Seplat Energy has unveiled plans to revive over 400 dormant oil wells across its assets as part of a strategic move to boost production and reinforce its position in Nigeria’s energy sector.
The announcement was made by Chief Operating Officer Samson Ezugworie during the company’s post-Annual General Meeting (AGM) held in Lagos on Wednesday.
Seplat currently operates eight of the 11 oil blocks in its portfolio—seven onshore and four offshore.
Ezugworie described these assets as highly productive and emphasized the company’s growing influence in Nigeria’s domestic gas value chain.
Highlighting Seplat’s strong performance over the past year, Ezugworie pointed to the successful acquisition of Mobil Producing Nigeria Unlimited as a game-changing milestone that doubled production capacity and significantly advanced the company’s long-term growth strategy. He also noted that the board was highly satisfied with this achievement.
Chairman Udoma Udoma reported that Seplat achieved more than 11 million man-hours without a single lost-time injury, while also generating over $1.1 billion in revenue. He stressed that these results were delivered with a strong commitment to safety and in line with board expectations.
Despite recent volatility in global oil prices, Udoma expressed confidence in Seplat’s resilience and forecast further growth in 2025.
He noted that the company is increasing gas supply to Nigeria LNG and expanding deliveries to existing customers.
Chief Executive Officer Roger Brown reiterated Seplat’s strong market position, noting that the company has tripled production and nearly doubled reserves.
He also highlighted Seplat’s operational control over most of its assets and its leadership role in Nigeria’s gas market.
Chief Financial Officer Eleanor Adaralegbe emphasized Seplat’s commitment to shareholder value.
She announced the board’s approval of a Q4 dividend of 3.6 cents, along with a special dividend of 3.3 cents, and confirmed that payments to shareholders in Nigeria and the UK would begin following the AGM.
Adaralegbe also reaffirmed Seplat’s focus on sustainability and reliable dividend payouts, underscoring the company’s financial strength and positive outlook.
She concluded by highlighting the strong start to 2025, with Q1 results already showing sustained performance. This momentum, she said, gives shareholders reason to expect continued value.
In Q1 2025, Seplat’s average daily hydrocarbon output reached 131,561 barrels of oil equivalent.
The company also posted revenue of ₦1.652 trillion for 2024—more than double the ₦696.9 billion reported in the previous year.
