Following its $1.28 billion acquisition of ExxonMobil’s Nigerian assets, Seplat Energy successfully restored 49 idle wells to production in 2025. This restoration programme added 48,600 barrels of oil per day (bopd) in gross production capacity at a cost of approximately $60 million.
Total group production jumped 148% year-on-year to 131,506 barrels of oil equivalent per day (boepd), largely due to the first full year of offshore consolidation.
Revenue increased by 144% to $2.73 billion, more than doubling the $1.12 billion recorded in 2024.
Profit before tax rose 86.7% to $497.8 million.
Unit production operating costs fell 5% to $15.7/bod
Seplat plans to restore an additional 50–51 wells in 2026.
The company expects 2026 production to reach 135,000–155,000 boepd, a ~10% increase over 2025.
Budgeted capex for 2026 is between $360 million and $440 million, funding 15 onshore and 2 offshore new wells.
Seplat aims to achieve 200,000 boepd by 2030, supported by a $3 billion investment plan over five years.
Infrastructure: The Yoho platform, currently offline following a 2025 fire, is slated to return to production in Q2 2026, adding roughly 20,000 bopd
Note by Alessandro Bazzoni