Category: Oil and Gas

Oil and Gas

Seplat Targets 50% Output Growth to 200kboepd, $6bn Cashflow by 2030 ……. Sets $1bn Dividend Payout Goal

    Seplat Energy Plc has unveiled a five-year targets aimed at transforming it into Africa’s leading independent energy producer, including plans to grow production by 50 per cent to about 200,000 barrels of oil equivalent per day (kboepd) and generate cumulative cashflow from operations of up to $6bn by […]

Nigeria’s TotalEnergies Deal Marks Shift To Gas Development- Komolafe ……Says New Agreement Aligns With Petroleum Industry Act

Nigeria’s production-sharing contract with TotalEnergies (TTEF.PA), its first guided by a new law designed to boost the OPEC member’s gas production, will serve as a template for future deals, the oil regulator said on Wednesday.   The country’s Petroleum Industry Act adopted in 2021 recognised the distinct economics of oil […]

Oando Shareholders Approve ₦500bn Capital Raise, Debt Conversion

Shareholders of Oando Plc have given approval to a comprehensive capital raising and restructuring plan worth up to ₦500bn, alongside the conversion of $300m in existing debt to equity, as part of efforts to strengthen the company’s financial position and drive long-term growth.   The resolutions were passed at the […]

Seplat Energy’s H1 2025 Revenue Hits N2.17trn             … Declares US 4.6 Cents Dividend Per Share for the Quarter

  Seplat Energy Plc has announced its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167trn for the period from N575.1bn reported same period last year.   Its gross profit soared to N751.2bn from N247.5bn Year-on-Year.   Cash generated from its operations for the period grew to […]

Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results

  Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando’s production […]

NEPL/Seplat JV Launches Mini-Grid Project, Celebrates YEP Graduation In Edo State

  The NEPL/Seplat Joint Venture (JV) has unveiled a solar-powered mini-grid project, graduation of its pioneer Youth Entrepreneurship Programme (YEP) participants and the commissioning of a borehole project in Ologbo N’ugu, Edo State. Themed, “Building Capacity for a Greener Grassroots Economy,” the three-pronged initiative is centered on providing access to […]

TotalEnergies Sells 12.5% Stake In Nigeria’s OML118 To Shell For $510m  

French energy giant TotalEnergies has sold its 12.5 per cent non-operated stake in Nigeria’s OML 118 Production Sharing Contract to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) in a deal valued at $510m.   The transaction, conducted through TotalEnergies’ local subsidiary TotalEnergies EP Nigeria (TEPNG), marks another step in […]

Seplat Strengthens Export Capacity Through MPNU Acquisition

  Seplat Energy Plc has reaffirmed its commitment to long-term investments across its core business divisions, following a transformative year in which the company significantly increased its production and reserve base through the acquisition of Mobil Producing Nigeria Unlimited (MPNU).   Addressing shareholders and journalists at the company’s 2025 Annual […]

Nigeria Now Provides Power Access to 150 Million – Adelabu …Says 80 Million Nigerians Still Lack Reliable Electricity Access

    Approximately 150 million Nigerians now have access to electricity, according to the Minister of Power, Adedayo Adelabu, who disclosed the figure on Thursday during the 2025 Ministerial Sectoral Update Conference held in Abuja.   While hailing the achievement, the minister acknowledged that 80 million Nigerians still lack reliable […]