Seplat Energy PLC has announced plans to allocate up to $320 million in 2025 for the development of 13 new onshore oil wells and other capital projects. This investment, detailed in the company’s outlook for the year, includes expenditures ranging from $180 million to $220 million for Seplat Onshore operations and $80 million to $100 million for Seplat Energy Producing Nigeria Unlimited (SEPNU).
Key projects include the drilling of new wells, the replacement of an inlet gas exchanger on the East Area Project (EAP) NGL project offshore, and other related initiatives.
The company reported a significant financial performance in 2024, with revenue increasing by 137% to ₦1.652 trillion compared to ₦696.9 billion in 2023. Cash generated from operations rose to ₦567.5 billion from ₦340.6 billion, while operating profit surged to ₦647.9 billion from ₦163.7 billion year-on-year.
Additionally, profit before tax climbed to ₦561.4 billion from ₦125.5 billion, and gross profit grew to ₦710.1 billion from ₦349.3 billion during the same period.
Operationally, Seplat achieved over 11 million hours without Lost Time Injury (LTI) on its operated assets in 2024, reflecting its commitment to safety and efficiency. CEO Roger Brown described 2024 as a transformative year for the company, highlighted by the successful acquisition of SEPNU, which brought substantial growth potential in offshore shallow water operations.
The company plans to reopen previously shut-in wells at SEPNU while continuing its onshore drilling campaigns and advancing key projects like the ANOH Gas Processing Plant.
Seplat also confirmed a special dividend for 2024, raising total dividends for the year by 10% to $16.5 cents per share, citing confidence in its financial position and future growth trajectory.
