Seplat Energy to Drill 13 New Oil Wells in 2025, Expanding Production Capacity
Seplat Energy Plc has announced plans to expand its oil production capacity by drilling 13 new onshore oil wells in 2025. The company revealed this in its 2025 outlook, outlining key investment projects, including replacing an inlet gas exchanger on the East Area Project NGL offshore and other capital-intensive developments.
Increased Production and Financial Growth
In its 2024 financial results, Seplat reported an ambitious production target for 2025, aiming for an average daily output of 120,000 to 140,000 barrels of oil. The company’s 2024 revenue surged to ₦1.652 trillion, up from ₦696.9 billion in the previous year. Additionally, cash flow from operations increased from ₦340.6 billion to ₦567.5 billion, reflecting robust financial performance and operational efficiency.
Seplat’s production from onshore assets averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, a 2% increase from 47,758 boepd in 2023. With the acquisition of Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing Nigeria Unlimited), the company’s total reported production jumped 11% to 52,947 boepd.
CEO’s Vision for 2025
Seplat Energy’s CEO, Roger Brown, described 2024 as a “defining year” for the company, citing the successful acquisition of SEPNU as a landmark deal. He emphasized that the newly acquired offshore assets present significant growth opportunities, stating:
“This year, we will focus on reopening previously shut wells in SEPNU, alongside a full drilling campaign for our onshore assets. We look forward to delivering the first gas at ANOH and accelerating an infill drilling campaign at SEPNU.”
Commitment to Transparency and Sustainability
Speaking at the Nigerian International Energy Summit in Abuja, Brown reaffirmed Seplat’s commitment to transparency, governance, and sustainability in managing its newly acquired assets. He highlighted that Seplat Energy adheres to strict governance standards, ensuring responsible management of Nigeria’s natural resources.
“With these asset acquisitions, it is a new dawn for Nigeria. Seplat Energy is poised to drive transformation and play a dominant role in the industry.”
Seplat Energy is now one of the largest oil and gas producers in Nigeria, aligning with the government’s objectives to boost national energy production and attract foreign investment.
Future Outlook: Driving Nigeria’s Energy Transformation
The company plans to optimize production efficiency through best-in-class well management practices. It aims to maximize returns from new wells while leveraging its vast gas resources to support Nigeria’s electricity generation and economic development.
Brown reiterated Seplat Energy’s long-term vision:
“We are not just expanding production; we are ensuring that Nigeria benefits from a sustainable and responsible energy industry.”
With a strong governance structure, increasing production capacity, and strategic acquisitions, Seplat Energy is positioning itself as a key driver of Nigeria’s energy sector growth.
Seplat Energy Plc has announced plans to expand its oil production capacity by drilling 13 new onshore oil wells in 2025. The company revealed this in its 2025 outlook, outlining key investment projects, including replacing an inlet gas exchanger on the East Area Project NGL offshore and other capital-intensive developments.
Increased Production and Financial Growth
In its 2024 financial results, Seplat reported an ambitious production target for 2025, aiming for an average daily output of 120,000 to 140,000 barrels of oil. The company’s 2024 revenue surged to ₦1.652 trillion, up from ₦696.9 billion in the previous year. Additionally, cash flow from operations increased from ₦340.6 billion to ₦567.5 billion, reflecting robust financial performance and operational efficiency.
Seplat’s production from onshore assets averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, a 2% increase from 47,758 boepd in 2023. With the acquisition of Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing Nigeria Unlimited), the company’s total reported production jumped 11% to 52,947 boepd.
CEO’s Vision for 2025
Seplat Energy’s CEO, Roger Brown, described 2024 as a “defining year” for the company, citing the successful acquisition of SEPNU as a landmark deal. He emphasized that the newly acquired offshore assets present significant growth opportunities, stating:
“This year, we will focus on reopening previously shut wells in SEPNU, alongside a full drilling campaign for our onshore assets. We look forward to delivering the first gas at ANOH and accelerating an infill drilling campaign at SEPNU.”
Commitment to Transparency and Sustainability
Speaking at the Nigerian International Energy Summit in Abuja, Brown reaffirmed Seplat’s commitment to transparency, governance, and sustainability in managing its newly acquired assets. He highlighted that Seplat Energy adheres to strict governance standards, ensuring responsible management of Nigeria’s natural resources.
“With these asset acquisitions, it is a new dawn for Nigeria. Seplat Energy is poised to drive transformation and play a dominant role in the industry.”
Seplat Energy is now one of the largest oil and gas producers in Nigeria, aligning with the government’s objectives to boost national energy production and attract foreign investment.
Future Outlook: Driving Nigeria’s Energy Transformation
The company plans to optimize production efficiency through best-in-class well management practices. It aims to maximize returns from new wells while leveraging its vast gas resources to support Nigeria’s electricity generation and economic development.
Brown reiterated Seplat Energy’s long-term vision:
“We are not just expanding production; we are ensuring that Nigeria benefits from a sustainable and responsible energy industry.”
With a strong governance structure, increasing production capacity, and strategic acquisitions, Seplat Energy is positioning itself as a key driver of Nigeria’s energy sector growth.