The Nigerian independent group Seplat Energy plans to invest up to US$3bn over the 2026-2030 period to develop oil and gas assets acquired from ExxonMobil in Nigeria. The acquisition, valued at approximately US$1.3bn, was finalised in December 2024. The company aims to increase its working-interest production from around 134,000 boe/d in mid-2025 to over 200,000 boe/d by 2030.
As outlined in its 2026–2030 strategic plan presented in September 2025, Seplat intends to drill between 120 and 150 wells and advance up to three new gas projects. Roughly 70% of the planned capital expenditure will be allocated to oil monetisation initiatives, including new drilling campaigns and offshore infrastructure expansion. Around 20% will go toward gas projects, such as the ANOH Gas Plant and development of the Yoho gas field for LNG exports.
This investment push comes as Nigeria seeks to boost oil output to meet its OPEC quota and expand domestic gas use to address its energy supply gap. Following years of decline, Nigeria’s oil production rebounded by 6.1% in 2024 to reach 68 Mt, after falling by 16%/year between 2019 and 2022. Gas production also rose by 5% in 2024 to 40 bcm, after a 6.5%/year decline from 2020 to 2023. Nigeria remains Africa’s third-largest gas producer.