Seplat discovers 157 billion cubic feet of gas in Nigeria
By the AFREEQUE newsroom, based on ThisDay
Illustrative image · Nothing Ahead · Pexels · Licence PexelsSeplat Energy has discovered an estimated 157 billion cubic feet of gas and 19 million barrels of oil in place at its Aku-01 exploration well in Nigeria. In the first nine months of 2026, the company also recorded $2.76 billion in revenue and $260.2 million in net profit, ThisDay reports.
Nigerian oil and gas company Seplat Energy has announced an estimated discovery of 157 billion cubic feet of gas and 19 million barrels of oil in place at its Aku-01 exploration well in Nigeria. These preliminary internal estimates cover five reservoir intervals in licence PPL 2A25, according to the unaudited results published by the company and reported by ThisDay.
The discovery also reduced the risks associated with four nearby prospects. Seplat plans to test one of them with a second exploration well in the Aku area in 2027. The company holds a 40% operating interest in the licence and says the well could be connected to existing infrastructure to enable early production.
In the first nine months of 2026, Seplat’s revenue rose 27% to $2.76 billion, while net profit increased 174% to $260.2 million. Average production reached 144,999 barrels of oil equivalent per day, up 7% year on year. In the third quarter, it stood at 155,801 barrels per day, 13% higher than a year earlier.
The company also reduced its debt by 65% and repaid the loans taken out to finance the $1.3 billion acquisition of MPNU. It recorded its first gas sales from the ANOH project through the OB3 pipeline. The discovery comes as Nigeria’s gas reserves were estimated at 215.19 trillion cubic feet in an assessment published on 24 October.
