Seplat plans 13 new oil wells in 2025
Seplat Energy Plc has said it is planning to operate an additional 13 new onshore oil wells in 2025.
The company stated in its 2025 outlook that the plan also includes the replacement of an inlet gas exchanger on the East Area Project NGL project offshore and other capital expenses projects.
In its financial result for 2024, Seplat disclosed that it has a 2025 average production guidance of 120,000 to 140,000 barrels of oil per day.
The outfit grew its revenue for 2024 to N1.652tn from N696.9bn year-on-year, with cash generated from its operations rising to N567.5bn from N340.6bn year-on-year.
“Production (onshore assets) averaged 48,618 barrels of oil equivalent per day, up two per cent from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11 per cent higher than 2023,” it stated.
Seplat Chief Executive Officer, Roger Brown, said, “2024 was truly a defining year for Seplat Energy. 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. In the first few months since the acquisition, it has already become clear that there is a significant prize in offshore shallow water, operating a closed-loop system from wellhead production to hydrocarbon sales at the terminal.
“This year, we will focus on reopening previously shut wells in SEPNU, alongside another full drilling campaign for our onshore assets, and we look forward to delivering the first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.”
Meanwhile, the energy firm has promised to remain transparent with the assets it acquired last year.
The company attributed its growth over the years to well-thought-through strategies, strong governance practices, and dedicated people, stressing that the quest to develop Nigeria and the support from the Nigerian government remain very cardinal.
The chief executive officer said this while speaking at the just-concluded Nigerian International Energy Summit in Abuja.
Brown said the opportunities in Nigeria were very vast, especially sub-surface opportunities, and Seplat Energy remained committed to harnessing these opportunities and driving transformation in Nigeria.
“With these asset acquisitions coming through, it is a new dawn for Nigeria and the Nigerian people. It is an opportunity to develop and transform Nigeria, and the Seplat Energy Group will be a very dominant player in this space.
“We have a strong commitment to sustainability and sound governance, and we believe this is important to IOCs when they divest assets. We are a listed company bound by strong sustainability and governance demands of regulators and investors in Nigeria and elsewhere, and so, there is a high degree of assurance that we will be very transparent about what we do with these assets and how we look after the environment,” he stated.
Roger maintained that the firm has the right strategies and people and a very strong corporate governance stance, adding that Seplat Energy is already collaborating and aligning with relevant stakeholders.
With the acquisition of Mobil Producing Nigeria Unlimited—renamed Seplat Energy Producing Nigeria Unlimited—he disclosed that Seplat Energy is now one of the largest oil and gas producers in Nigeria, and as a partner to the government, the company is aligned with its drive to increase oil and gas production in the national interest.
According to Brown, Seplat Energy has proved to be a highly credible operator and a good steward of Nigeria’s natural resources.
“We have been operating for more than 15 years, and our dual listing in 2014 showed that international financial markets had confidence in the company and its business model. This is because we’ve proven ourselves to be very capable of acquiring assets and improving their production, which benefits everyone in Nigeria,” he noted.
He pointed out that Seplat Energy implements best-in-class well reservoir and facility management practices, explaining that the company has continued to adopt strategies that help to optimise short-term oil generation and maximise returns from new wells, which have helped to save the cost and time of having to carry out workovers that target stranded opportunities while maximising value from new drills.
Brown maintained that the enormous gas resources in the Seplat Energy Group’s asset portfolio provide a huge opportunity to boost Nigeria’s electricity generation and lead the transformation and development of the country.
