Seplat Energy has rolled out plans to restart over 400 dormant oil wells across its operational assets, aiming to expand production and strengthen its role in Nigeria’s energy sector.
Seplat’s Chief Operating Officer, Samson Ezugworie, shared the update during the company’s post-Annual General Meeting held in Lagos on Wednesday.
Seplat currently operates eight out of the 11 oil blocks in its portfolio—seven onshore and four offshore. Ezugworie described the assets as highly productive, positioning the company as a major player in Nigeria’s domestic gas value chain.
Ezugworie noted that Seplat delivered strong business performance over the past year. He pointed to the completed acquisition of Mobil Producing Nigeria Unlimited as a major highlight, stating that the deal doubled production capacity and reshaped the company’s long-term growth path. He confirmed the board’s satisfaction with the achievement.
Chairman Udoma Udoma reported that the company recorded more than 11 million man-hours without any lost-time injury and exceeded $1.1 billion in revenue.
Udoma emphasized that Seplat achieved this growth while maintaining high safety standards and exceeding board expectations.
Despite the recent downturn in global oil prices, Udoma affirmed the company’s resilience and projected further growth in 2025. He added that Seplat is increasing gas supply to Nigeria LNG and scaling up deliveries to existing clients.
CEO Roger Brown reaffirmed the company’s solid position, stating that Seplat has tripled its production and nearly doubled its reserves. He also underlined the company’s operational control of most of its assets and its leadership in the gas market.
CFO Eleanor Adaralegbe highlighted Seplat’s continued focus on shareholder value, noting the board’s approval of a Q4 dividend of 3.6 cents and a special dividend of 3.3 cents. She confirmed that shareholders in Nigeria and the UK will begin receiving payments following the AGM.
Adaralegbe stressed Seplat’s commitment to sustainability and consistent dividend payouts, reflecting the company’s operational strength and positive outlook.
She concluded by saying that Q1 2025 results already show sustained momentum, giving shareholders more reason to expect continued rewards.
According to reports, Seplat’s average daily hydrocarbon output reached 131,561 barrels of oil equivalent in Q1 2025. The company also posted N1.652 trillion in revenue for 2024, a sharp rise from N696.9 billion the previous year.
source: punchng.com
African Energy Council