By OBINNA EZUGWU

Seplat Petroleum and Development Company Plc has disclosed plans to acquire more oil and gas assets in the exploration and production space as it strives to achieve more growth in the industry.

The company’s Chief Executive Officer, Mr Austin Avuru who disclosed this in Lagos at the Nigerian Association of Petroleum Explorationists January Technical/Business Meeting on mergers, acquisitions and divestments, said a key mandate of the company is to leverage opportunities in the oil and gas industry through acquisition of more oil and gas assets.

This comes after the competition of acquisition of Eland Oil and Gas Plc in December.

Addressing stakeholders at the NAPE meeting, Avuru said the company had positioned itself as an early mover through the acquisition of a 45 per cent operated interest in Oil Mining Lease 4, 38 and 41 from Shell, Total and Agip in 2010.

According to him, Seplat is the first Nigerian independent to acquire a package of oil and gas blocks directly from the major international oil companies as part of a disposal process.

Seplat further grew its portfolio through the acquisition of a 40 per cent interest in the Oil Prospecting Licence 283 marginal field area from Pillar Oil, and acquired further interests in OML 53 and OML 55 from Chevron Nigeria Limited in 2015.

He said the company grew production at OMLs 4, 38 and 41 from 14,000 barrels of oil per day as at acquisition to a peak rate of over 84,000 bopd.

Avuru noted that the company had demonstrated its ability to work its assets and produce its reserves despite external negative factors such as downtime and losses.