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23 October 2025
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Oct 23, 2025Africa Mining Market
Nigeria plans to raise about US$410 billion by 2060 to overhaul its power system and expand clean energy sources, Vice President Kashim Shettima said during the opening of the Nigerian Renewable Energy Innovation Forum 2025. The target is to reach an installed power capacity of 277 gigawatts (GW), up sharply from the current operational capacity of 13-15 GW.
The ambitious plan comes as public finances remain under pressure. The projected 2025 federal budget of roughly US$36 billion includes an estimated US$8.5 billion deficit, representing nearly a quarter of government spending. Nigeria’s public debt stood at nearly US$97 billion in the Q1 of 2025, according to the Debt Management Office.
The government is seeking to balance its energy goals with fiscal discipline through financial reforms and private investment. In August 2025, it approved a US$2.6 billion refinancing plan to clear debts owed to 27 power producers between 2015 and 2023.
Meanwhile, electricity subsidies have been reduced by 35% after a targeted tariff hike, easing pressure on the national treasury. Local reports indicate that more than US$400 million has already been committed to domestic production of solar panels, batteries, and electricity meters.
The World Bank estimates that only 61% of Nigerians had access to electricity in 2023. With a population growing by 2.5% to 3% annually, Nigeria could add 130 million people by 2050. Rapid population growth and industrial expansion are driving up demand. The International Finance Corporation projects that electricity consumption could double by 2030.
A 2023 study in Energy Research & Social Science found that the power sector loses about US$1.9 billion annually, more than the federal health budget, due to technical inefficiencies, unpaid bills, and high grid costs, which threaten the system’s long-term viability.
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Nigeria Targets Us$410 Billion For Clean Energy By 2060Nigeria plans to raise about US$410 billion by 2060 to overhaul its power system and expand clean energy sources, Vice President Kashim Shettima said during the opening of the Nigerian Renewable Energy Innovation Forum 2025. The target is to reach an installed power capacity of 277 gigawatts (GW), up sharply from the current operational capacity of 13-15 GW.
The ambitious plan comes as public finances remain under pressure. The projected 2025 federal budget of roughly US$36 billion includes an estimated US$8.5 billion deficit, representing nearly a quarter of government spending. Nigeria’s public debt stood at nearly US$97 billion in the Q1 of 2025, according to the Debt Management Office.
The government is seeking to balance its energy goals with fiscal discipline through financial reforms and private investment. In August 2025, it approved a US$2.6 billion refinancing plan to clear debts owed to 27 power producers between 2015 and 2023.
Meanwhile, electricity subsidies have been reduced by 35% after a targeted tariff hike, easing pressure on the national treasury. Local reports indicate that more than US$400 million has already been committed to domestic production of solar panels, batteries, and electricity meters.
The World Bank estimates that only 61% of Nigerians had access to electricity in 2023. With a population growing by 2.5% to 3% annually, Nigeria could add 130 million people by 2050. Rapid population growth and industrial expansion are driving up demand. The International Finance Corporation projects that electricity consumption could double by 2030.
A 2023 study in Energy Research & Social Science found that the power sector loses about US$1.9 billion annually, more than the federal health budget, due to technical inefficiencies, unpaid bills, and high grid costs, which threaten the system’s long-term viability.
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23 October 20252 min readNigeria Targets Us$410 Billion For Clean Energy By 2060
Africa Mining Market
23 October 2025
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Consultation Opens For $2 Billion Green Aluminium Production CreditThe Federal Government has opened consultation on a proposed $2 billion green aluminium production credit (GAPC) scheme to accelerate the decarbonisation of production.
The credit will provide local smelters with the “confidence to invest” in renewable energy sources to back Australian-made facilities to ensure the country secures a lasting competitive advantage in the global clean energy economy.
The GAPC is part of the government’s Future Made in Australia iniative, which is designed to support industries essential to the nation’s net-zero ambitions.
Under the proposal, aluminium smelters will receive production credits for each tonne of ‘green aluminium’ produced using renewable energy, with $2 billion allocated to the scheme until 2036.
Under the scheme, facilities will be eligible for support for every tonne of “clean, reliable, Australian-made aluminium” they make over a period of up to 10 years or to 2044, whichever is sooner.
“Australia’s aluminium smelters have long been the backbone of our manufacturing sector,” Federal Minister for Industry and Innovation and Minister for Science Tim Ayres said in a statement.
