Tag: Seplat

The board of Seplat Energy Plc has announced the appointment of Mr. Tony Elumelu as a Non-Executive Director of the company. The appointment took effect yesterday.

This was made known in a statement the board chairman, Mr. Udoma Udo Udoma issued yesterday.

“The Board is pleased to announce the appointment of Mr. Tony O. Elumelu,  as a Non-Executive Director on the Board effective 22 January 2026,” he said.

The statement recalled that following the Company’s prior announcement regarding the sale of Etablissements Maurel et Prom SA (“M&P”) 20.07% shareholding in Seplat to a combination of Heirs Holdings Limited and Heirs Energies Limited, the Board of Seplat Energy today announces the resignation of Mr. Olivier Cleret De Langavant as a Non-Executive Director effective 22 January 2026. Mr. Langavant, who joined the Board on 28 January 2020 as a nominee of M&P, has rendered exceptional service throughout his tenure, providing strategic technical counsel and invaluable insights that have materially supported the Company’s progress, according to statement signed by Mrs. Edith Onwuchekwa, Director Legal/Company Secretary at Seplat Energy.

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According to the statement, Elumelu is a distinguished African investor and philanthropist, globally recognized as one of the most prominent voices on Africa’s transformation agenda. He is the Founder and Chairman of Heirs Holdings, a diversified investment company with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare.

He also serves as Chairman of United Bank for Africa (UBA) Group, Heirs Energies, Transcorp Group, whose subsidiaries include Transcorp Power, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

In 2010, he established The Tony Elumelu Foundation (TEF), the leading philanthropy dedicated to empowering African entrepreneurs across all 54 African countries. His global influence has been widely acknowledged, including recognition as one of TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (2022).

He also serves on several global boards, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth.

Udoma said, “We are confident that Mr. Elumelu’s extensive experience and visionary leadership will significantly advance Seplat Energy’s strategic objectives and reinforce the Company’s commitment to sustainable growth and long-term success.”

Domestic gas remains the engine of prosperity for Nigeria and Africa in general- from powering homes, to fuelling industry and providing a cleaner alternative for cooking and transportation.

Director, New Energy, Seplat Energy Plc,  Okechukwu Mba, who spoke during a panel discussion at the AEW, titled: “Beyond Exports: Developing Commercially Viable Domestic Gas Markets”, said stakeholders need to ensure that the challenges in the gas to power value chain from molecules at the wellhead to electrons in homes are addressed for Nigeria to realise the goal of increased power supply to Nigerians.

Mba spoke at the 2025 Africa Energy Week (AEW) held in Cape Town, South Africa.

He also emphasised the importance of a commercially viable power sector which is critical to achieving growth in the domestic gas market.

This, he explained, informed the company’s huge investment in gas processing capacity devoted to the domestic market, including the ANOH gas plant which is expected to come on stream before the end of the year.

According to Mba, “Bankable anchor customers are needed to underpin the development of new gas projects whilst identifying infrastructural challenges in power transmission and distribution as well as the liquidity crises in the power sector as two areas that require urgent attention in order to unlock new gas projects.  He highlighted that the firm currently supplies gas to five power stations in Nigeria which underscores its commitment to the power sector, noting that gas is well positioned to provide reliable and affordable base load energy to drive to economic growth.

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Speaking further, he revealed that the firm adopts a comprehensive approach to growing the domestic gas market.  “Beside investments in pipeline gas projects, Seplat is also investing in Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) facilities,” he added.

In addition to the significant volumes of butane now supplied to the domestic market from its NGL plant in Bonny River Terminal, Seplat Energy also intends to commence delivery of LPG from its Sapele and ANOH gas plants before the end of the year. This, Mba said, will make Seplat Energy one of the leading suppliers of LPG, displacing biomass and providing a cleaner cooking fuel that will improve the health and living conditions of Nigerians.   He added that Seplat Energy’s investment into CNG was to make gas available to customers not currently connected to the domestic gas pipeline network.

Mba stated that the company plans to take its operated gas production to over 1Bcf/d by 2030, while noting that the recent incentives granted by government to the gas sector will aid the achievement of this goal.

In a related development, the Director External Affairs & Social Performance, Seplat Energy, Chioma Afe, who featured in a panel discuss on: “Bureaucracy or Bridge? Tailoring Global ESG Approaches for African Realities”, said in all the company’s moves to drive access to reliable and affordable energy for Nigerians, ESG fundamentals are strongly upheld and practicalised.

