By Abiola Olawale
Seplat Energy Plc, one of Nigeria’s leading independent energy companies, has announced the successful reactivation of 10 idle oil wells, contributing an additional 11,000 barrels per day (bpd) to Nigeria’s crude oil production.
The company disclosed this in its audited results for the first quarter that ended March 31, 2025.
In the audit, Seplat said the reactivation of these wells is part of its broader strategy to optimize its asset portfolio following the $1.28 billion acquisition of ExxonMobil’s onshore and shallow-water assets, finalized in December 2024.
The acquired assets, now operating under Seplat Energy Producing Nigeria Unlimited (SEPNU), include 11 onshore oil blocks, 48 oil and gas fields, and extensive infrastructure, positioning Seplat as one of Nigeria’s largest domestic oil and gas producers.
Also, in the audit, it was disclosed that the çompany recorded a revenue of N1.228 trillion in the first quarter of 2025 compared to N268.6 billion reported in the same quarter in 2024.
Part of the audit report reads: “SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.” SEPNU is known as Seplat Energy Producing Nigeria Unlimited – formerly Mobil Producing Nigeria Unlimited (MPNU).
Commenting on the results, the Chief Executive Officer of Seplat Energy, Roger Brown, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.
“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be proactive in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near-term global economic outlook becomes less predictable.
“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, a 28 per cent increase in our quarterly dividend versus 4Q 2024.”
The company also stated that its production averaged 131,561 boepd up by 167 per cent from 1Q 2024 (49,258 boepd).