“Demand for aluminium, because of its wide range of uses including for the infrastructure necessary for the energy transition – both at home and with our trading partners – is set to grow strongly in the decades ahead,” he added.
Aluminium production contributes three to four per cent of Australia’s total greenhouse gas emissions – with the federal government looking to cut this to support 2035 emissions reduction targets.
Consultation on the design of the production credit will close on October 30, 2025. For more information and to contribute to the consultation, visit consult.industry.gov.au.
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Australian Mining
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21 October 20252 min readConsultation Opens For $2 Billion Green Aluminium Production Credit
Australian Mining
21 October 2025
mining
Sonatrach Signs Us$5.4 Billion Oil And Gas Deal With Midad…Algeria’s state-owned energy company Sonatrach said it signed a contract worth around US$5.4 billion with Saudi Arabia’s Midad Energy for oil and gas exploration and development in Algeria’s Illizi Basin.
The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period.
Midad Energy North Africa will fully fund the investment, including US$288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border.
Overall production by the end of the contractual period is estimated to reach around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas.
Sonatrach is Algeria’s largest oil and gas producer and has been actively seeking foreign partnerships to boost output and modernise infrastructure.
The company has previously signed deals with international partners, including a recent US$850 million contract with China’s Sinopec for hydrocarbon development and exploration.
Earlier this month, Algeria’s energy minister said the country plans to invest US$60 billion in its energy sector over the next five years, with a focus on upstream exploration and production.
The North African nation, a member of the Organization of the Petroleum Exporting Countries, aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.
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15 October 20252 min readSonatrach Signs Us$5.4 Billion Oil And Gas Deal With Midad…
Africa Mining Market
15 October 2025
mining
Sonatrach Signs Us$5.4 Billion Oil And Gas Deal With Midad EnergyAlgeria’s state-owned energy company Sonatrach said it signed a contract worth around US$5.4 billion with Saudi Arabia’s Midad Energy for oil and gas exploration and development in Algeria’s Illizi Basin.
The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period.
Midad Energy North Africa will fully fund the investment, including US$288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border.
Overall production by the end of the contractual period is estimated to reach around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas.
Sonatrach is Algeria’s largest oil and gas producer and has been actively seeking foreign partnerships to boost output and modernise infrastructure.
The company has previously signed deals with international partners, including a recent US$850 million contract with China’s Sinopec for hydrocarbon development and exploration.
Earlier this month, Algeria’s energy minister said the country plans to invest US$60 billion in its energy sector over the next five years, with a focus on upstream exploration and production.
The North African nation, a member of the Organization of the Petroleum Exporting Countries, aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.
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15 October 20252 min readSonatrach Signs Us$5.4 Billion Oil And Gas Deal With Midad Energy
Africa Mining Market
15 October 2025
mining
Develop Doubles Sulphur Springs Free Cash Flow To $1.5 BillionDevelop Global has doubled its projected free cash flow for its Sulphur Springs zinc-copper project in Western Australia’s Pilbara to $1.5 billion after releasing its definitive feasibility study, showing strong returns driven by higher metal prices and a larger mine plan.
The definitive feasibility study (DFS) puts Sulphur Springs back on track for a final investment decision and construction, with all major project approvals granted.
Develop’s updated DFS pre-tax net present value at 8 per cent (NPV8) rose to $921 million, a 76 per cent increase from the 2023 DFS. Its pre-tax internal rate of return stepped up to 59 per cent in 2025 with a roughly three-year payback, followed by the $1.5b free cash flow.
Develop managing director Bill Beament said that the outstanding results from the DFS confirmed that Sulphur Springs is a significant mine “by any measure” and can generate “outstanding financial returns” and value for the company and its shareholders.
“The case for accelerating Sulphur Springs is clear and compelling; we have a unique opportunity which we intend to maximise by building the underground decline and associated infrastructure at the start of the project,” he said.
Beament added this would happen before the beginning of production mining, significantly de-risking the project and maximising the overall mining opportunity at Sulphur Springs.
The project will be developed as an underground operation, which Develop said would allow for flexibility in the mine plan and scheduling sequence.
The company will be using a bottom-up long-hole stoping sequence with cemented paste fill, with nameplate throughput increasing to 1.5 million tonnes per annum (Mtpa), up from 1.25Mtpa, enabling a two-year ramp-up and five years at a steady state within an approximately eight-year mine life.
