Seplat Energy Plc has unveiled bold investment plans for 2025, committing up to $320 million to the development of 13 new onshore oil wells and other key projects aimed at boosting production and profitability.
According to the company’s financial outlook, the investment will be split between its Seplat Onshore operations ($180-220 million) and its newly acquired Seplat Energy Producing Nigeria Unlimited (SEPNU) ($80-100 million). The funds will support new well drilling, infrastructure upgrades, and offshore enhancements, including replacing an inlet gas exchanger for the East Area Project (EAP) NGL project.
Seplat also reported impressive financial growth, with revenue skyrocketing by 137% to N1.65 trillion in 2024, up from N696.9 billion in 2023. Cash flow from operations surged to N567.5 billion, while operating profit jumped to N647.9 billion.
Reflecting on the company’s progress, CEO Roger Brown described 2024 as a “defining year” following the landmark acquisition of SEPNU, which has significantly expanded Seplat’s offshore operations. He highlighted plans to reopen previously shut-in wells, launch a full drilling campaign, and fast-track first gas production at the ANOH project.
Seplat’s confidence in its future trajectory is underscored by a special dividend declaration, raising the total dividend for 2024 to $16.5 cents per share—marking a 10% increase from the previous year.
