Seplat Energy, co-founded by Nigerian energy magnates Austin Avuru and Ambrosie Orjiako, is taking a major step to expand Nigeria’s energy sector by tapping into 14 trillion cubic feet (TCF) of untapped natural gas from newly acquired assets in Akwa Ibom State. The company’s strategy is set to enhance Nigeria’s energy security, increase crude oil output, and drive economic growth through strategic acquisitions.
The move aligns with Nigeria’s national energy transition strategy, which prioritizes gas as a transition fuel while working toward a crude oil production target of over 2 million barrels per day (bpd) by 2025.
Seplat’s Game-Changing Expansion: Tapping into New Gas Reserves
With an estimated 14 TCF of gas reserves in its Akwa Ibom assets, Seplat Energy is positioned to deliver 850 million standard cubic feet (scf) per day to power sectors such as electricity generation, fertilizer production, and liquefied natural gas (LNG) exports.
Nigeria’s crude oil production currently stands at 1.5 million bpd, which falls 500,000 bpd short of the 2025 target. With the 2025 budget benchmarked at 2.06 million bpd, the federal government is counting on companies like Seplat to help bridge the gap.
Speaking at the Heirs Energies Leadership Forum 2025 in Abuja, Seplat Energy’s CEO Roger Brown reaffirmed the company’s commitment to expanding domestic gas supply and boosting Nigeria’s energy industry.
“We see tremendous potential in unlocking the gas in our new assets,” Brown stated. “This aligns with Nigeria’s energy security goals and economic development strategy.”
Seplat’s $1.3 Billion Acquisition of ExxonMobil’s MPNU
A major step in Seplat’s expansion was its $1.3 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in 2024. This acquisition gave Seplat access to:
•11 oil blocks
•48 producing oil and gas fields
•5 gas processing facilities
•3 export terminals
The company described the deal as a “game-changer,” as it doubled Seplat’s oil production capacity and strengthened its footprint in Nigeria’s energy sector.
Seplat’s investments align with the broader Nigerian Petroleum Industry Act, which encourages public-private partnerships in oil and gas operations. The company now accounts for 16 percent of Nigeria’s total oil production, further solidifying its leadership role.
“We are committed to safe and efficient operations that will ensure long-term energy security and sustainable development,” Brown added.
Seplat’s Strategic Role in Nigeria’s Energy Future
Seplat Energy, under the leadership of Austin Avuru and Ambrosie Orjiako, is playing a critical role in shaping Nigeria’s energy landscape. The $800 million ExxonMobil asset acquisition was a landmark deal that reinforced the company’s commitment to expanding Nigeria’s energy infrastructure and boosting investor confidence.
With massive gas reserves, rising crude output, and strategic acquisitions, Seplat is positioned to drive industrial growth, attract foreign investments, and strengthen Nigeria’s role in the global energy market.
As Nigeria undergoes a transformative shift in its oil and gas sector, Seplat’s bold investments and ambitious production targets are set to create new economic opportunities and unlock the full potential of the country’s energy resources.