Beament said Develop is planning on leveraging the project’s significant untapped geological upside, and they are confident in its potential to deliver substantial mine life growth.
“Develop now has two projects in Sulphur Springs and our Woodlawn Copper-Zinc mine in NSW, which give us substantial exposure to what is set to be one of the great investment themes of a generation,” he said.
“Our people and our assets make Develop a perfectly positioned company for our times.”
Sulphur Springs holds an unchanged ore reserve of 8.8 metric tonnes (Mt) at 1.1 per cent copper and 5.4 per cent zinc; zinc and copper concentrate grades are targeted at roughly 50 per cent Zn and 21 per cent Cu respectively.
Upfront capital costs for Develop are $329 million, with $289 million for plant and infrastructure and $40 million for pre-production; with costs estimated at +/- 15 per cent for Q4 in the 2025 calendar year.
Life of mine (LOM) onsite operating costs are at an average of $114 per tonne once processed, with the forecasted LOM revenue sitting at $3.42 billion, with the average annual pre-tax cash flow of approximately $252 million.
Meanwhile, there is no offtake agreement for the copper metal over the LOM and only a residual zinc offtake beginning after year five of production, therefore leaving offtake capacity available.
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Australian Mining
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11 October 20253 min readDevelop Doubles Sulphur Springs Free Cash Flow To $1.5 Billion
Australian Mining
11 October 2025
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Dr Congo Mining Firms Underreported Us$16.8 Billion In RevenueMining companies operating in the Democratic Republic of Congo underreported US$16.8 billion in revenue between 2018 and 2023, a state audit found, potentially reducing funds for the government and local communities.
Under Congo’s 2018 mining code, firms must contribute 0.3% of annual revenue to community development funds that typically support schools, clinics and water systems.
Congo, a top cobalt and copper producer, both critical for battery production, is among the world’s poorest countries.
The discrepancy resulted in US$50.4 million in lost contributions to development funds, the report said.
CMOC’s TFM, Glencore’s Kamoto Copper, Ivanhoe’s Kamoa-Kakula mine, SICOMINES, Eurasian Resources Group’s Metakol and Ruashi Mining collectively underreported US$10 billion, it said.
Number two cobalt exporter Glencore said its subsidiary Kamoto Copper had fully met its obligations under the mining code, adding that the discrepancy reflected competing interpretations of when the law took effect.
It added that its 0.3% community levy was calculated on half-year revenues and validated by auditors and the local development agency.
“Practically, 70% of the companies did not respect this regulation, and it’s an enormous loss of earnings for the Congolese state,” said attorney general Jean Chris Mubanga Musuyu in response to questions about the report’s findings.
The Court of Auditors recommended that the government suspend non-compliant firms and pursue prosecutions, mandate revenue audits and enforce stricter oversight.
Average annual income in Congo, which also has vast reserves of lithium, uranium and other minerals, is about US$580 per person.
Conflict with Rwanda-backed M23 rebels in the mineral-rich east has killed thousands this year and displaced hundreds of thousands.
Civil society groups pushed for the 0.3% levy to channel funds directly to mining communities, bypassing central bureaucracy, to drive local development.
“The idea was to see how we can turn mining into a tool for uplift, not just extraction,” said Emmanuel Umpula Nkumba of Lubumbashi-based nonprofit AFREWATCH.
“If this is well managed, it will improve lives on the ground.”
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Africa Mining Market
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09 October 20252 min readDr Congo Mining Firms Underreported Us$16.8 Billion In Revenue
Africa Mining Market
09 October 2025
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Dr Congo Mining Firms Underreported Us$16.8 Billion In…Mining companies operating in the Democratic Republic of Congo underreported US$16.8 billion in revenue between 2018 and 2023, a state audit found, potentially reducing funds for the government and local communities.
Under Congo’s 2018 mining code, firms must contribute 0.3% of annual revenue to community development funds that typically support schools, clinics and water systems.
Congo, a top cobalt and copper producer, both critical for battery production, is among the world’s poorest countries.
The discrepancy resulted in US$50.4 million in lost contributions to development funds, the report said.
CMOC’s TFM, Glencore’s Kamoto Copper, Ivanhoe’s Kamoa-Kakula mine, SICOMINES, Eurasian Resources Group’s Metakol and Ruashi Mining collectively underreported US$10 billion, it said.
