- Seplat Energy restored 29 idle oil wells in H1 2025, adding 25,900 barrels per day of gross offshore production.
- The company reported strong financial performance, growing revenue to ₦2.17tn ($1.4bn), increasing EBITDA to $735m.
Seplat Energy Plc said on Wednesday, July 30, it restored 29 idle oil wells in the first half of 2025, adding 25,900 barrels per day (bpd) of gross production capacity, as part of its offshore development push.
In its unaudited half-year results to June 30, the company reported a 178% year-on-year increase in average production, reaching 134,492 barrels of oil equivalent per day (boepd), exceeding the midpoint of its 2025 guidance of 120,000 to 140,000 boepd. Working interest oil production stood at 100,327 bpd.
Seplat had previously announced plans to revive 400 idle wells. The company commented on the early progress: “Offshore, the idle well restoration programme added approximately 25,900 barrels of oil per day gross production capacity from the first 29 wells restored to production.”
In addition, offshore production averaged 79,660 boepd, comprising 86% crude and condensate, 5% natural gas liquids (NGL), and 9% gas. The company said Q2 2025 production rose 11% quarter-on-quarter, supported by improved uptime. Onshore output reached 54,831 boepd, up 13% from H1 2024.
The firm also surpassed 15.3 million person-hours without a Lost Time Injury (LTI) on its operated assets, demonstrating a sustained focus on safety performance.
Seplat reported revenue of ₦2.17 trillion, a 277% increase from ₦575.1 billion in H1 2024. Gross profit rose to ₦751.2 billion from ₦247.5 billion, while cash generated from operations climbed to ₦1.19 trillion from ₦308.2 billion. Operating profit surged to ₦601.2 billion, more than last year’s ₦285.2 billion.
In dollar terms, revenue rose 231% to $1.4 billion, from $422 million a year earlier. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached $735 million, up from $267.3 million, while cash from operations hit $766.2 million, compared with $226 million in 2024.
Due to maintenance timing, the company reported a unit production operating cost of $12.5 per boe, below its $14–15 per boe guidance. Cash capital expenditure stood at $96.5 million.
As of June, Seplat held $419.4 million in cash, excluding $133 million in restricted cash. Net debt declined to $676 million from $747 million in the previous quarter. The company’s net debt-to-EBITDA ratio improved to 0.53x.
In July, Seplat repaid $100 million of its revolving credit facility (RCF), leaving the entire $350 million line undrawn and fully available.
The company also confirmed that the ANOH gas plant had received dry gas, initiating live hydrocarbon commissioning. Seplat declared a second-quarter dividend of 4.6 cents per share, maintaining its payout from the previous quarter.
Looking ahead, Seplat reaffirmed its 2025 guidance: production between 120,000 and 140,000 boepd (48,000–56,000 onshore and 72,000–84,000 offshore), with capex of $260–320 million. Unit operating costs are expected to remain within the $14–15 per boe range.
Chief Executive Officer Roger Brown said, “Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability, and production improvement activities is bearing fruit.”
He noted that production was over 10% higher than the pro forma output in H1 2024, supporting Seplat’s growth plans and Nigeria’s broader oil and gas production targets.
“We are well-positioned to weather macro volatility,” Brown added. “Strong revenues and disciplined cost control delivered significant cash flow, enabling us to reduce net leverage, maintain our dividend, and pay down an additional $100 million in debt.”