SEPLAT Named World Economic Forum Global Growth Company

SEPLAT Named World Economic Forum Global Growth Company

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The World Economic Forum has named SEPLAT Petroleum Company Development Company Plc. a Global Growth Company.

With this recognition, SEPLAT joins a vibrant community of the world’s most dynamic, influential and high-growth companies. Companies are judged on their compliance with set criteria: growth, global corporate citizenship, executive leadership and impact on the competitive landscape of their region or industry.

Commenting on the rationale behind SEPLAT’s recognition as a Global Growth Company, David Aikman, Managing Director and Head of the New Champions at the World Economic Forum said “When choosing entrants to our Community of Global Growth Companies, we assess companies on their business model, annual revenues and growth rates, executive leadership and market position. SEPLAT is a dynamic group with clear potential to shape the future in its relevant business sectors and so is a perfect fit to our GGC community.

The recognition is coming a few weeks after the company’s very successful and over-subscribed IPO, which raised over $500m on both the Nigerian and London Stock Exchanges. The company has also just announced the signing of a fifteen-year gas supply contract with an Independent Power Plant underpinning the expansion of Seplat’s domestic gas business and the company’s organic growth. This contract will leverage SEPLAT’s additional $300m investment in gas to boost power supply.

SEPLAT has, in the space of 4 years, steadily emerged as a global brand and player owing to its phenomenal growth trajectory, experienced management and strict adherence to Corporate Governance Best Practices which the company underlines as the bed rock of its existence and pivotal to the sustainability of its growth aspirations.

Chairman of SEPLAT, Dr ABC Orjiako, who is a participant at the World Economic Forum, Africa taking place in Abuja from May 7 to May 10, 2014 said “the award is both recognition and validation of the significant strides we have made at SEPLAT, which has led to our clear emergence as a highly focused oil and gas company heralding a new era in the Nigerian oil and gas industry. We are humbled by the recognition which we believe will spur us on to greater achievements.”

SEPLAT Petroleum Development Company Plc, the operator of the NPDC/ SEPLAT Joint Venture (OMLs 4, 38 and 41) , is a publicly quoted Nigerian Exploration and Production independent company. The company listed simultaneously in Nigerian and London Stock Exchanges in April 2014. With an average gross gas production of 99 million standard cubic feet per day in 2013. And Oil & Condensate production of 60kbpd, Seplat projects to triple its gas production by end 2016 through massive investments in processing and delivery infrastructure. SEPLAT is also targeting gross operated oil production of 85 Mbopd from its existing assets by the end of 2016.

The Community of Global Growth Companies (GGC) is composed of rapidly growing emerging multinationals. It was founded in late 2007 and currently has more than 360 members globally from all sectors. The community was created to recognize the next generation of industry leaders. It supports them as they navigate new geographies, markets, cultures and regulatory systems to become a major driving force in social and economic development.

Members of the GGC Community convene every year at the Chinese-hosted Annual Meeting of the New Champions and at the World Economic Forum’s regional meetings, and collaborate through the private area of the World Economic Forum’s website, an exclusive online networking platform for business and government leaders.

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