AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy Plc, leading Nigerian independent energy Company has restated its commitments to energy sustainability as it impacts people, environment and corporate governance, stressing that its focus is long-term with dividends accruable beyond today.

The Chief Operating Officer, Seplat Energy, Mr. Samson Ezugworie, stated this at the Society of Petroleum Engineers (SPE) Nigeria Council 2025 Oloibiri Lecture Series and Energy Forum (OLEF) held in Abuja recently.

Ezugworie, who spoke in the Forum’s panel session titled ‘Driving Energy Sustainability Through Technology, Policy, and Supply Chain Excellence’ maintained that business sustainability is about vision and building a future “you may not benefit from”.

He likened sustainability to the human race and many challenges that have confronted it; amongst which is energy poverty in Nigeria, which he stressed had limited the potential of the country and its people.

Speaking on Seplat Energy’s effort at addressing energy poverty in Nigeria, Ezugworie noted that over 850MMscfd of gas installations have been achieved in-country (excluding capacities from the recently acquired MPNU assets).

“Over the years, we have currently installed over 850MMscfd of gas geared towards supplying gas to domestic users in Nigeria. With the recent acquisition of the MPNU assets, we will now begin to explore and exploit other growth options. We are going to go into the mass gas reserves of that asset and still ensure that we use significant part of that to power Nigeria,” the Seplat Energy COO said.

He said the panel’s theme which hovers around energy sustainability, technology, policy and supply chains is centred around human beings and building the right capacities to drive growth and developmental progress. “Early this month at Seplat Energy, 50 young graduates just resumed for employment and they are undergoing diverse trainings at the moment. For us, this is capacity development; making sure that we have the funnel of talents that will replace us in due course. This is sustainability,” Ezugworie affirmed.

Highlighting what Seplat Energy had done in the deployment of technology in Nigeria’s gas space, the Seplat Energy COO said the Company’s various interventions were quite transformational. Seplat has implemented its end of routine flaring (EORF) roadmap, which includes investments across our production facilities to minimise Scope 1 & 2 greenhouse gas emissions and improve overall energy efficiency.

For instance, the first module of Seplat’s Sapele Integrated Gas Plant (SIGP) has commenced operations and is now producing. Once the plant is operating at capacity, expected during 2025, it has the potential to materially reduce the Group Scope 1 emissions. Other ongoing key flare-out projects, including the Western Asset Flares Out (installation of vapour recovery unit compressors), Sapele LPG Storage & Offloading Facility, Oben LPG Project and Ohaji Flares Out Project. The Company is on track to end routine flaring of gas across its onshore assets in 2H 2025.

Ezugworie also highlighted Seplat Energy’s strong commitment in deliver Corporate Social Investment initiatives in health, education and access to energy sustainably in Nigeria. Last year, 352 teachers were impacted in the 2024 edition of Seplat Teachers Empowerment Programme (STEP); 6,373 students impacted during the 2024 Pearls Quiz; 4 Science Technology Engineering Arts & Mathematics (STEAM) Labs equipped in 4 secondary schools; 9,780 impacted in the 2024 Eye Can See Programme; and Energy solutions delivered in 6 schools and 3 hospitals completed.

AJAGBE ADEYEMI TESLIM

The Nigerian Content Development and Monitoring Board (NCDMB) has sealed a deal to acquire 20 per cent equity in a 100,000 barrels per day (bpd) refinery project being established by African Refinery Group Ltd, in partnership with the Nigerian National Petroleum Company (NNPC Ltd).

The share purchase agreement for this investment was signed on Thursday, and it will make NCDMB a key partner in the African Refinery Port Harcourt Limited (ARPHL), being co-located with Port Harcourt Refining Company Limited, operated by the NNPC Ltd, in Alesa Eleme, Rivers State.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe signed the agreement at the Board’s liaison office in Abuja, while the Managing Director, African Refinery Port Harcourt Limited, Mr. Tosin Adebajo signed on behalf of the company.

The NCDMB boss remarked that the equity investment is the first to be sealed under his leadership. He confirmed that the Board subjected the proposal through rigorous technical, commercial and regulatory reviews and decision gates, in line with NCDMB’s Commercial Ventures Investment Policy.

