Oil & Gas

Seplat Energy Expands Horizons with New Oil Wells

Published

1 week ago

March 6, 2025

Seplat Energy Plc has announced its strategic plan to develop 13 additional onshore oil wells by 2025. The company has also committed to replacing critical infrastructure, such as the inlet gas exchanger on the East Area Project NGL offshore venture, as part of its capital investment initiatives.

In its 2024 financial results, Seplat reported a revenue increase to N1.652tn from N696.9bn in 2023, alongside a rise in operational cash flow from N340.6bn to N567.5bn. Seplat revealed, “Production (onshore assets) averaged 48,618 barrels of oil equivalent per day, up two percent from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualized average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11 percent higher than 2023.”

Roger Brown, Seplat’s Chief Executive Officer, described 2024 as transformative, driven by the acquisition of SEPNU—the largest in the company’s history. Brown noted, “This year, we will focus on reopening previously shut wells in SEPNU, alongside another full drilling campaign for our onshore assets, and we look forward to delivering the first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.”

Related News:

Brown underscored the importance of transparency and sustainability, pointing to Seplat’s strong governance practices. He affirmed, “We have a strong commitment to sustainability and sound governance, and we believe this is important to IOCs when they divest assets. We are a listed company bound by strong sustainability and governance demands of regulators and investors in Nigeria and elsewhere, and so, there is a high degree of assurance that we will be very transparent about what we do with these assets and how we look after the environment.”

Seplat’s extensive gas reserves were also highlighted as a key opportunity to address Nigeria’s energy needs, with Brown stating, “The enormous gas resources in our portfolio provide a huge opportunity to develop Nigeria’s energy sector, and Seplat Energy is committed to leading this transformation.”