2019 as a turning point for Seplat, not least as a result of two major decisions we took that will help drive the future growth of the business. We reached FID on the ANOH gas development project and completed the acquisition of Eland Oil and Gas.

These decisions are expected to add significant scale to the business and, alongside the strong performance of our existing assets, establish Seplat as the pre-eminent independent E&P operating in Nigeria today.

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Positioned for a new growth phase
A.B.C. Orjiako

CEO Review

– Austin Avuru

The Seplat journey began a decade ago, when I became the CEO. Although a period of global political and economic volatility, we chose to focus our efforts on what we could control, remaining stubbornly resilient through various headwinds. I am proud of what we have achieved, not only our operational and financial accomplishments but also in our commitment to delivering for all of our stakeholders.

Firmly established core business with strong growth prospects
Austin Avuru

Firmly established core business with strong growth prospects

I would describe 2019 as a solid year in which the robust fundamentals of the business once again kept us on an extremely solid footing. The strong cash generation we realised from our low-cost production base meant that our capital expenditures, debt service obligation and dividend distributions to shareholders were more than covered by cash generated from operations by a comfortable margin. It was disappointing that we had to revise production guidance downwards once it became apparent that unforeseen rig delays and availability constraints deferred the impact of planned production drilling activities. We also took the opportunity to undertake greater levels of maintenance and asset integrity work for the longer-term benefit of the assets. However, we rapidly regained momentum in the run in to the end of the year when we had four rigs simultaneously operating which sets us in good stead for 2020. Operating conditions in the Niger Delta were relatively stable and infrastructure uptime was excellent in the year when we benefitted from uptime of 92% on export infrastructure.

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Energy pylons
Written by
Bimbola Banjo, Director — PwC West Market Area

Special feature

– Transforming the Nigerian Energy and Utilities sector

Transforming the Nigerian economy

The Energy, Utilities and Resources sector has long been centre stage of the Nigerian economy and must take some very difficult decisions to solve the structural problems for a sustainable transformation.

The opportunities for transformation to a sustainable energy future in Nigeria are vast, driven by industrialisation, digitisation and changing expectations of customers.

Renewable energy and natural gas will be the largest contributors to global electricity generation by 20403

The African continent has huge renewable energy potential and abundant natural gas (Nigeria holds 37% of total proved gas reserves on the continent) that together can deliver stable and sustainable electricity generation. There needs to be a stronger focus on the use of natural gas in the generation of electricity both at the utility and independent generation level (displacing diesel that is the most common used fuel).

  1. 3. IEA World Energy Outlook 2019


Download the full Seplat Annual Report 2019 or simply choose from the individual sections. For further information visit our website