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Seplat Energy, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, has announced plans to boost gas production by 390 million standard cubic feet per day (mmscf) by year-end, signaling a strategic shift toward domestic market dominance.
Seplat Chief Operating Officer Samson Ezugworie unveiled the plans at the ongoing Oil Technology Conference (OTC) in Houston. Themed “The Future of Energy Transformation in Africa: Clean Energy and Business Sustainability,” the conference provided Ezugworie a platform to emphasize the group’s commitment to shaping Africa’s energy landscape.
Company targets major gas expansion
Ezugworie said the company aims to add 390 mmscf of production capacity to its existing 460 mmscf, bringing total output to 850 mmscf by December. The expansion hinges on the commissioning of the Assa North Ohaji South (ANOH) and Sapele gas plants.
All of the additional gas will be directed to the domestic Nigerian market to support economic growth, Ezugworie said. He added that the increased supply could help address the country’s gas-to-power challenges by integrating output from the Oben gas plant into the national grid, boosting power generation and improving energy access.
Ezugworie acknowledged industry-wide issues like gas pricing and debt that deter investment from international oil companies (IOCs). He called for reforms to gas pricing mechanisms and tackling the debt burden to improve profitability.
Seplat marks milestone focuses on sustainability
The latest announcement coincides with Seplat celebrating its rise from a vision shared by co-founders Ambrosie Bryant Chukwueloka Orjiako and Avuru to a prominent African energy player. A landmark $500 million initial public offering (IPO) on the London and Nigerian stock exchanges a decade ago fueled Seplat’s growth.
Seplat has returned $575 million to shareholders since its IPO, with core dividends rising 20 percent in 2023 to $0.12 per share. Looking ahead, it remains committed to driving innovation, sustainability, and inclusive growth within the Nigerian energy sector and beyond. Recent focus on domestic gas production positions Seplat as a key player in Africa’s energy transformation.
