Seplat Targets 500,000bpd Output, $1bn Dividends

Seplat Energy is targeting 500,000 barrels of oil per day through its joint venture operations as it works to expand production and unlock new opportunities across its portfolio.

Seplat also plans to return $1 billion in dividends to shareholders over the next four to five years. Okon said the company remains on track to meet the target.

The company plans to increase production through its joint venture operations, restore asset integrity across its portfolio, and launch new seismic campaigns to identify further exploration opportunities.

Okon noted that Seplat borrowed $530 million during its early years and has since paid $835 million in dividends to investors.

Seplat’s market capitalization reached $3.93 billion in late August 2026, while its share price helped drive a 170.10 percent increase in market value over the past 12 months.

The company’s dual listings on the Nigerian Exchange Limited and the London Stock Exchange continue to give it access to international investors and global capital markets.

Okon acknowledged that Seplat’s growth has not been easy but said the company has achieved significant progress since its early years.

He linked the company’s ambitious production and dividend plans to disciplined capital allocation and a strong balance sheet.

Beyond oil, Seplat is also expanding its focus on Nigeria’s domestic gas market. Its shallow-water assets hold an estimated 12 trillion cubic feet of gas, and the company plans to accelerate gas monetization by expanding pipeline infrastructure.

Seplat is also growing its presence in the liquefied petroleum gas market as it seeks to replace biomass cooking fuels in Nigerian households. Okon said the move could reduce carbon emissions while helping to address household air pollution.

The expansion comes as Seplat strengthens its position as one of Nigeria’s leading indigenous oil and gas operators following the exit and divestment of several international oil companies from the country’s upstream sector.

With its track record of shareholder returns, established governance structures, and focus on both oil and gas, Seplat aims to expand its position across West Africa’s energy sector.