Seplat Energy Plc has reaffirmed its commitment to long-term investments across its core business divisions, following a transformative year in which the company significantly increased its production and reserve base through the acquisition of Mobil Producing Nigeria Unlimited (MPNU).
Addressing shareholders and journalists at the company’s 2025 Annual General Meeting, the Chairman of Seplat Energy described 2024 as a “truly transformational year,” confirming that the company’s performance met the Board’s expectations. Seplat delivered strong production figures and safe, reliable operations, achieving revenues of $1.116 billion with 11 million man-hours recorded without a single Lost Time Incident (LTI).
The December 2024 acquisition of MPNU — now merged and rebranded as Seplat Energy Producing Nigeria Unlimited (SEPNU) — has more than doubled Seplat’s production capacity and increased its reserves, positioning the company as a powerhouse in Nigeria’s energy sector. With this move, Seplat not only expanded its asset portfolio but also took operational control of three key export terminals: Qua Iboe Terminal, Bonny River Terminal, and the Yoho Floating Storage and Offloading (FSO) facility.
Speaking on the significance of the acquisition, Seplat’s CEO noted that the deal marks the company’s transition from a fully onshore producer to a major offshore operator, with approximately 70% of its production now offshore. The CEO emphasized that the integration of the MPNU assets strengthens Seplat’s export capacity and revenue assurance, thanks to improved security and operational efficiency at the new terminals.
Seplat also announced that it recorded an average working interest production of 52,947 barrels of oil equivalent per day (boepd) in 2024, which is an 11% increase over the previous year. Legacy operations contributed 48,618 boepd, boosted by new wells, gas production from the Sapele Integrated Gas Plant (SIGP), and the successful turnaround of the Oben facility. SEPNU assets, with just 19 days of contribution post-acquisition, recorded an annualized average of 4,329 boepd. For 2025, Seplat has set ambitious guidance of 120,000 to 140,000 boepd and has already reported Q1 production of 131,561 boepd — well within range.
On the infrastructure side, the ANOH Gas Plant achieved mechanical completion in December 2023, also without any LTIs across its 11 million man-hours of development. However, full operations have been delayed due to technical challenges with the OB3 pipeline’s river crossing segment. The COO reported that tunneling resumed recently and is targeted for completion in Q2 2025, setting the stage for the 300 million standard cubic feet per day (MMscfd) plant to begin operations in the second half of 2025.
Looking ahead, Seplat intends to invest significantly in both its legacy onshore and new offshore assets. Maintenance, integrity, and production growth are key focus areas, alongside ramping up gas volumes, particularly from SIGP. The company will unveil its full operational strategy at a Capital Markets Day scheduled for Q3 2025.
On the human capital and sustainability fronts, Seplat continues to evolve. The CEO announced the internal rollout of a new cultural framework — SF-InPACT — aimed at deepening employee engagement, performance, and trust within the organization. Seplat also reaffirmed its commitment to new energy ventures, confirming that while no investment decisions were made in 2024 due to the MPNU acquisition, plans to pursue power generation and renewables remain active.
In line with its vision of “transforming lives through energy,” Seplat’s social investment efforts reached key milestones in 2024, including conducting 100,000 eye tests through its Eye Can See program and training over 1,000 teachers through various education programs. A major highlight was the launch of the Youth Entrepreneurial Program (YEP), designed to equip young Nigerians with skills in renewable energy, aligning with global climate action goals.
With its expanded asset base, strategic infrastructure, growing production, and deepened community engagement, Seplat Energy says it is well-positioned to deliver sustained growth and long-term value for all stakeholders, while advancing Nigeria’s energy security and transition ambitions.
