AOW: Seplat Energy targets 500,000 bpd production, $1bn dividends
Okon says company is pursuing aggressive growth across oil, gas and exploration
Seplat Energy is targeting 500,000 barrels of oil per day (bpd) in production and plans to return $1 billion in dividends to shareholders over the next four to five years as it steps up its growth strategy.
The targets were disclosed by Engr. Effiong Okon, Chief Executive Officer and Executive Director of Seplat Energy, during a fireside chat at Africa Oil Week (AOW) 2026 in Accra, Ghana.
The session was moderated by Gavin Thompson, Vice Chairman for EMEA at Wood Mackenzie, and also featured Mario Bello, Executive Vice President and Head of the Sub-Saharan Africa Region at Eni.
From $530m borrowing to $835m dividends
Reflecting on Seplat Energy’s growth in Nigeria’s challenging oil and gas environment, Okon described the company’s journey as an “extraordinary story” of resilience.
He said Seplat borrowed $530 million during its formative years but has since returned $835 million in dividends to shareholders.
The company’s market capitalisation stood at about $3.93 billion as of late August 2026, while its share price performance has driven a significant increase in market value over the past year.
Seplat’s dual listing on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) also gives the company access to both domestic and international capital markets.
“Don’t get me wrong, it has never been a smooth ride. But the feat we have recorded has been monumental,” Okon said.
He added: “We have committed ourselves to deliver a billion U.S. dollars in terms of dividends over the next four or five years. And we’re well on track.”
Production growth and exploration
Okon said Seplat’s ambition to become Nigeria’s largest independent, integrated energy company would be supported by increased production, asset optimisation and exploration.
The company’s strategy includes:
– Production growth: Targeting up to 500,000 bpd through joint-venture operations.
– Asset optimisation: Restoring and improving the integrity and performance of existing assets.
– Exploration: Acquiring new seismic data to identify drilling opportunities and unlock additional reserves.
Okon attributed the company’s growth plans to disciplined capital allocation, strong corporate governance and a liquid balance sheet.
“We are really hungry,” he said.
Gas expansion and domestic energy security
Beyond crude oil, Seplat Energy is also positioning itself to play a larger role in Nigeria’s domestic gas market.
The company’s shallow-water assets hold an estimated 12 trillion cubic feet (TCF) of gas, which Seplat plans to accelerate towards commercialisation through investment in pipeline infrastructure.
The company is also expanding its presence in the liquefied petroleum gas (LPG) market, with the aim of increasing access to cleaner cooking fuels, reducing reliance on traditional biomass and supporting Nigeria’s energy-transition goals.
Positioning for the next phase of growth
Seplat’s growth strategy combines higher oil production, gas monetisation, exploration, infrastructure investment and shareholder returns.
Having already returned more to shareholders in dividends than the $530 million it initially borrowed, the company is now targeting a further $1 billion in dividends while pursuing significant production growth.
Okon’s message at AOW 2026 was clear: Seplat intends to use its financial strength, operational experience and access to international capital markets to expand its position as a leading independent energy company in Nigeria and across the wider West African market.
