Seplat Petroleum Development Company

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Seplat Petroleum Development Company (SEPLAT) is a Nigerian independent oil and gas company listed on both the London and Nigerian Stock Exchanges with a strategic focus in the Niger Delta of Nigeria.

History[]

SEPLAT was formed in June 2009 through the partnership of and to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC’s portfolios.

In July 2010, SEPLAT acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas blocks in the Niger Delta (OMLs 4, 38 and 41) which include numerous producing fields and future development opportunities. Through the implementation of a focused re-development work programme and extensive drilling campaign SEPLAT subsequently grew oil production to a peak rate of 85,200 barrels (13,550 m³) of oil per day and had almost doubled its remaining reserves as at end 2015. In June 2013, SEPLAT acquired an interest in the Umuseti/Igbuku marginal field area within OPL 283 and in February 2015 acquired interests in OML 53 and OML 55.

Alongside its oil business, the Company has also successfully begun to commercialise, develop and monetise the substantial gas reserves that exist in its blocks. SEPLAT was quick to see the opportunity of the increasing importance of natural gas as a key source of energy for Nigeria. In 2015, SEPLAT installed and commissioned a new 150 million cubic feet per day (4.2 million cubic metres per day) at standard conditions at its Oben hub, taking gross overall processing capacity from 150 to 300 million cu ft/d (4.2 to 8.5 million m³/d). In 2016 the was expanded with the installation of additional 225 million cu ft/d (6.4 million m³/d) processing modules. The expansion projects have increased SEPLAT’s gross gas processing capacity to 525 million cu ft/d (14.9 million m³/d), making the company a leading supplier of natural gas to the Nigerian market; a key driver of energy supply nationwide.

On February 8, 2015, it was announced the Seplat had purchased stakes in two onshore Nigeria blocks Thursday from Chevron Nigeria for a combined $391.6 million.^[1]

References[]