SEPLAT Petroleum Development Company (SEPLAT) is set to initiate work on the construction of a $700 million gas plant at Assah, encouraging rural development and create jobs.

Nigerian energy company Seplat (SEPLAT.LG) expects its gas business to contribute around a third to its profits over the next two years, up from less than 10 percent today, as demand for electricity generation in Africa's biggest economy soars.

Afren has broken off talks with Nigeria’s Seplat Petroleum Development Co. concerning a potential merger of the two companies.

Seplat Petroleum Development Co. Plc has completed stake acquisitions in OML 53 and OML 55 in Nigeria.