Nigerian Firms Acquire $15bn IOC Assets As Oil Majors Shift To Deepwater

By Olumide Johnson

Nigerian oil companies acquired more than $15 billion worth of assets from international oil companies (IOCs) between 2010 and 2025, according to a new report by The Debriefing, highlighting a major restructuring of ownership in Nigeria’s upstream oil industry.

The report, titled ‘Board Games: White Knights and Dark Strategies at Seplat Energy’, was authored by Obiora Onyeaso, Managing Director of Podhium, publisher of The Debriefing.

DEVELOPMENT:

The publication said international majors progressively shifted capital from Nigeria’s onshore Niger Delta towards deepwater operations, creating an opportunity for indigenous producers to acquire mature onshore assets.

“Between 2010 and 2025 the international majors moved their capital from the onshore Niger Delta to deepwater, and Nigerian companies took over the fields they left, paying more than fifteen billion dollars for them,” the report said.

It identified Seplat’s 2010 acquisition from Shell as the first major transaction in the trend, followed by Wale Tinubu’s acquisition of ConocoPhillips’ Nigerian business for Oando and Benedict Peters’ purchase of OML 29 for Aiteo.

The report traces Seplat’s evolution from its 2009 founding by Ambrosie Orjiako and Austin Avuru to its emergence as a major indigenous producer.

It also examines the role of Maurel & Prom and founder Jean-François Hénin, whose early investment helped Seplat secure its initial oil blocks.

DATA:

The report puts the value of IOC-to-indigenous asset transfers above $15 billion over 15 years.

Maurel & Prom sold its stake in Seplat in December 2025, a transaction the publication said enabled Tony Elumelu to become the company’s largest shareholder.

Seplat’s current five-year plan targets production of 200,000 barrels of oil equivalent per day by 2030, approximately 50 percent above its current output.

Effiong Okon, the engineer credited with bringing the ANOH gas plant to first gas in January, now serves as Seplat’s Chief Executive.

SIGNIFICANCE:

The transactions mark a structural shift in Nigeria’s upstream ownership landscape. Indigenous companies have increasingly become owners and operators of assets previously controlled by global majors.

For investors, the transition places greater emphasis on the ability of Nigerian operators to finance, operate and optimise mature assets while managing security, infrastructure, technical and governance risks.

The report also examines corporate governance and shareholder disputes involving Oando, Pan Ocean, Nestoil and Chappal Energies.

NEXT MOVE:

Investors should watch whether indigenous operators can translate acquired acreage into higher production, stronger cash flows and sustainable reserves.

Seplat’s progress towards its 2030 production target will be particularly relevant, alongside the strategic direction of its leadership under Effiong Okon.

OUR LENS:

The $15 billion asset-transfer figure captures more than a change in ownership. It reflects the gradual emergence of Nigerian companies as the new custodians of significant portions of the country’s mature upstream resource base.

The Debriefing said Seplat’s founders built a national champion but subsequently “drifted apart over its future direction and their places in it”.

“Board Games examines how the company emerged unscathed despite internal disagreements on the board, and other external bumps along the way,” the publication added.

The deeper investment question is now whether indigenous ownership can convert asset acquisition into sustained production growth, stronger corporate governance and long-term value creation.

The report also raises the possibility of a future combination between Seplat and OML 17, the oil block held by Tony Elumelu’s Heirs Energies, adding another potential dimension to Nigeria’s evolving indigenous upstream landscape.

Olumide Johnson is a journalist, reporting on energy, maritime, business, and developments shaping Nigeria’s economy.