Seplat is a leading independent oil and natural gas producer in the Niger Delta area in Nigeria.
The Company’s focus is on maximising hydrocarbon production and recovery from its existing assets, acquiring and farming in to new opportunities in Nigeria (specifically those which offer production, cash flow and reserve replacement potential, with a particular focus on the onshore and shallow water offshore areas) and realising the upside potential within its portfolio through exploration and appraisal activities.
Seplat was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC’s portfolios. In July 2010 Ã‰tablissements Maurel et Prom acquired a 45% shareholding in Seplat and was followed by certain other pre-IPO investors.
In July 2010 the Company acquired a 45% working interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases, OMLs 4, 38 and 41. Located in the prolific western delta basin of Edo and Delta states the three OMLs contain the producing Oben, Ovhor, Sapele, Okporhuru and Amukpe Fields. Initially Seplat formed a JV partnership with NNPC, until the NNPC transferred its 55% interest to NPDC. Today, Seplat operates the blocks on behalf of the Seplat/NPDC joint venture.
In June 2013, Newton Energy, a wholly owned subsidiary of Seplat, reached an agreement with Pillar Oil to acquire a 40% participating interest (non-operated) in the Umuseti/Igbuku Fields (OPL 283).