Seplat Energy, one of Nigeria’s leading independent energy companies, has announced plans to invest up to $320 million in capital expenditure for 2024, leveraging newly acquired assets to enhance production and expand operations.
Thank you for reading this post, don't forget to subscribe!In a statement released on Tuesday, the company outlined its investment strategy, which will focus on optimizing existing fields, upgrading infrastructure, and increasing gas production to meet domestic and international demand. The move aligns with Seplat’s long-term goal of strengthening its position in Nigeria’s energy sector while supporting the country’s transition to cleaner energy sources.
The investment comes as Seplat integrates new assets into its portfolio, significantly boosting its production capacity. The company recently acquired additional oil and gas assets, which are expected to contribute to higher output levels in 2024. This expansion is part of Seplat’s broader strategy to improve efficiency, maximize asset potential, and enhance profitability.
Roger Brown, Seplat Energy’s Chief Executive Officer, emphasized the company’s commitment to sustainable growth and operational excellence. He noted that the newly acquired assets provide an opportunity to scale production and increase efficiency while maintaining the company’s strong environmental, social, and governance (ESG) standards.
“Our focus remains on maximizing production from our existing assets while integrating new ones to drive overall output growth. This planned investment will ensure that we continue delivering value to our stakeholders while supporting Nigeria’s energy needs,” Brown stated.
Seplat’s capital expenditure will be directed toward drilling new wells, improving processing facilities, and expanding gas infrastructure to support the country’s power sector. The company has been a key player in Nigeria’s gas-to-power initiative, supplying gas for electricity generation as part of the government’s drive to enhance energy security and economic development.
Despite challenges in the global energy market, Seplat remains optimistic about its growth prospects. The company has consistently reported strong financial performance, with steady production levels and a commitment to operational efficiency.
Seplat’s investment plan is expected to position the company for long-term success, ensuring stable output while adapting to evolving market dynamics. With its strategic focus on asset development and gas expansion, Seplat aims to reinforce its leadership in Nigeria’s energy landscape.