The Board has also instituted a robust corporate governance procedure that will safeguard its investment and ensure optimal performance of the refinery project, he added.

The deal is part of the Board’s commercial venture programme, which is supported by section 70 (h) of the NOGICD Act, where NCDMB is charged to “assist local contractors and Nigerian companies to develop their capabilities and capacities” in furtherance of Nigerian content development in the oil and gas industry.

The Board’s commercial venture investments are also geared to catalyze Federal Government’s strategic policies, provide job creation opportunities in the construction and operation phases, and add value to the nation’s hydrocarbon resources.

The shares for the African Refinery Port Harcourt Limited project were purchased under the Nigerian Content Intervention Company LTD/GTE, a company limited by guarantee, and wholly owned by the NCDMB.

Details of the investment indicate that the Nigerian National Petroleum Company Limited (NNPC Ltd) holds a 15 per cent equity investment in the refinery project, having executed a share subscription agreement in 2024.

The promoters of the project, African Refinery Group had in 2016 won a competitive bid to co-locate a crude oil refinery within the site of the Port Harcourt Refinery Complex (PHRC), and it executed an agreement to run and operate a 100,000 BPD refinery on 45 hectares of vacant land within the battery limit of the refinery complex.

The company also signed a sub-lease agreement with NNPC in 2019, giving her a 45.466 hectares within the refinery complex for a tenure of 64 years.

According to the investment plan, NCDMB will divest from the refinery at the end of the seventh year, counting from the commercial operations date.

Some of NCDMB’s investments in refining of petroleum products include the Waltersmith 5000 barrels per day (bpd) modular refinery located at Ibigwe, Imo State, Azikel group’s 12,000 barrels per day (bpd) hydro-skimming modular refinery, at Gbarain, Yenagoa, Bayelsa State and Duport Midstream’s 2,500 bpd modular refinery at Egbokor, Edo State, and they are at different levels of operations and development.

The Board’s investment with Waltersmith modular refinery was executed in 2018, and it served as the proof of concept. It operates optimally and provides refined petroleum products to its environs, creating hundreds of direct and indirect job opportunities.

The project is also a commercial success, as the holding company, Waltersmith Refinery and Petrochemical Company Limited, posted a profit-after-tax of N23.6 billion in April 2024, for the year 2023, and total dividend of N4.5bn, pending final approval at the Annual General Meeting (AGM).

NCDMB holds 30 per cent share in the company, and it received an interim dividend payment of N450 million out of the N1.5bn that was declared for the year ended 2023.

Seplat Energy’s Acquisition Deal Gets Industry Recognition at NIES

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy Plc, leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has received wide recognition from the Nigerian energy industry and other international stakeholders for its recent completion of the Mobil Producing Nigeria Unlimited (MPNU) acquisition.

Seplat Energy completed the deal on the acquisition of MPNU – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU) from ExxonMobil in December 2024. 

The energy stakeholders applauded the Company at the ongoing Nigeria International Energy Summit (NIES) in Abuja, where Seplat Energy’s Chief Executive Officer, Mr. Roger Brown, was honoured with an award.

The NIES is the official energy industry event of the Federal Government of Nigeria endorsed at the Federal Executive Council. It is the global platform for stimulating discussions, interactions signing of high-level deals.

The organisers of the NIES described the deal completion as transformative for Seplat Energy, Nigeria and the Nigerian people whilst lauding Seplat Energy for its determination, focus and commitment to all stakeholders.

In his remark, the Seplat Energy CEO, Mr. Brown thanked President Bola Ahmed Tinubu GCFR, for supporting the transaction, and appreciated the support and diligence of the various Ministries and regulators for all the work to reach a successful conclusion.

According to him, the company’s mission is to deliver value to all its stakeholders, as it treasures the good relationships that have been developed with the government, regulators, communities and staff.

The acquisition has the capacity of more than doubling production and positioning Seplat Energy to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.

The completion of the acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.

The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors have transitioned to the Seplat Group.

This strongly connects to Seplat Energy’s mission of delivering value to all its stakeholders, and building a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria.