Seplat Energy says its average daily hydrocarbon production hit 131,561 barrels of oil equivalent per day in the first quarter of 2025.
In the company’s audited results for the three months of the year, it was disclosed that crude oil and gas production was 167 per cent higher than the 49,258 barrels per day produced in the first year of 2024.
“For the period, production averaged 131,561 barrels of oil equivalent per day, up 167 per cent from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd),” the company revealed.
It added that the onshore production contribution of 56,196 boepd, was 14 per cent higher than that of 1Q 2024, and above its 2025 guidance.
It was stated that the increase followed strong performance at Oben Gas Plant and the first contribution from Sapele Gas Plant.
The report added that Seplat Energy Producing Nigeria Unlimited production contributed 75,365 boepd within guidance—88 per cent crude and condensate, 4 per cent NGL, and 8 per cent gas.
It was also disclosed that SEPNU idle well restoration programme added 11,000 bopd gross JV production from the first 10 wells restored to production.
In the period under review, the Sapele Integrated Gas Plant was commissioned, and it achieved its first commercial gas sales in February 2025.
“The plant is delivering high-quality processed gas, and condensate yields of c.2 kbopd,” it was stated.
There was an increase in operational costs within the period. The firm said the unit production operating cost was $12.6/boe, up from $9.5/boe in 1Q 2024, but better than the projected $14-$15/boe, due to the timing of planned maintenance activities.
Cash generated from operations was put at $306.5m, up materially from $16.8m in 1Q 2024. Also, cash capital expenditure was said to be $40.2m, down from $47m year-on-year.
The company stressed that onshore drilling activity is to be ramped up from 2Q 2025.
It was announced that the Senior Independent Non-Executive Director, Mr Bello Rabiu, and the Independent Non-Executive Director, Mr Babs Omotowa, resigned from the Seplat board following their appointments to the Nigerian National Petroleum Company Limited board.
“The board has unanimously appointed Mrs Bashirat Odunewu as Senior Independent Non-Executive Director,” it was disclosed.
The company’s Chief Executive Officer, 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.”