According to her, the peculiarities of the Nigerian people and Africa at large remain very germane in implementing Seplat Energy’s ESG framework and affirming its commitments.

She said: “For a truly successful and impactful ESG implementation, it is highly imperative to move from a “one size fits all” mindset, to a co-created framework and implementation that is focused on value creation and empowers African nations to define their own sustainable growth plan. One that ensures ESG principles become a bridge across industries and countries driving growth and not a bureaucratic exercise.”

“Adapting ESG to local needs is key. Therefore, we should explore customising global ESG frameworks to address the unique socio-economic conditions, developmental challenges, including infrastructure, education and healthcare, as well as vulnerabilities to climate change and economic empowerment, across the continent.”

Speaking to the company’s model, she noted that: “At Seplat Energy, our approach has been a regular and systematic process of identifying and analyzing the development ‘gaps’ in our areas of operation and partnering with our communities to define project goals, prioritise resources and develop effective strategies to achieve them.”

Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown has said the company is transforming Nigeria’s energy landscape and setting new standards for Africa’s indigenous operators.

According to him, following its landmark acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets, Seplat Energy is poised to redefine Nigeria’s gas future through a blend of integration, innovation, and an unwavering commitment to inclusive national development.

“We are absolutely delighted to have completed the MPNU acquisition. It’s a true game-changer for Seplat Energy. The scale of this transaction is simply monumental.

“We’re now active in 11 blocks, eight of which we operate directly. The acquisition not only doubled Seplat’s reserves but also significantly expanded its footprint and diversified its portfolio across upstream and midstream sectors.

“We have seven onshore blocks and four shallow-water offshore blocks. With this acquisition, we formed Seplat Energy Producing Nigeria Unlimited (SEPNU) and now manage operations that connect seamlessly into three terminals—one offshore and two onshore.”

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“This gives us a fully integrated value chain—from the wellhead all the way to export via vessel—with Seplat in full control of operations. Our production has materially increased. We’ve moved from around 50,000 barrels per day to over 120,000 barrels per day. We’re proud to say that our workforce now includes around 1,500 professionals—the vast majority of whom are Nigerians,” Brown said.

He emphasised that the gas resource in Seplat’s offshore blocks is extraordinary.

According to him, while not all of it is currently classified as proven reserves, the estimate was that the actual volumes were three times more than what was being reported.

“This gas will be instrumental. It will feed into domestic power generation, industrial uses such as fertilizer and petrochemicals, and LNG—both Nigerian LNG and new floating LNG initiatives.

 “This is a major opportunity for Nigeria as we move into a new phase of energy autonomy. It’s not just about exporting oil and gas anymore; it’s about building domestic capacity that supports job creation, industrialization, and long-term economic resilience.

 “You must tailor your energy strategy to where you operate. Nigeria has one of the lowest levels of energy access globally. Affordable, reliable energy is essential for economic development, job creation, manufacturing, education, and healthcare.

“Gas is the answer for Nigeria’s base load electricity. It’s available 24/7, 365 days a year. By the end of this year, we’ll have three operational gas processing plants onshore. Strategically, these are located to serve high-demand areas such as Lagos and Abuja. Together with our offshore acquisition, we’ll soon be capable of processing one billion cubic feet of gas per day. This expanded gas capacity will lower electricity costs and displace expensive and polluting diesel generators,” Brown said, in an interview with Forbe Africa

While gas remains foundational, Seplat is already thinking ahead. “We do have ambitions in renewables and electricity generation,” Brown notes. “But for now, the biggest opportunities—and the greatest needs—lie in upstream oil and gas and midstream gas processing. At some point, when the time is right, we will take further steps into the electricity space.” The company’s long-term roadmap includes expanding modular solutions that can bring power closer to off-grid communities. “We’re exploring modular gas-to-power systems that can be deployed in rural areas. These will play a key role in solving last-mile electricity access problems,” he says.

Technology is central to Seplat’s strategy—both for operational excellence and for reducing environmental impact. “We’re aggressively moving to end routine flaring—some years ahead of Nigeria’s national target of 2030,” Brown states. “We’ve committed to ending flaring in our onshore operations this year, and we’re working on a roadmap for our offshore assets.”

