Seplat Energy Plc, one of Nigeria’s leading independent energy companies, has successfully reactivated 29 dormant oil wells in the first half of 2025, adding approximately 25,900 barrels per day (bpd) to the nation’s crude oil output. The landmark achievement forms part of the firm’s broader offshore production recovery strategy aimed at ramping up domestic hydrocarbon supply while boosting energy security and shareholder returns.
In its unaudited H1 2025 financial report, Seplat Energy disclosed that its idle well restoration programme had significantly contributed to strong production growth. “Offshore, the idle well restoration programme added approximately 25,900 bpd gross production capacity from the first 29 wells restored to production,” the report stated.
Seplat’s production performance in H1 2025 exceeded expectations. The company achieved an average production rate of 134,492 barrels of oil equivalent per day (boepd), a sharp 178% increase from the 48,407 boepd recorded in the same period in 2024. This comfortably exceeded the midpoint of its 2025 guidance range of 120,000–140,000 boepd.
Working interest oil production reached 100,327 bpd, while offshore output contributed 79,660 boepd, composed of 86% crude and condensates, 5% natural gas liquids (NGLs), and 9% natural gas. Onshore production also climbed to 54,831 boepd, reflecting a 13% year-on-year growth.
The energy company’s strong operational efficiency was underlined by more than 15.3 million man-hours without Lost Time Injury (LTI) across its operated assets — a testament to its robust safety and performance culture.
Seplat’s financials mirrored its operational success. The company reported revenue of ₦2.17 trillion, more than tripling the ₦575.1 billion posted in H1 2024. Gross profit surged to ₦751.2 billion, and operating profit more than doubled to ₦601.2 billion. Cash generated from operations reached ₦1.19 trillion, while EBITDA grew to ₦1.14 trillion.
In USD terms, revenue rose to $1.4 billion, while adjusted EBITDA soared to $735 million, up from $267.3 million a year earlier. Cash flow from operations was also strong at $766.2 million.
Seplat maintained a unit production operating cost of $12.5/boe, well below the guidance range of $14–15/boe, due to the strategic timing of maintenance activities. The company’s capital expenditure stood at $96.5 million, while its net debt declined to $676 million, down from $747 million in Q1. Additionally, it repaid $100 million of its revolving credit facility, leaving the entire $350 million facility undrawn.
As part of its diversification, Seplat is nearing the commissioning phase of the ANOH Gas Processing Plant, with dry gas now received for live hydrocarbon commissioning. The firm also declared a second-quarter dividend of $0.046 per share, continuing its track record of rewarding shareholders.
Looking ahead, Seplat reaffirmed its 2025 production guidance of 120,000–140,000 boepd, with onshore operations expected to contribute 48–56 kboepd and offshore assets 72–84 kboepd. Capital expenditure for the year is projected at $260–320 million, split between onshore ($180–220 million) and offshore ($80–100 million) projects.
Seplat CEO Roger Brown said the company is on a strong growth path. “We delivered production over 10% higher than pro forma output in H1 2024. Our focus on operational excellence is delivering value and supporting Nigeria’s crude and gas production targets,” Brown noted.
He added that the company’s financial resilience places it in a strong position to navigate global economic uncertainties. “Our robust earnings and prudent cost controls have generated significant free cash flows, allowing us to reduce debt and maintain shareholder value through consistent dividends.”
Seplat’s success in reviving dormant wells and ramping up production comes at a critical time for Nigeria’s energy sector, which continues to face challenges from pipeline vandalism, oil theft, and investment hesitancy. The company’s performance sets a benchmark for local energy firms and underscores the potential of indigenous companies in driving sectoral reform and growth.
Industry analysts believe Seplat’s model — combining safety, scale, and sustainability — could serve as a blueprint for boosting upstream output in Nigeria’s bid to meet OPEC production targets and maximize oil revenue amid global energy transitions.