Seplat Energy Reports $2.73bn Revenue in 2025, Up 144%
By Naija Enquirer Staff
Seplat Energy Plc has released its audited results for the twelve months ended December 31, 2025, reporting revenue of $2,726 million, representing a 144.2 per cent increase compared to $1,116 million recorded in the 2024 financial year.
The company attributed the strong performance to a full year contribution from its offshore assets following consolidation.
Stronger Production Performance
Group production averaged 131,506 barrels of oil equivalent per day (boepd), up 148 per cent from 52,947 boepd in 2024, reflecting the first full year of offshore operations and performance within revised production guidance.
Fourth quarter 2025 production stood at 119,200 boepd, impacted by the Yoho shutdown and other planned maintenance activities.
Onshore operations recorded a 14 per cent year-on-year production growth, supported by the completion of the Sapele Gas Plant and the addition of new well inventory.
Gas Expansion Milestones
The ANOH Gas Plant achieved first gas in January 2026, with production currently stable at between 50 and 70 million standard cubic feet per day (MMscfd). Approximately 60,000 barrels of condensate are presently in storage.
The company also disclosed plans to double Joint Venture gas volumes at Oso-BRT to 240 MMscfd in the second half of 2026.
Balance Sheet and Shareholder Returns
Seplat’s balance sheet remained robust, with net debt at year-end 2025 reduced to $673.3 million, down 25 per cent from $897.8 million recorded at the end of 2024.
The company announced a dividend increase of over 50 per cent to 25 US cents per share, reinforcing its commitment to shareholder returns.
CEO Commentary
Commenting on the results, Chief Executive Officer Roger Brown said the company demonstrated its ability to operate at scale in 2025.
“We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory,” Brown said.
He added that drilling activities would be central to achieving the company’s long-term ambition of growing working interest production to 200,000 boepd by 2030.
Brown further announced that a jack-up drilling rig has been contracted and is expected to arrive at Oso in the third quarter to commence a multi-year, multi-well drilling campaign.
He emphasized that the company’s cash-generative asset base positions it to deliver its planned $1 billion cumulative return of capital to shareholders by 2030, while benefiting from a reduced cost of debt and strengthened financial stability.