“We’re deploying AI to monitor the integrity of aging infrastructure. Predictive maintenance now guides our operations. We’re also using better drilling technologies, data analytics for seismic analysis, and digital twins for real-time monitoring. Our technology team is continuously scouting and deploying tools that improve efficiency and reduce our carbon footprint.”

The adoption of these tools, he says, is part of building a smarter, safer, and more future-resilient Seplat. “This is about creating a culture of continuous innovation—about using the best available tools to optimize performance while keeping people and the environment safe.” Seplat is also investing in people, recognizing that long[1]term sustainability starts with human capital. “We just onboarded 50 new graduates through our graduate trainee program—out of over 10,000 applicants,” Brown shares.

“The talent in Nigeria is remarkable. We want to give them reasons to stay and thrive here.” This investment in human capital extends into partnerships with educational institutions and STEAM (Science, Technology, Engineering, Arts & Mathematics) programs.

 “We’re working with universities to help shape curricula that are aligned with the skills we need in the energy industry,” Brown explains. “It’s not just about hiring—it’s about helping to develop the next generation of Nigerian engineers, geoscientists, economists and tech innovators, among others.”

Strong governance and a commitment to transparency underpin the company’s role in Nigeria’s transformation. “President Bola Tinubu has made clear that attracting foreign direct investment is a national priority. The process we went through with the MPNU acquisition was incredibly detailed and transparent. That’s the kind of diligence international investors expect.” Brown notes the institutional progress being made.

 “Two of our board members are now part of NNPCL’s board. These are top-tier professionals—a clear signal that Nigeria is serious about transforming the energy sector. You simply cannot ignore Nigeria—a population of over 200 million heading toward 400 million. By 2050, one in four people on the planet will be African. Nigeria will be central to that story.”

He stresses the global significance of what is happening now. “This is a pivotal moment for Nigeria and the region. The global energy transition will not look the same everywhere. For Africa, and for Nigeria specifically, gas is our bridge fuel. And companies like Seplat are showing that indigenous players can lead the way.” Seplat also continues to deepen its impact through community investment and local partnerships. “Our approach is holistic— from scholarships and education support to healthcare outreach and economic empowerment,” he says.

“Our procurement policies prioritize indigenous businesses. We want value to stay in Nigeria, to strengthen the local economy and create jobs across the value chain.” Through its healthcare outreach, Seplat has touched thousands of lives across rural communities with free medical services, maternal health programs, and awareness campaigns. These programs are often developed in consultation with local leaders to ensure relevance and impact. “We believe in being a responsible neighbor and a reliable partner. Our goal is to support long-term development that lasts beyond the life of our projects.”

Environmental stewardship is another cornerstone of Seplat’s ESG commitment. Brown notes, “We’re investing not only in flare reduction but also in biodiversity initiatives and conservation programs in the Niger Delta. We understand our responsibility goes far beyond profitability.” He adds, “We’re even exploring the use of renewable energy to power our own operations—a small but symbolic step toward a diversified energy future. Gas is our foundation, but we’re preparing for what comes next.”

Finally, Seplat’s adherence to global standards ensures its long-term sustainability and investor confidence. “We are dual-listed in Lagos and London. We operate to global standards and have robust governance systems. That’s what gives investors confidence,” Brown says. “We’ve seen real reforms. We’ve seen transparency. We’ve seen changes in leadership, especially at NNPCL, that show Nigeria is serious,” he concludes. “Nigeria is open for business, and Seplat is living proof of what’s possible when you lead with belief, strategy, and integrity.” With bold leadership, a clear vision, and deep national roots, Seplat Energy is not just keeping pace with Nigeria’s Decade of Gas—it’s leading the way.

Indigenous oil and gas companies are increasingly playing central roles in Nigeria’s emerging energy mix. Seplat Energy Plc, the indigenous oil and gas company quoted on the Nigerian Exchange (NGX) and London Stock Exchange (LSE), is breaking new grounds in value creation for all stakeholders. From crude oil to gas, the impending commencement of full operations by the ANOH Gas Project, drilling and activation of new and existing wells and record dividend payments to shareholders signaled the cyclical benefits of the growing influence of Seplat Energy. Deputy Group Business Editor, Taofik Salako, highlights how increasing domestic capacity in the oil and gas industry is contributing to economic renewal

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that Nigeria’s crude oil production rose by 5.0 per cent from 1.60 million barrels per day (mb/d) in March 2025 to 1.68 mb/d in April 2025. The report showed that the increase was primarily driven by improvement in production in the Forcados and Qua Iboe terminals, which saw increase of 38.1 per cent and 22.2 per cent respectively. The renewed performance at Qua Iboe terminal underlined improving investment by Seplat Energy, which took operatorship of the terminal after the December 2024 completion of acquisition of Mobil Producing Nigeria Unlimited (MPNU).