Number two cobalt exporter Glencore said its subsidiary Kamoto Copper had fully met its obligations under the mining code, adding that the discrepancy reflected competing interpretations of when the law took effect.
It added that its 0.3% community levy was calculated on half-year revenues and validated by auditors and the local development agency.
“Practically, 70% of the companies did not respect this regulation, and it’s an enormous loss of earnings for the Congolese state,” said attorney general Jean Chris Mubanga Musuyu in response to questions about the report’s findings.
The Court of Auditors recommended that the government suspend non-compliant firms and pursue prosecutions, mandate revenue audits and enforce stricter oversight.
Average annual income in Congo, which also has vast reserves of lithium, uranium and other minerals, is about US$580 per person.
Conflict with Rwanda-backed M23 rebels in the mineral-rich east has killed thousands this year and displaced hundreds of thousands.
Civil society groups pushed for the 0.3% levy to channel funds directly to mining communities, bypassing central bureaucracy, to drive local development.
“The idea was to see how we can turn mining into a tool for uplift, not just extraction,” said Emmanuel Umpula Nkumba of Lubumbashi-based nonprofit AFREWATCH.
“If this is well managed, it will improve lives on the ground.”
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Africa Mining Market
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09 October 20252 min readDr Congo Mining Firms Underreported Us$16.8 Billion In…
Africa Mining Market
09 October 2025
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Predictive Discovery And Robex To Merge In Us$1.5 Billion DealAustralian miner Predictive Discovery and Canadian miner Robex Resources announced that they will merge in a deal valuing the combined group at A$2.35 billion (US$1.5 billion). The transaction will establish one of the largest gold producers in Guinea, with planned annual output exceeding 400,000 ounces by 2029.
Robex currently operates the Nampala gold mine in Mali and is building the Kiniero mine in Guinea, due to start production by end-2025. Kiniero is expected to produce an average of 139,000 ounces of gold annually over nine years.
Predictive has discovered the Bankan gold deposit in Guinea, estimated to deliver about 250,000 ounces per year for more than 12 years. A final investment decision for Bankan is planned for the second quarter of 2026.
Predictive CEO Andrew Pardey said the merger combines two of West Africa’s most advanced gold projects and leverages the management teams’ experience to create a company that could make Guinea one of Africa’s top five gold producers. He will step into the role of non-executive chairman, while Robex CEO Matthew Wilcox will lead the merged entity.
Predictive will acquire all Robex shares through a court-approved plan of arrangement in Quebec. Robex shareholders will exchange their stock for Predictive shares, ending up with 49% of the new entity, while Predictive shareholders will hold 51%.
The merger is expected to close in December 2025 or early 2026, pending regulatory approvals and a two-thirds majority vote from Robex shareholders at an extraordinary meeting. Predictive shareholder approval is not required.
Both companies retain termination rights and must pay A$37 million (US$24 million) in case of withdrawal.
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07 October 20252 min readPredictive Discovery And Robex To Merge In Us$1.5 Billion Deal
Africa Mining Market
07 October 2025
mining
Gold Fields’ $3.7 Billion Gold Road Acquisition Takes EffectGold Road Resources is set to be acquired by its joint venture partner Gold Fields, with a scheme of arrangement having taken legal effect on September 26.
The scheme allows for the South Africa-based Gold Fields to take on 100 per cent of Gold Road shares through its subsidiary Gruyere Holdings. The scheme was approved by the Supreme Court of WA and became legally in effect when those court orders were lodged with the Australian Securities and Investments Commission.
Gold Road shares were suspended from trading shortly after.
Current shareholders will receive a special dividend before the transfer takes place. The Gold Road board has agreed to distribute $0.43 per share to the full share register as it stands at the close of business on September 30.
This special dividend is part of the consideration laid out in the scheme. This will include a total fixed cash component of $2.52 per share, and a further variable cash consideration of $0.98 per share.
This was calculated on September 26 based on the value of Gold Road’s shareholding in Northern Star Resources immediately prior to the scheme taking effect.
Full implementation of the scheme consideration, and transfer of Gold Road shares to Gold Fields, will take place on October 14.
Gold Fields is a 50-50 joint venture partner with Gold Road on the Gruyere gold mine in Western Australia. The acquisition, first proposed in May this year, gives Gold Fields full ownership of the mine, which is expected to produce 325,000 to 355,000 ounces of gold in 2025.
