Seplat Energy has recorded a major leap in its hydrocarbon production, with average daily output reaching 131,561 barrels of oil equivalent per day (boepd) in the first quarter of 2025. This figure represents a significant 167 per cent increase from the 49,258 boepd produced in the same quarter of 2024.
The company disclosed this in its newly released audited financial results for the first three months of 2025. The results showed that the production volume exceeded the midpoint of Seplat’s full-year guidance, which ranges between 120,000 and 140,000 barrels per day.
According to the report, the onshore operations delivered 56,196 boepd, which is 14 per cent higher than in the first quarter of 2024 and already above the company’s 2025 projection for that segment. The company attributed the production surge to strong performance at the Oben Gas Plant and the first commercial contribution from the newly commissioned Sapele Gas Plant.
In particular, Seplat Energy Producing Nigeria Unlimited (SEPNU), a key subsidiary, contributed 75,365 boepd during the period under review. Of this figure, 88 per cent came from crude oil and condensates, 4 per cent from natural gas liquids (NGL), and 8 per cent from gas. Additionally, SEPNU’s idle well restoration programme reportedly added 11,000 barrels of oil per day (bopd) gross from 10 previously dormant wells.
The commissioning of the Sapele Integrated Gas Plant marked a milestone in Seplat’s operations during the first quarter. The plant achieved its first commercial gas sales in February 2025 and is currently delivering processed gas and condensate yields of approximately 2,000 barrels per day.
Despite the strong production figures, Seplat experienced a rise in operational costs. The unit production operating cost rose to $12.6 per boe, compared to $9.5 per boe in Q1 2024. However, this figure was still below the projected $14–$15 range, thanks to the timing of maintenance activities.
Financially, Seplat saw a dramatic rise in cash generated from operations, recording $306.5 million in the first quarter of 2025, compared to just $16.8 million in the same period last year. However, its capital expenditure dropped to $40.2 million, down from $47 million year-on-year.
Looking ahead, the company said it plans to ramp up onshore drilling activity starting from the second quarter of 2025.
Meanwhile, there have been some changes in the company’s leadership. Two independent non-executive directors, Mr. Bello Rabiu and Mr. Babs Omotowa, resigned from the board following their new appointments to the board of the Nigerian National Petroleum Company Limited (NNPC Ltd.). In response, the Seplat board appointed Mrs. Bashirat Odunewu as the new Senior Independent Non-Executive Director.
Commenting on the company’s performance, Seplat’s Chief Executive Officer, Mr. Roger Brown, expressed optimism about the year ahead. “2025 has started positively for Seplat. 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. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce,” he stated.
Seplat’s strong Q1 performance is expected to boost confidence in its operational strategy and growth potential as it continues to consolidate its presence in Nigeria’s energy sector.
