In a move to bolster its production capacity and deepen its footprint in Nigeria’s energy sector, Seplat Energy has unveiled plans to revive over 400 idle oil wells across its operational assets.
The Chief Operating Officer of Seplat Energy, Samson Ezugworie, made the disclosure at the company’s post-Annual General Meeting held in Lagos on Wednesday.
Seplat currently holds 11 blocks, consisting of seven onshore and four offshore, and operates eight of them. These blocks, according to the Ezugworie, are “prolific in oil and gas,” putting Seplat in a dominant and robust position, especially in the domestic gas value chain.
Ezugworie, while addressing members of the press, declared, “Overall, the business performed very well in the last year. The high point was that we completed our acquisition of Mobil Producing Nigeria Unlimited. That singular achievement has doubled our production capacity and redefined our long-term growth trajectory. The board is very pleased with this development.”
Also, the company’s Chairman, Udoma Udoma, stated that the company recorded over 11 million man-hours without any lost-time injury, and generated revenues in excess of $1.1bn.
“This performance exceeded the board’s expectations. And we did not just grow, we did it safely,” he added.
Udoma noted that despite the current softening in global oil prices, the company is structured for long-term resilience.
“We are confident that 2025 will be a year of continued growth. From an operational standpoint, we are sending more gas molecules to Nigeria LNG and working to increase off-take from existing customers,” he explained.
Also speaking, the Chief Executive Officer, Roger Brown, reinforced the chairman’s remarks, stating that Seplat’s business is in great shape, with production now three times larger and reserves almost twice as much as before. “We operate 11 blocks, eight of which are under our management. We are also a dominant gas player in Nigeria,” he said.
In her remarks, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, further revealed the company’s commitment to shareholder value through its dividend policy.
“Because we had a very strong 2024, the board approved a fourth-quarter dividend of 3.6 cents and a special dividend of 3.3 cents. Our shareholders in Nigeria and the UK will begin to receive those dividends after the AGM,” she said.
Adaralegbe added that the company remains committed to sustainability and is maintaining a steady payout policy, driven by the underlying strength of its operations and outlook.
“We are already seeing in our Q1 2025 numbers that this strong performance is being sustained. And so, shareholders can expect continued rewards,” she noted.
The PUNCH reported that Seplat Energy says its average daily hydrocarbon production hit 131,561 barrels of oil equivalent per day in the first quarter of 2025. Also, the company recorded a revenue of N1.652 trillion for the fiscal year 2024, marking a significant rise from N696.9 billion in the previous year.
Credit: punch
