By Ali Elias
LAGOS : Seplat Energy Plc has reactivated 10 previously idle oil wells, boosting Nigeria’s crude output by approximately 11,000 barrels per day (bpd), the company revealed in its Q1 2025 audited financial results.
According to the report, the Seplat Energy Producing Nigeria Unlimited (SEPNU) initiative—formerly Mobil Producing Nigeria Unlimited (MPNU)—revived the wells under its idle well restoration programme, significantly enhancing the company’s joint venture (JV) production capacity.
“SEPNU idle well restoration programme added approximately 11,000 bpd gross JV production from the first 10 wells restored,” the company said.
Financial Performance Surges
Seplat posted N1.228 trillion in revenue for the quarter ended March 31, 2025—an almost fivefold increase from N268.6 billion reported in Q1 2024. Gross profit also soared to N535.4 billion, up from N63.8 billion year-on-year.
Production volumes averaged 131,561 barrels of oil equivalent per day (boepd) in Q1 2025, a staggering 167% increase from 49,258 boepd in the same period last year. This was driven by an aggressive drilling programme, improved asset integrity, and enhanced evacuation logistics.
A Strong Start to 2025
Commenting on the performance, Seplat Energy’s CEO Roger Brown described the first quarter of 2025 as a “positive start,” highlighting both operational growth and strategic integration following recent mergers.
“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,” he said.
Brown emphasized the benefits of combining onshore and offshore teams, the availability of multiple crude evacuation routes, and robust asset investment. He also noted that the company had taken proactive steps to reduce debt and maintain low leverage amid a volatile global economic environment.
“Our strong financial performance allows us to materially reduce gross debt and further strengthen our company,” Brown added.
As a result, Seplat announced an increase in its quarterly dividend to $4.6 cents per share, marking a 28% rise from the previous quarter.
A Boost for Nigeria’s Oil Output and Investor Confidence
Seplat’s revival of 10 idle wells comes at a crucial time for the country, as it continues to grapple with underperformance in oil production relative to OPEC+ quotas. This development is likely to improve both export volumes and fiscal revenues in the short term. More significantly, the company’s financial and operational resilience sends a positive signal to investors amid ongoing concerns over regulatory uncertainty and security challenges in the Niger Delta. As global markets brace for economic volatility, Seplat’s conservative but confident strategy could position it as a stabilizing player in Nigeria’s energy landscape—especially if the integration of recently acquired offshore assets continues to yield tangible results