Seplat Energy Plc has announced plans to boost oil and gas production following the acquisition and integration of Mobil Producing Nigeria Unlimited’s assets, describing them as a high-quality portfolio with substantial reserves and output potential.

Chief Executive Officer Roger Brown made this known during a fireside chat titled “Assets Acquisition Success Strategies: Seplat Energy” at the recent Africa Energy Week in South Africa.

In a statement, Brown said the acquisition had enhanced Seplat’s operations by merging its onshore experience with the offshore expertise of the new team, leading to improved performance and stronger cash flow from the outset.

“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production, and that aligns with the government’s target to increase liquids production to three million barrels per day and to increase gas production for both domestic energy and export markets,“ he said.

Brown explained that following the acquisition, the company’s priority was to swiftly re-engage wells and facilities to achieve immediate results, make early investments in asset reliability to minimize downtime, and ensure seamless integration of systems and personnel.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights, and the entire group is benefiting from them,” Brown added.

He further stated that Seplat’s growth strategy focuses on acquiring assets where the company’s operational strengths can reveal new value, particularly in mature fields that need a more nimble and responsive operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production while keeping tight control of costs,” he said.

Brown stressed that safety, operational excellence, and a disciplined cost structure remain fundamental to the company’s strong performance.

He said, “We can be profitable at good oil prices, and we’ve proven we can survive periods of low prices and prolonged lock-ins.”

Seplat’s Chief Financial Officer, Eleanor Adaralegbe, revealed that the company has raised over $4 billion in debt to fund its operations while keeping its leverage ratio below 1.5 times throughout the cycle.

She noted that Seplat leveraged a blend of financing options, including its Initial Public Offering, Revolving Credit Facility, Bonds, Advance Payment Facility, and project financing—most notably the $320 million facility for the ANOH Gas Processing Company, a joint venture with the Nigerian Gas Infrastructure Company.

“We knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual-listed Nigerian oil and gas company,” she said.