Seplat Energy Plc, a leading Nigerian energy company, has unveiled ambitious plans to operate 13 new onshore oil wells in 2025 as part of its strategy to boost production and expand its operations. The announcement was made in the company’s 2025 outlook, which also highlighted plans to replace an inlet gas exchanger on the East Area Project NGL project offshore and undertake other capital expenditure initiatives.
The company’s 2024 financial results revealed a strong performance, with revenue soaring to N1.652 trillion, up from N696.9 billion in 2023. Cash generated from operations also saw a significant increase, rising to N567.5 billion from N340.6 billion year-on-year.
Production Growth and Strategic Goals
Seplat has set an average production target of 120,000 to 140,000 barrels of oil per day (bpd) for 2025. In 2024, the company’s onshore assets averaged 48,618 barrels of oil equivalent per day (boepd), marking a 2% increase from 2023. Including contributions from its recently acquired SEPNU assets, the company’s total production reached 52,947 boepd, an 11% rise compared to the previous year.
Roger Brown, Seplat’s Chief Executive Officer, described 2024 as a transformative year for the company. “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we completed the acquisition of SEPNU, the largest in the company’s history. This acquisition adds significant scale and attractive low-cost growth potential,” Brown stated.
He added that the company’s offshore shallow water operations, which operate a closed-loop system from wellhead production to hydrocarbon sales, have already demonstrated significant value.
Focus for 2025
In the coming year, Seplat plans to focus on reopening previously shut wells at SEPNU while conducting a full drilling campaign for its onshore assets. The company is also preparing to deliver the first gas at the ANOH project, a major milestone in its gas development strategy.
“We will accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU,” Brown said, emphasizing the company’s commitment to maximizing the potential of its newly acquired assets.
Commitment to Transparency and Growth
Seplat has pledged to maintain transparency regarding the assets it acquired in 2024. The company attributed its consistent growth to well-executed strategies, strong governance practices, and the dedication of its workforce. It also highlighted the importance of Nigeria’s development and the support of the Nigerian government in achieving its goals.
Speaking at the recently concluded Nigerian International Energy Summit in Abuja, Brown reiterated Seplat’s commitment to driving growth and contributing to Nigeria’s energy sector. “Our quest to develop Nigeria and the support from the Nigerian government remain very cardinal to our operations,” he said.
As Seplat Energy moves forward with its ambitious plans for 2025, the company is poised to strengthen its position as a key player in Nigeria’s energy landscape, leveraging its onshore and offshore assets to deliver sustainable growth and value for stakeholders.
