Seplat was formed as Seplat Petroleum Development Company in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC's portfolios.
In July 2010, SEPLAT acquired a 45 percent interest in, and was appointed operator of, three onshore producing oil and gas blocks in the Niger Delta (OMLs 4, 38 and 41).
[3] In December 2024, Seplat finalised its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil.
This deal was initially stalled due to a legal challenge by the Nigerian National Petroleum Company (NNPC) in 2022,[4][5] but was resolved after President Bola Ahmed Tinubu's intervention.
Approximately 1,000 staff and 500 contractors joined Seplat as part of the deal.