Seplat Petroleum Development Company
Nigerian independent oil and gas exploration and production company, renamed Seplat Energy in 2021.
Last updated August 26, 2026
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Overview
Seplat Petroleum Development Company was a Nigerian independent oil and gas exploration and production business established in June 2009 through a partnership between Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited. The venture was created to pursue upstream opportunities in Nigeria, especially the acquisition of producing or prospective assets being divested by international oil companies. Its operating focus has been the Niger Delta, where it developed a portfolio of onshore oil and gas interests and became an important Nigerian-owned participant in upstream production. A central turning point came in July 2010, when Seplat acquired a 45 percent interest in three producing onshore blocks—OMLs 4, 38 and 41—and became their operator. These assets provided the foundation for the company’s production growth and gas strategy. Seplat subsequently increased oil output to a reported peak of 85,200 barrels per day and had nearly doubled its remaining reserves by the end of 2015. The company also expanded beyond its initial portfolio through the acquisition of an interest in the Umuseti/Igbuku marginal-field area within OPL 283 in 2013 and interests in OML 53 and OML 55 in 2015. Gas became an increasingly important part of the business. In 2015–16, Seplat installed and commissioned a gas-processing facility at its Oben hub with capacity of 375 million cubic feet per day. This increased its gross overall processing capacity to 525 million cubic feet per day and supported the company’s stated aim of monetising Nigerian gas resources alongside oil production. Its activities therefore covered the upstream production of crude oil and natural gas, field operations, reserve development, processing infrastructure and related export and domestic-gas arrangements. In February 2015, Seplat announced the purchase of stakes in two Nigerian onshore blocks from Chevron Nigeria for a combined consideration of $391.6 million. The transaction reflected the company’s broader strategy of acquiring mature or producing Nigerian assets from international oil companies and operating them as an independent producer. The company remained exposed to the operational, infrastructure, security, regulatory and commercial conditions of the Niger Delta, including the reliability of evacuation and export systems. Seplat changed its name to Seplat Energy in 2021 as part of a broader repositioning around an integrated energy identity rather than an oil-and-gas-only description. The company continued to operate as a Nigerian energy business with upstream petroleum assets. In December 2024, it completed the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil for $1.28 billion after the transaction had been delayed by a legal challenge from the Nigerian National Petroleum Corporation in 2022. The completed deal added operated interests in OML 67, 68, 70 and 104, interests in the Qua Iboe export terminal and Yoho floating storage and offloading vessel, a controlling operated interest in the Bonny River Terminal natural-gas-liquids recovery plant, and a participating interest in the Aneman-Kpono field. Approximately 1,000 employees and 500 contractors joined Seplat in connection with the acquisition. Although the historical brand name is Seplat Petroleum Development Company, the operating company has used Seplat Energy since 2021. The subject is therefore best understood as the company’s former corporate name and the historical identity under which its Nigerian upstream business was established and expanded.
History
Seplat Petroleum Development Company was formed in June 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited. The partnership was designed to pursue Nigerian upstream oil and gas opportunities, particularly assets that international oil companies were divesting. Its creation reflected the emergence of Nigerian independent producers seeking to acquire operating interests in established Niger Delta fields. In July 2010, Seplat acquired a 45 percent interest in three onshore producing blocks—OMLs 4, 38 and 41—and was appointed operator. These assets became the company’s principal production base. Seplat expanded output over the following years, reaching a reported peak oil-production rate of 85,200 barrels per day. By the end of 2015, its remaining reserves had nearly doubled compared with the earlier period of development. The company broadened its asset base in June 2013 by acquiring an interest in the Umuseti/Igbuku marginal-field area within OPL 283. In February 2015, it acquired interests in OML 53 and OML 55. That same month, Seplat announced the purchase of stakes in two onshore Nigerian blocks from Chevron Nigeria for a combined $391.6 million. These transactions illustrated its recurring strategy of buying and operating Nigerian assets previously held by larger international companies. Seplat also developed gas infrastructure. During 2015–16, it installed and commissioned a gas-processing facility at the Oben hub with capacity of 375 million cubic feet per day. The project increased gross overall processing capacity to 525 million cubic feet per day and supported the monetisation of associated and non-associated gas. Gas processing became an important complement to crude-oil production in the company’s Niger Delta portfolio. The company changed its name from Seplat Petroleum Development Company to Seplat Energy in 2021. The change represented a wider energy positioning while preserving the Seplat identity. The business remained focused on Nigerian petroleum assets and related infrastructure, and it was listed in both London and Nigeria. In December 2024, Seplat completed its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The transaction had initially been stalled by a legal challenge from the Nigerian National Petroleum Corporation in 2022 and was subsequently resolved. The acquired portfolio included a 40 percent operated interest in OML 67, OML 68, OML 70 and OML 104; a 40 percent operated interest in the Qua Iboe export terminal and the Yoho floating storage and offloading vessel; a 51 percent operated interest in the Bonny River Terminal natural-gas-liquids recovery plant; and a 9.6 percent participating interest in the Aneman-Kpono field. About 1,000 employees and 500 contractors transferred to Seplat in connection with the deal. The historical Seplat Petroleum Development Company name therefore covers the formative and expansion phase of the business through 2021, while Seplat Energy is its subsequent corporate name. Its development has been shaped by Nigerian upstream asset consolidation, increased gas-processing capacity, and the acquisition of additional operated assets from international oil companies.
