Seplat Energy Plc has significantly increased its daily hydrocarbon production in the first quarter of 2025, achieving an average of 131,561 barrels of oil equivalent per day (boepd). This marks a remarkable 167% increase from the 49,258 boepd reported in the same period of 2024. The output also surpassed the company’s 2025 guidance range of 120,000 to 140,000 boepd, signaling a strong start to the year and a confident operational outlook.
The company attributed this production boost to strong performances from its Oben and Sapele Gas Plants. Onshore operations contributed 56,196 boepd, 14% higher than Q1 2024, while Seplat Energy Producing Nigeria Unlimited (SEPNU) added 75,365 boepd, with a breakdown of 88% crude and condensate, 4% natural gas liquids (NGLs), and 8% gas. Additionally, SEPNU’s idle well restoration program restored 10 wells, yielding a gross JV production increase of 11,000 barrels per day.
February 2025 marked the first commercial gas sales from the newly commissioned Sapele Integrated Gas Plant. According to the company, the facility is delivering high-quality processed gas with condensate yields of approximately 2,000 barrels per day. This achievement strengthens Seplat’s gas portfolio and enhances its position as a key player in Nigeria’s energy transition.
Financially, Seplat reported a substantial improvement in operational cash flow, with $306.5 million generated in Q1 2025 compared to just $16.8 million in the same period the previous year. Despite an increase in production operating costs to $12.6/boe (up from $9.5/boe), the figure still beat internal projections of $14–$15/boe, largely due to the timing of maintenance. Capital expenditure for the period stood at $40.2 million, down from $47 million year-on-year.
Leadership changes also shaped Seplat’s Q1 update. Two board members—Mr. Bello Rabiu and Mr. Babs Omotowa—resigned following their appointments to the Nigerian National Petroleum Company Limited (NNPC) board. Mrs. Bashirat Odunewu has since been appointed as the new Senior Independent Non-Executive Director. Commenting on the results, CEO Roger Brown expressed optimism, noting that the company is on track to fully integrate its expanded operations and benefit from a unified onshore and offshore workforce.
Source: Punch