Experts expected the country’s oil production to remain on the upside, with the renewed investments in the sector. Seplat has outlined commitments to invest in both onshore and offshore production. Seplat’s 2025 targets included production of between 120 to 140 kboepd, consisting of Seplat Onshore 48 to 56 kboepd, and Seplat Energy Producing Nigeria Unlimited (SEPNU), the resultant company from the merger of MPNU’s business with Seplat’s, which is expected to contribute 72 to 84 kboepd. Already, in first quarter 2025, Seplat reported 131,561 boepd, in line with 2025 guidance. In 2025, Seplat’s capital expenditure (capex) guidance ranges between $260 million to $320 million, with Seplat Onshore projected to see additional investments of between $180 million to $220 million and SEPNU expected to receive between $80 million to $100 million.

Analysts at Cordros Capital Group said they expected “the combination of improved security measures and a gradual increase in sector investments to sustain production above 2024 levels”, with estimated average crude oil production, including condensate, of 1.68 mb/d in 2025. But the federal government is more optimistic with a target of 2.06 mb/d.

Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, acknowledged that recent production growth was underpinned by efforts to revitalise dormant fields, deploy enhanced oil recovery techniques and accelerate new development drilling.

Such upside performance has significant implications for the entire economy. While government continues push to diversify the economy, the upstream sector remains the backbone of Nigeria’s economy, contributing 95 per cent of foreign exchange (forex) earnings and nearly 70 per cent of government revenue.

Komolafe noted that while Nigeria boasts Africa’s largest natural gas reserves at 210.54 trillion cubic feet and 37.28 billion barrels of crude oil reserves, the key to unlocking the benefits lies in strategic initiatives that deepen production and retain values in the economy- two strategic goals of Seplat’s activities. 

“Our national production target is three million barrels per day, but achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match our fast-growing population.

“If we are to sustain, accelerate and truly harness the full potential of this sector for future generations, we must remain steadfast in advancing strategic initiatives that maximize government revenue, deliver tangible economic benefits to over 200 million Nigerians, and ensure consistent, attractive returns for our valued investors,” Komolafe said.

Unlocking vast natural resources

With three of the world’s top nine gas-flaring countries in Africa, converting the continent’s vast gas resources to wealth is also a major debate in the energy circle. Flare Gas Recovery Specialist at Neuman & Esser, Nmesoma Okereke underscored the urgency to harness Nigeria’s vast gas resources.

Nigeria alone was estimated to have flared about 193 billion cubic feet of gas in 2024, while producing 2.5 trillion cubic feet of gas. That volume of wasted gas represented a market value of $1 billion, at a time when around 40 per cent of the country’s population lacks access to electricity.

Okereke pointed out that Nigeria needs five times its current domestic gas supply to reach its goal of 30 GW of power by 2030.

This underscored the strategic investments Seplat is making in the Assa North – Ohaji South (ANOH) Plant. With the tunneling of the pipeline crucial to the full commencement of operations by the ANOH Gas Plant scheduled to be completed next month, the plant regarded as a critical national project is expected to commence full operations by the second half of this year.

The ANOH Plant is a greenfield gas development project equally owned by Seplat Energy Plc and the Nigerian Gas Company (NGC), a wholly owned subsidiary of Nigerian National Petroleum Company Limited (NNPCL). The plant was built by ANOH Gas Processing AGPC.

Providing update on the project at a post-annual general meeting interactive session with the media in Lagos, Seplat Energy Plc said the river crossing element of the OB3 line in second half of 2024 had proved technically challenging for the Nigerian Gas Infrastructure Company (NGIC) Limited such that at the end of the year, the tunnelling operations remained at 1.12 km of the 1.85 km of the river crossing.

Seplat Energy last week confirmed that significant additional equipment had been delivered to site and tunnelling has recently restarted with a target completion by June 2025.

“This is a top priority for the government, and we monitor progress on a continuous basis as a key pipeline infrastructure which is critical to the commencement of full operations of the 300 MMscfd joint-venture-operated ANOH Gas Plant. We remain optimistic that full operations will commence in the latter half of 2025,” Seplat Energy stated.

