KEY POINTS
- Revenue rose 144 percent to 2.726 billion dollars as production jumped 148 percent.
- Cash flow, dividends, and balance sheet strength improved significantly.
- Seplat targets 200,000 boepd production and 1 billion dollars shareholder returns by 2030.
Seplat Energy Plc has reported a major financial leap in its full-year 2025 audited results, with revenue rising by 144.2 percent to 2.726 billion dollars, compared with 1.116 billion dollars recorded in 2024. The strong performance of Seplat was largely driven by a sharp rise in production following the first full year contribution from newly integrated offshore assets.
Average daily output climbed by 148 percent to 131,506 barrels of oil equivalent per day, up from 52,947 boepd the previous year. Despite this massive growth, Seplat also reduced unit production operating cost by 5 percent to 15.7 dollars per barrel, down from 16.5 dollars.
Adjusted EBITDA jumped 137 percent to 1.275 billion dollars, while cash generated from operations surged 276 percent to 1.166 billion dollars. Net debt fell by 25 percent to 673.3 million dollars, improving the company’s debt-to-earnings ratio to 0.53x and strengthening its balance sheet.
Operational drivers behind growth of Seplat
Seplat recorded 14 percent onshore production growth supported by new wells and completion of the Sapele Gas Plant. Offshore production also rose 9 percent on a comparable basis, though fourth-quarter output dipped slightly to 119,200 boepd due to maintenance and a temporary shutdown at the Yoho platform.
Its idle well restoration programme delivered an additional 48,600 boepd from 49 wells, exceeding internal projections. Seplat said the ANOH gas plant achieved first gas in January 2026 and is currently producing between 50 and 70 million standard cubic feet per day, with about 60,000 barrels of condensate already in storage.
The East Area Project offshore also recorded a peak natural gas liquids recovery of about 33,000 boepd in February 2026, compared with roughly 20,000 boepd peak levels recorded in 2025.
Proved plus probable reserves stood at 1,001 million barrels of oil equivalent at year end, slightly lower than 2024’s 1,043 million. However, total combined resources increased significantly to about 2,486 million barrels.
The company also reported environmental improvements, cutting emissions intensity on onshore assets by 24 percent to 24.3 kilograms of CO₂ per barrel.
