Seplat Energy Plc has recorded an 11% surge in total production following its acquisition of Mobil Producing Nigeria Unlimited, now rebranded as Seplat Energy Producing Nigeria Unlimited. This was disclosed in the company’s audited financial results for the year ended December 31, 2024.
According to the report, Seplat’s onshore assets averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, reflecting a 2% rise from 47,758 boepd recorded in 2023. The integration of SEPNU contributed an annualized average of 4,329 kboepd, driving total production to 52,947 boepd.
Following the acquisition, Seplat’s independently audited 2P reserves grew by 85% to 886 million barrels of oil equivalent, up from 478 MMboe in 2023. Additionally, total 2P+2C reserves surged by 125% to 1,217 MMboe, cementing Seplat Energy’s position as a leading player in Nigeria’s energy sector.
Seplat Energy achieved key operational milestones in 2024, including the resumption of 24-hour operations on the Trans Niger Pipeline in the fourth quarter. This development contributed to a 60% year-on-year increase in oil production from OML 53 due to improved export availability.
The company also commissioned the Sapele Integrated Gas Plant in Q4 2024, with commercial gas sales expected to commence in early 2025. Meanwhile, the ANOH gas plant remains on track for third-party dry gas testing in the first half of 2025, while tunneling operations on the OB3 pipeline resumed in Q1 2025.
Seplat Energy’s revenue grew by 5% to $1.116 billion in 2024, up from $1.061 billion in 2023, with SEPNU contributing to the increase. However, cash generated from operations fell by 26% to $384 million due to the timing of liftings, one-off costs associated with the SEPNU acquisition, and working capital adjustments.
The company ended the year with $469.9 million in cash at the bank, excluding $132.2 million in restricted cash. However, net debt rose to $898 million from $306 million in 2023, reflecting the financial impact of the acquisition.
Since the completion of the SEPNU acquisition, the asset has delivered strong production performance, averaging 81.1 kboepd since integration, with a full-year average working interest production of 69.4 kboepd.
For 2025, Seplat Energy has set a production target of 120-140 kboepd, with Seplat Onshore expected to contribute 48-56 kboepd and SEPNU forecasted at 72-84 kboepd. The company’s capital expenditure (capex) guidance ranges between $260 million and $320 million, focusing on 13 new onshore wells and offshore projects, including replacing an inlet gas exchanger on the East Area Project (EAP) NGL project.
Unit operating costs are projected to rise slightly to $14.0-15.0 per barrel of oil equivalent (boe) in 2025, as Seplat prioritizes maintenance and integrity activities at SEPNU. The company also plans to reopen shut-in wells and accelerate an infill drilling campaign to sustain long-term production growth.
Seplat Energy’s Chief Executive Officer, Roger Brown, described 2024 as a transformational year for the company, highlighting the strategic importance of the SEPNU acquisition.
“In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the company’s history, which adds significant scale and attractive low-cost growth potential,” Brown stated.
He further emphasized Seplat’s focus on reopening shut-in wells at SEPNU, executing a full drilling campaign for onshore assets, and achieving first gas production at ANOH. Additionally, the company plans to advance subsurface work and contracting for an infill drilling campaign at SEPNU to drive long-term growth.
