Seplat Energy

Description

Seplat Energy PLC is a Nigeria-based independent company, which is engaged in oil and gas exploration and production. It was previously known as Seplat Petroleum Development Company Plc. It was founded in the year 2009, and its headquarters are situated in Ikoyi-Lagos, Nigeria. The company is listed and traded on company listed on both the London Stock Exchange and Nigerian Stock Exchange. The strategic focus of the company is on the Niger Delta. Seplat Energy PLC has many subsidiaries, which include Eland Oil & Gas, ANOH Gas Processing Company Limited, Belemaoil Producing Ltd, Nerine Support Services Limited, and Seplat Petroleum Development Company UK Limited etc.

The aim of the truly indigenous Nigerian company is to power Nigeria’s energy transition. It started production in 2010 and holds eight oil blocks in the Niger Delta. With a workforce of over 500 talented employees, the operations of the company are run over 6,863 square kilometers of total area of production in Nigeria. For export purpose, the company has a working interest production of nearly 34,000 barrels a day of liquids. While for domestic power generation, it uses 101MMscfd of processed natural gas. The seven oil and gas blocks in its operating portfolio are in the Niger Delta region of Nigeria, and these are operated and managed by the company with the support of its partners, which include other oil producers as well as the Nigerian Government. Seplat’s oil generated foreign currency income contributes towards the economic growth in Nigeria, by supporting healthcare, education, and infrastructure sector. It will also reduce Nigeria’s dependence on small-scale, costly, and polluting generators, and in 2020, its gas accounted for 30% of Nigeria’s domestic grid. The portfolio of its assets consists of OMLs 4, 38 & 41, OPL 283 (Pillar), OML 40, OML 53, OML 55, and Ubima.

Seplat Energy PLC has listing on both London and Nigerian Stock Exchanges, so it complies with a number of provisions and regulations, including the Companies and Allied Matters Act (CAMA) 2020, the Nigerian Securities Exchange Commissions’ Rules and Regulations on Code of Corporate Governance for Public Companies (2011) as amended (‘SEC Code’), The Nigerian Code of Corporate Governance 2018 (NCCG), UK Listing Rules (LRs), the Market Abuse Regulations, 2016 (MAR), and the UK Corporate Governance Code 2018. It has an ethical code of conduct for running its business operations and promotes a culture of trust, transparency, and accountability.

Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It has a comprehensive Corporate Social Responsibility (CSR) framework in place and complies with international best practices and guidelines to create a sustainable business. It aims to minimize the impact of its business activities on the environment and create long-term value for the business as well as the wider community. It gives high priority to ensure that its exploration and production activities are carried out in a safe and eco-friendly manner.