Seplat Energy revives 10 wells, boosts output by 11,000 bpd

Seplat Energy Plc has revived 10 previously idle oil wells, contributing an additional 11,000 barrels per day (bpd) to Nigeria’s oil production. This was disclosed in the company’s audited results for the first quarter ended March 31, 2025.

According to the report, the well restoration initiative by Seplat Energy Producing Nigeria Unlimited (SEPNU), formerly known as Mobil Producing Nigeria Unlimited, forms part of the company’s strategy to enhance domestic oil output.

The company reported a significant leap in revenue, which surged to ₦1.228 trillion ($763,814,280) in Q1 2025, compared to ₦268.6 billion recorded in the same period in 2024. Gross profit also rose sharply to ₦535.4 billion, up from ₦63.8 billion year-on-year.

In a statement, Seplat Energy’s Chief Executive Officer, Roger Brown, described the start of 2025 as “positive” for the company. “As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress,” Brown said.

He noted that strong production levels reflected the impact of continuous drilling, improved asset integrity, and multiple crude evacuation routes. The improved financial performance, Brown added, has enabled the company to reduce its gross debt and maintain a low leverage ratio.

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In light of the strong outlook and financial stability, the company announced an increase in its quarterly dividend to $0.046 per share—a 28 per cent rise from the previous quarter.

Seplat’s average production in Q1 stood at 131,561 barrels of oil equivalent per day (boepd), marking a 167 per cent increase from 49,258 boepd in Q1 2024.

The company said it remains cautiously optimistic about the future, while continuing to leverage synergies from its expanded onshore and offshore operations.