The deal was approved in May by Australia’s Foreign Investment Review Board (FIRB), with the Federal Government clearing Gold Fields to proceed with its $3.7 billion acquisition of Gold Road Resources.
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Australian Mining
mining
30 September 20252 min readGold Fields’ $3.7 Billion Gold Road Acquisition Takes Effect
Australian Mining
30 September 2025
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Boldyn Networks And Nokia Power The Future Of Mining At Callio Pyhäjärvi With Private 5G NetworkFormerly a fully operational copper mine for over 60 years, Callio now offers a real-world mining environment where technology companies can test and validate their equipment.
Underground mines pose some of the most extreme challenges for connectivity. Their depth, complex tunnel networks, harsh environmental conditions, and the constant movement of people and machinery make stable communication difficult. Boldyn’s private 5G solution is designed to scale and adapt to the most demanding environments.
Using Nokia’s Modular Private Wireless (MPW), it provides seamless, high-performance connectivity across multiple underground levels and a vast tunnel network that stretches several kilometres and reaches depths of up to 1.5 kilometres. With high bandwidth and ultra-low latency, the network supports advanced mining applications, enabling safer, smarter, and more efficient operations.
Henrik Kiviniemi, Managing Director, Callio Pyhäjärvi said: “At Callio, we’re redefining what’s possible in mining. With the right technology, operations can be fully managed from the surface, making mining not only smarter, but significantly safer.
"Our mission is to transform this unique 1.5 km-deep site into a world-class testbed where the next generation of automation and safety solutions can be developed and validated. In mining, connectivity is critical. Our private 5G network delivers real-time data and ultra-low latency, ensuring every person and asset is visible and protected. Downtime is expensive. Manual processes are risky. With private 5G, we’re solving both.”
Jaakko Kuukka, Country Manager Nordics, Boldyn Networks said: “We have designed and deployed a seamless private 5G network, based on Nokia technology at the Callio site. The network delivers seamless connectivity and full coverage across multiple underground mining levels. It’s the backbone of Callio’s vision for a fully automated test mine, supporting everything from tele-remote vehicles to real-time control of underground machinery.
"We’re enabling mining companies to test and develop next-generation solutions against a reliable network in realistic conditions, without disrupting live operations.”
Next-generation technology is already being tested at the facility, including:
Automation and tele-remote vehicles: The network enables the remote operation of autonomous vehicles and machinery from the surface, reducing the need for personnel to work in hazardous underground conditions.
This shift improves worker safety and increases productivity by minimising downtime and maximising equipment utilisation. It also supports the development and testing of next-generation mining technologies in realistic, controlled environments.
“World-leading mining technology manufacturer Normet is also testing autonomous vehicles at Callio.“The technical challenges of mining are increasing as companies go deeper. The safest and most efficient path forward is removing people from those environments and enabling remote operation. A fully automated future could see 90% of underground workers operating from the surface – but that requires dedicated 5G networks.
Open Wi-Fi and shared networks just don’t work reliably underground. You get latency issues, performance drops - so having a private network built for these processes is a must.” said Normet’s VP of Equipment Offering & New Technology, Mark Ryan
Voice communications: The private 5G network replaces outdated walkie-talkie systems with reliable, always-on mobile connectivity. Workers can now communicate clearly and instantly across all mine levels, even in the most remote areas and from above ground. This significantly improves safety, coordination, and response times in critical situations.
Real-time visualisation and positioning: Powered by private 5G networks, software company Cybercube is testing its integrated 3D mapping, real-time positioning, and operational control. It creates a digital twin of the mine, allowing teams to monitor the location of personnel, vehicles, and equipment in real time. This unified view enhances situational awareness, safety, and operational efficiency – especially in environments where GPS is unavailable. Evacuation alerts can be dispatched, while keeping track of users and providing instant routes to safety zones.
“With our software platform, we can visualise and control everything in real time – from people and vehicles to equipment and sensors. It’s a huge leap in safety and operational awareness. Being able to test this in real conditions on a dedicated network has been transformational in the development of our solution.” said Aki Ruotsalainen, Director and Partner at Cybercube Oy.