Nigerian energy powerhouse

Chairman, Seplat Energy Plc, Mr Udoma Udo Udoma, said the company would continue to invest in its businesses with gas playing significant role in the future growth of the company.

“Our gas division will grow rapidly with the enormous gas resources offshore as well as the already established gas business onshore,” Udoma said.

He noted that the completion of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) in December 2024 and now merged to form Seplat Energy Producing Nigeria Unlimited (SEPNU) has turned Seplat Energy into a Nigerian energy powerhouse, with pro-forma production of 118 thousand barrels of oil equivalent per day and pro-forma combined reserves of 886 million barrels of oil equivalent, an increase of 85 per cent on reserves reported by Seplat Energy at the beginning of 2024.

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“I believe the performance of the business met our expectations. The year was truly transformational for the development of our business. Our core business delivered another year of safe and reliable operations, achieving key targets for production and operating efficiency, which supported another year of strong cash flow generation and shareholder returns.

“I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings.  This speaks volumes to the strength of our business.

“We believe the future is very bright for the newly enlarged Seplat Energy. We plan to invest in both our Onshore and SEPNU businesses to increase production in both divisions, at the same time investing in maintenance and integrity activities to ensure the infrastructure will continue to support production well into the future,” Udoma said.

According to him, the company delivered a year of strong production, with revenues at $1.116 billion, achieved through safe and reliable operations, with 11 million man hours without any lost-time injury (LTI)

He outlined that bin order to ensure the long-term sustainability of its business, the company would continue to focus on three key areas, which are driving social development, focusing on environmental care and reporting and lastly, maximizing returns for all stakeholders.

“These key areas ensure that business can be financially sustainable while caring for the environment in which we operate and the communities of stakeholders with whom we interact,” Udoma said.

He said the company would outline its full group operational strategy at the Capital Markets Day in third quarter 2025, assuring shareholders that the board and management would continue to prioritise value creation for all stakeholders.

The transition

Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, said the group has witnessed phenomenal growth from being a 100 per cent onshore operator, with now approximately 70 per cent of production offshore, and exported through three terminals which Seplat operates.

According to him, the improved security and higher volumes passing through Qua Iboe and Yoho would improve revenue assurance and diversify export infrastructure in the Niger Delta.

“The increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.

“Along with the oil and gas producing assets we gain operating control of dedicated shallow water infrastructure and three export terminals, namely Qua Iboe Terminal, Bonny River Terminal and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso,” Brown said.

Chief Operating Officer, Seplat Energy Plc, Mr. Samson Ezugworie said the group is on course to sustain its upwardly performance.

“In 2025, our production guidance to the market is 120,000 to140,000 boepd working interest and as seen from our first quarter 2025 results, we reported 131,561 boepd which is in line with our guidance.

“We are focused on reviving existing wells in the SEPNU asset, investing in more drilling campaigns in our onshore assets and increasing gas volumes with the activities at SIGP,” Ezugworie said.

According to him, 2024 was a strong year for the company because in addition to the strong oil and gas production from its onshore business, it completed the transformational acquisition of MPNU in December 2024, an acquisition for the entire shallow water operations of Exxon Mobil in Nigeria.

“For our financial results, 2024 results benefited from higher production particularly oil production from the consolidation of SEPNU for the final 19 days of the year; total revenue reached a record of $1.116 billion or N1.652 trillion, reflecting a higher output partially offset by modestly lower oil price realizations. The group adjusted EBITDA reached $539 million or N796 billion including $99 million contribution from SEPNU and this represented a 20.3 per cent increase on 2023.

“After taxes of nearly $235 million, our net profit was approximately $145 million. We generated $383 million cash from operations and our Net debt increased to $898 million following the completion of the acquisition of MPNU but despite this, our pro forma net leverage of 0.7 times was flat on 2023 as the company maintained its strong balance sheet.

We maintained good credit ratings in international markets, and this helped us to refinance our $650 million bond in March 2025, where our yield priced inside the comparable Nigerian Government Sovereign bond, a first for Seplat. We look forward to further improvements in key financial metrics in 2025 as a bigger company,” Ezugworie said.

Value creation

Chief Finance Officer, Seplat Energy Plc, Mrs. Eleanor Adaralegbe highlighted the fact that Seplat Energy has remained consistent in dividend payments to shareholders with the 2024 highly remarkable with a special dividend.

