Seplat Energy To Boost Investment In Onshore, SEPNU Businesses

The independent non-executive chairman of Seplat Energy Plc, Udoma Udoma stated that, the company plan to invest in both its Onshore and Seplat Energy Producing Nigeria Unlimited (SEPNU) businesses to increase production in both divisions.

Udoma stated this at the company’s 12th Annual General Meeting Media Parley held in Lagos.
He stated that, the company will be investing in maintenance and integrity activities to ensure the infrastructure will continue to support production well into the future. He said, “our gas division will grow rapidly with the enormous gas resources offshore as well as the already established gas business onshore. To ensure the long-term sustainability of our business, we continue to focus on three key areas, which are driving social development, focusing on environmental care and reporting and lastly, maximising 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.”

The chief executive officer, Seplat Energy, Roger Brown, stated that, “the increased reserves and production that the 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.”

Chief operating officer, Seplat Energy, Samson Ezugworie added that, “following Change-in-Control on December 12, 2024, we included 19 days of production from the SEPNU assets which had our full year combined business delivering 52,947 boepd working interest, (Guidance (46-52Kboe), 11 per cent higher than 2023.”

He explained that, “in 2025, our production guidance to the market is 120,000 to140,000 boepd working interest and as seen from our Q1 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.”

Chief financial officer, Seplat Energy, Eleanor Adaralegbe noted that, 2024 financial 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 (N1.652trillion) reflecting a higher output partially offset by modestly lower oil price realisations.

She added that, the board recommended a core dividend of $3.6 cents per share (N55.27 per share) for the final quarter of 2024, bringing the total core dividend declared for 2024 to $13.2 cents per share (N202.66 per share), a 10 per cent increase on 2023.