“Mining is one of the toughest environments on earth for connectivity, and private 5G is proving to be a game-changer. Together with Boldyn Networks, we are enabling Callio to demonstrate how secure, reliable, and high-performance networks can transform underground operations – making them safer, more sustainable, and more efficient. This deployment underscores Nokia’s leadership in delivering industrial-grade private wireless networks that power the future of critical industries.” said Michael Aspinall, Head of Enterprise Campus Edge sales in Europe at Nokia.
Global Mining Review
mining
25 September 20254 min readBoldyn Networks And Nokia Power The Future Of Mining At Callio Pyhäjärvi With Private 5G Network
Global Mining Review
25 September 2025
mining
Seplat Targets Us$3 Billion Investments And Aims To Increase Production By 50%Nigerian independent Seplat Energy Plc targets investments of up to US$3 billion over five years to develop oil and gas assets acquired from ExxonMobil. Seplat finalised the acquisition of these assets, valued at approximately US$1.28 billion, in December 2024. The company now aims to boost its production to 200,000 barrels per day equivalent, representing an approximate 50% increase over five years.
Seplat presented this strategic investment plan to investors on 18th September 2025. This ambitious program follows semiannual results released in March, which detailed a more modest capital expenditure forecast of US$260 million to US$320 million for 2025. This disparity raises questions about Seplat’s capacity to finance such a significant program.
Financial statements reveal Seplat’s net debt stood at US$897.8 million at the end of 2024, decreasing to US$676.3 million by June 30, 2025. The company reported US$419.4 million in cash at the same date. In 2024, Seplat’s operations generated nearly US$384 million in cash flow. These figures suggest Seplat can fund a portion of its projects internally and retains capacity for additional borrowing. However, assembling US$3 billion remains a challenge, necessitating a multi-year disbursement and potentially external financing.
Beyond Seplat, several international oil majors have divested their Nigerian onshore and shallow-water assets in recent years. Notably, Shell completed the sale of its portfolio to Renaissance Africa Energy in 2024. These transactions underscore a gradual transfer of these assets to local operators.
For the Nigerian state, a growing share of export revenues depends on the performance of these domestic companies. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported crude oil losses from theft and metering inaccuracies at approximately 9,600 barrels per day at the end of July 2025, marking their lowest level since 2009.
Seplat’s 2026-2030 strategic plan forecasts drilling between 120 and 150 wells and validating up to three new gas projects.
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24 September 20252 min readSeplat Targets Us$3 Billion Investments And Aims To Increase Production By 50%
Africa Mining Market
24 September 2025
mining
Seplat Targets Us$3 Billion Investments And Aims To Increase Production…Nigerian independent Seplat Energy Plc targets investments of up to US$3 billion over five years to develop oil and gas assets acquired from ExxonMobil. Seplat finalised the acquisition of these assets, valued at approximately US$1.28 billion, in December 2024. The company now aims to boost its production to 200,000 barrels per day equivalent, representing an approximate 50% increase over five years.
Seplat presented this strategic investment plan to investors on 18th September 2025. This ambitious program follows semiannual results released in March, which detailed a more modest capital expenditure forecast of US$260 million to US$320 million for 2025. This disparity raises questions about Seplat’s capacity to finance such a significant program.
Financial statements reveal Seplat’s net debt stood at US$897.8 million at the end of 2024, decreasing to US$676.3 million by June 30, 2025. The company reported US$419.4 million in cash at the same date. In 2024, Seplat’s operations generated nearly US$384 million in cash flow. These figures suggest Seplat can fund a portion of its projects internally and retains capacity for additional borrowing. However, assembling US$3 billion remains a challenge, necessitating a multi-year disbursement and potentially external financing.
Beyond Seplat, several international oil majors have divested their Nigerian onshore and shallow-water assets in recent years. Notably, Shell completed the sale of its portfolio to Renaissance Africa Energy in 2024. These transactions underscore a gradual transfer of these assets to local operators.
For the Nigerian state, a growing share of export revenues depends on the performance of these domestic companies. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported crude oil losses from theft and metering inaccuracies at approximately 9,600 barrels per day at the end of July 2025, marking their lowest level since 2009.
Seplat’s 2026-2030 strategic plan forecasts drilling between 120 and 150 wells and validating up to three new gas projects.
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24 September 20252 min readSeplat Targets Us$3 Billion Investments And Aims To Increase Production…
Africa Mining Market
24 September 2025
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