Seplat Energy has announced plans to reactivate over 400 idle oil wells across its assets to boost production and strengthen its presence in Nigeria’s energy sector.
The Chief Operating Officer Samson Ezugworie revealed this during the company’s post-Annual General Meeting in Lagos on Wednesday.
Seplat operates eight of its 11 blocks—seven onshore and four offshore—which Ezugworie described as “prolific in oil and gas,” positioning the company strongly in the domestic gas value chain.
Ezugworie, while addressing members of the press, declared, “Overall, the business performed very well in the last year. 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.”
The Chairman of the company, Udoma Udoma, reported over 11 million man-hours without lost-time injuries and revenues surpassing $1.1 billion.
“This performance exceeded the board’s expectations. And we did not just grow, we did it safely,” he added.
He emphasized the company’s resilience against softening global oil prices, highlighting its structure for long-term stability.
“We are confident that 2025 will be a year of continued growth. From an operational standpoint, we are sending more gas molecules to Nigeria LNG and working to increase off-take from existing customers,” he explained.
Also speaking, the Chief Executive Officer, Roger Brown, reinforced the chairman’s remarks, stating that Seplat’s business is in great shape, with production now three times larger and reserves almost twice as much as before. “We operate 11 blocks, eight of which are under our management. We are also a dominant gas player in Nigeria,” he said.
Also speaking, Chief Executive Officer Roger Brown echoed the chairman’s remarks, affirming that Seplat’s business is in excellent shape, with production now three times higher and reserves nearly double compared to previous levels.
“We operate 11 blocks, eight of which are under our management. We are also a dominant gas player in Nigeria,” he said.
In her remarks, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, reaffirmed the company’s dedication to enhancing shareholder value, highlighting its consistent and transparent dividend policy as a key pillar of that commitment.
“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,” she said.
Adaralegbe added that the company remains committed to sustainability and is upholding a consistent payout policy, reflecting the robust fundamentals of its operations and positive outlook.
