Seplat is a Nigerian oil and gas company, also listed on the London Stock Exchange. It acquired all onshore and shallow-water licences of ExxonMobil, the largest Western oil major, for $1.3bn in 2024. Heirs Energies became its largest shareholder in a deal worth nearly $500m. Pipeline losses, largely from theft, peaked at 10-15% of output in 2020-21 but have since not exceeded 5%.
See also: Renaissance Energy, Oando.
All that glitters has a high refractive index.