- 2024
Mobil Producing Nigeria acquisition completed
[1]Seplat completed its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil for $1.28 billion.
- 2021
Renamed Seplat Energy
[1]The company changed its name from Seplat Petroleum Development Company to Seplat Energy.
- 2016
Oben gas-processing expansion
[1]A new 375 million cubic feet per day gas-processing facility at Oben was installed and commissioned, raising gross overall processing capacity to 525 million cubic feet per day.
- 2015
Further Nigerian asset acquisitions
[1]Seplat acquired interests in OML 53 and OML 55 and announced the purchase of two onshore blocks from Chevron Nigeria.
- 2013
Expansion into Umuseti/Igbuku
[1]The company acquired an interest in the Umuseti/Igbuku marginal-field area within OPL 283.
- 2010
Acquisition of OML 4, 38 and 41 interest
[1]Seplat acquired a 45 percent interest in three producing onshore blocks in the Niger Delta and became their operator.
- 2009
Company formed
[1]Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited formed Seplat Petroleum Development Company to pursue Nigerian upstream oil and gas opportunities.
Products and positioning
Nigerian independent oil and gas producer focused on acquiring, operating and developing upstream assets in the Niger Delta, with an expanding gas and energy portfolio.
Upstream petroleum
Crude oil
Crude oil is the company’s principal historical upstream product. Seplat produced oil from operated and non-operated interests in Nigerian onshore blocks, especially assets in the Niger Delta. Its growth strategy involved acquiring producing or prospective interests and applying local operating capability to develop reserves and maintain production.
Natural gas production and processing · 2016
Natural gas
Seplat developed gas reserves alongside its crude-oil business and invested in processing infrastructure to improve gas monetisation. The Oben hub facility added 375 million cubic feet per day of processing capacity during 2015–16, bringing gross overall processing capacity to 525 million cubic feet per day.
Gas-processing by-products · 2024
Natural gas liquids
Natural gas liquids became part of the company’s enlarged portfolio through the 2024 acquisition of Mobil Producing Nigeria Unlimited, which included a 51 percent operated interest in the Bonny River Terminal natural-gas-liquids recovery plant.
Brand decisions
2024
Completion of Mobil Producing Nigeria acquisitionM&ABackground
Seplat pursued the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil to expand its operated Nigerian production, export and gas-related infrastructure. The transaction had been delayed by a legal challenge from the Nigerian National Petroleum Corporation in 2022.
Action taken
Seplat completed the acquisition in December 2024 for $1.28 billion.
Aftermath
The transaction added interests in four operated OMLs, the Qua Iboe export terminal, the Yoho floating storage and offloading vessel, the Bonny River Terminal natural-gas-liquids recovery plant and the Aneman-Kpono field. Approximately 1,000 employees and 500 contractors joined Seplat.
Acquisition consideration. $1.28 billion (Completed December 2024)
2021
Adoption of the Seplat Energy nameStrategyBackground
The company sought a broader energy identity after operating for more than a decade under the Seplat Petroleum Development Company name.
Action taken
It changed its corporate name to Seplat Energy.
Aftermath
The historical petroleum-development name remained associated with the company’s formative upstream period, while the new name became the operating corporate identity.
Recent events
- 2024
Seplat completes acquisition of Mobil Producing Nigeria Unlimited[1]
M&A · Other
Seplat finalised its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil after the transaction had been delayed by a legal challenge.
- 2021
Seplat changes its name to Seplat Energy[1]
Leadership change
The company adopted the Seplat Energy name, broadening its corporate identity beyond its earlier petroleum-development designation.
- 2015
Seplat announces acquisition of Chevron Nigeria interests[1]
M&A
Seplat announced the purchase of stakes in two onshore Nigerian blocks from Chevron Nigeria for a combined consideration of $391.6 million.
Sources5 sources
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