Shareholders approved a core dividend of $ 3.6 cents per share or N55.27 per share for the final quarter of 2024, bringing the total core dividend declared for 2024 to $ 13.2 cents per share or N202.66 per share, a 10 per cent increase on payout for the 2023 business year. Also, following a review of Seplat’s operational performance and business outlook, the board declared an additional special dividend of $ 3.3 cents per share or N46.06 per share. This brought total dividend declared for 2024 to US$ 16.5 cents per share or N253.33 per share.

Adaralegbe said: “The payment of the special dividend reflects the board’s continued confidence in the outlook for the company and is underpinned by a strong balance sheet. The company will review its dividend policy through 2025 as part of the overall capital allocation policy of the enlarged group”.

In April 2025 Fitch upgraded the company’s corporate rating to B from B- (positive). This was linked to an upgraded outlook for the Nigerian sovereign long-term rating and the agency’s view of a stronger business profile post the completion of the MPNU acquisition. Ratings with S&P and Moody’s were reaffirmed in April 2025 and March 2025 respectively.

Outlook

First quarter report for the period ended March 31, 2025 already signposted 2025 as another record year for Seplat’s stakeholders. The three-month report showed total revenue of N1.228 trillion as against N268.6 billion recorded in comparable period of 2024. Gross profit soared to N535.4 billion from N63.8 billion. Cash generated from operations grew to N464.9 billion in first quarter 2025 as against N25.2 billion in first quarter 2024. Profit before tax tripled from N103.5 billion to N314.6 billion.

The report showed that the energy group was firmly on track to deliver its 2025 full-year guidance. Strong cash position supported early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, while also increasing its quarterly dividend to $ 4.6 cents per share.

Operational were also commendable. Seplat achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets and 4.8 million hours without LTI for SEPNU. Production averaged 131,561 barrels of oil equivalent per day (boepd), 167 per cent increase on 49,258 boepd recorded in first quarter 2024 and above the midpoint of 2025 guidance. Importantly, SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production. Also, Sapele Integrated Gas Plant (SIGP) was commissioned and achieved first commercial gas sales in February 2025, with the plant delivering high quality processed gas, and condensate yields of c.2 kbopd. The company is on course to end routine flaring for onshore assets by second half 2025.

Brown said the first quarter 2025 was enough signal for the year citing increased production and optimal cost value.

“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28% increase in our quarterly dividend versus 4Q 2024. Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders,” Brown said.

For Seplat, there are reasons for Nigeria and other stakeholders to look forward to a more promising future, of sustainable energy mix and commendable returns.

Seplat Energy Plc has trained additional 50 journalists and media practitioners in the Federal Capital Territory (FCT), Abuja as it concluded the third edition of its media training in line with the company’s sustainability commitments.

The media training programme was organised in partnership with Channels Academy, and had in attendance journalists/media practitioners in the energy, finance, capital market, judiciary, and general business beats.

Earlier, Seplat Energy had conducted such media trainings, twice, for Energy and Judiciary, as well as Capital Market and Business Correspondents/Editors in Lagos.

The two-day media training, with: ‘Retooling the Media for Better Reporting’ as theme dwelt on areas such as Local and International Energy Market Overview; the Intersection of the Judiciary and Energy Sector and the Fundamentals of Energy Journalism. Insights were also shared on Reporting Nigeria’s Local Energy Giants, Legal Compliance and Best Practice, Data Analysis and Interpretation as well as Leveraging Technology in Journalism. The event, which culminated in the presentation of Certificates, also featured group discussions on ethical scenarios and presentations.

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The training programme was facilitated by industry experts including Martin Ayankola, veteran Energy editor; Paul Ogbole, Senior Advocate of Nigeria (SAN); Simon Ejembi, Editor/Senior Manager, Channels Digital; Taiwo Adesina, Video production Specialist/Drone Pilot, and Emonye Adekwu, SAN.

Speaking during the engagement, the Manager Corporate Communications at Seplat Energy Plc, Stanley Opara who represented the Director External Affairs & Social Performance, Seplat Energy, Chioma Afe, reiterated Seplat Energy’s commitment to the continuous empowerment of journalists and the media as a whole, as partners in progress.

He identified the media as critical stakeholders of Seplat Energy, saying the development of the media industry in terms of skills and capacity advancement, remained dear to the Company and its leadership.