Seplat, co-founded by Austin Avuru, grows oil operations with new Mobil assets

Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, is stepping up efforts to expand oil and gas production after acquiring Mobil Producing Nigeria Unlimited assets. The deal, described as a major step for the company, adds high-quality reserves and offshore capacity to Seplat’s existing onshore operations. 

Integration and performance 

Chief Executive Officer Roger Brown said at Africa Energy Week in South Africa that the acquisition immediately strengthened Seplat’s performance and cash flow. “We’ve combined our onshore experience with decades of offshore expertise, resulting in improved operations from day one,” he said. 

Brown added that the company’s focus after the acquisition was to restore wells, boost reliability, and integrate systems and personnel. “We found strong alignment with our new colleagues, and that’s been key to seamless operations,” he said.

Financial strength and growth strategy

Chief Financial Officer Eleanor Adaralegbe said Seplat had raised more than $4 billion in debt to expand operations while keeping leverage below 1.5 times. She highlighted the company’s access to diverse funding sources, including its IPO, bonds, and project financing such as the $320 million facility for ANOH Gas Processing Company. 

“We built our credit profile to attract global lenders and investors. Seplat remains the only Nigerian oil and gas company listed in both Lagos and London,” she said.

Expanding horizons

Founded in 2009 by Avuru and Ambrosie Orjiako, Seplat has become Nigeria’s largest listed energy company, with operations deeply rooted in the Niger Delta. Avuru owns about 8.5 percent of the company roughly 50 million shares, making him one of the country’s top private investors in oil and gas. 

Seplat reported $1.4 billion in revenue for the first half of 2025, up sharply from $421.6 million a year earlier, driven by stronger oil sales and expanded offshore activity. It also announced plans to invest up to $3 billion post-Exxon deal to lift production and expand local energy access. The company is also diversifying into power generation, with modular gas-to-power systems aimed at rural electrification.