Seplat Energy has announced that it is getting closer to commercial agreement for a new gas development. According to the company, the new terms signal fresh progress in Nigeria’s efforts to expand domestic supply and unlock its Liquefied Natural Gas (LNG) potential.
Speaking at African Energy Week (AEW) themed ‘Invest in African Energies 2025’ in Cape Town, South Africa, Seplat’s chief executive officer, Roger Brown said the company was advancing discussions around a stranded asset that could support LNG opportunities.
“Onshore, we’re very clear on our gas strategy. We have three gas plants and are one of the biggest suppliers domestically. One of our assets – the Yoho field – is stranded and prime for LNG. We’re getting very close to reaching commercial terms on that,” Brown noted.
He said company is also reinforcing its capital base through a blend of local and international financing, which includes the successful completion of its third Eurobond earlier this year. “Local financing is critical because the financiers understand the terrain,” the CEO added.
He noted that Nigeria’s enabling environment is improving, with five upstream deals approved last year alongside a government target of achieving three million barrels per day by 2030, a clear signals that the sector is becoming increasingly attractive to investors.
For his part, executive vice president of (Energy) at OMV, Berislav Gaso said “there’s significant value to be unlocked in onshore positions,” adding that the company evaluates its acquisitions based on existing infrastructure and subsurface potential. For local operators like Aradel Holdings, that value is already being realised the chief executive officer, Adegbite Falade highlighted how the company has grown production from 2,000 barrels per day to 15,000 barrels per day at its flagship marginal field.
“Over the last 20 years, we’ve not only scaled our capacity upstream and onshore – we’ve also implemented a gasprocessing plant at Ogbele and a modular refinery, and done all of this with an indigenous workforce,” Falade said.
“We’re hoping that the next phase for indigenous companies is coming together to pool funds, share risk and take advantage of our strengths,” added Oladimeji Bashorun, COO of Energia Limited.
