Company Reports Stellar Performance Following Strategic Acquisition
Seplat Energy has unveiled an ambitious initiative to breathe new life into more than 400 idle oil wells across its operational assets, in a strategic move to boost production capacity and strengthen its position in Nigeria’s energy sector.
The announcement came from Chief Operating Officer Samson Ezugworie during the company’s post-Annual General Meeting in Lagos on Wednesday. Ezugworie highlighted Seplat’s expanded portfolio, which now encompasses 11 blocks—seven onshore and four offshore—with the company directly operating eight of them. “These blocks are prolific in oil and gas,” he noted, positioning Seplat as a dominant force in Nigeria’s energy landscape, particularly in the domestic gas market.
“Overall, the business performed very well in the last year,” Ezugworie stated. “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.”
Company Chairman Udoma Udoma reported that Seplat achieved over 11 million man-hours without any lost-time injury while generating revenues exceeding $1.1 billion. “This performance exceeded the board’s expectations. And we did not just grow, we did it safely,” he emphasized. Despite softening global oil prices, Udoma expressed confidence in the company’s long-term resilience.
CEO Roger Brown reinforced this optimistic outlook, noting that Seplat’s business is now three times larger in production and has nearly doubled its reserves. “We operate 11 blocks, eight of which are under our management. We are also a dominant gas player in Nigeria,” he said.
Chief Financial Officer Eleanor Adaralegbe detailed 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.”
Seplat’s average daily hydrocarbon production reached an impressive 131,561 barrels of oil equivalent per day in the first quarter of 2025, while the company reported a remarkable revenue of N1.652 trillion for the fiscal year 2024—a dramatic increase from N696.9 billion in the previous year.
Source: punchng.com
