Seplat Energy Plc says it has recorded a revenue of N1.228 trillion in the first quarter 2025 compared to N268.6 billion reported in the same quarter last year.
According to the company, it also revived about 10 idle oil wells to bolster the nation’s production with additional 11,000 barrels of oil per day. This was disclosed by the company in its audited results for the first quarter ended March 31, 2025.
SEPNU is known as Seplat Energy Producing Nigeria Unlimited – formerly Mobil Producing Nigeria Unlimited (MPNU), stated that “SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.” The energy firm also stated that its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.
Commenting on the results, the Chief Executive Officer, Seplat Energy, Roger Brown, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.
“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.
“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28 per cent increase in our quarterly dividend versus 4Q 2024.” The company also stated that its production averaged 131,561 boepd up by 167 per cent from 1Q 2024 (49,258 boepd).
