KEY POINTS
- Seplat Energy recorded strong April output of about 153,000 boepd, staying within its annual guidance even without contributions from the Yoho platform.
- The Yoho offshore platform is undergoing major maintenance and is expected to restart by Q2 2026, while costs rose temporarily due to accelerated repair works.
- Growth is being supported by ANOH gas production, idle well restorations, rising NGL output, and new infrastructure projects including the Oso-BRT pipeline upgrade and fresh offshore drilling plans.
Seplat Energy Plc is heading into the second quarter of 2026 with strong production momentum, even before the full return of key assets like the Yoho offshore platform.
The company reported that average daily production reached about 153,000 barrels of oil equivalent per day in the first 26 days of April, a level that sits comfortably within its full-year guidance range of 135,000 to 155,000 boepd.
This performance is particularly notable because it was achieved without any contribution from the Yoho platform, which remains offline due to maintenance. Management says this indicates the underlying strength of its asset base and supports confidence that annual production targets remain achievable.
Chief Executive Officer Roger Brown said the April figures highlight the company’s operational resilience, stressing that the Yoho platform is expected to return to production before the end of the second quarter, while the ANOH gas project continues to ramp up output.
Seplat’s Yoho offshore platform, located in the Niger Delta, was shut down in late 2025 to allow for extensive maintenance and repair work aimed at addressing structural and mechanical issues that had built up over time.
During the first quarter of 2026, the company undertook large-scale intervention works, including the replacement of more than 60 kilometres of cabling and nearly 400 piping spools. Additional maintenance originally planned for later in the year, such as valve replacements and riser repairs, was also brought forward.
While this aggressive maintenance strategy increased costs and temporarily reduced output, management said it was necessary to ensure long-term production reliability and asset integrity.
As a result, Seplat’s average production for the first quarter stood at 129,841 boepd, slightly lower year-on-year. Unit operating costs also rose to $17.1 per barrel, above the company’s guidance range, due to lower production volumes and higher maintenance expenses being spread across fewer barrels.
However, the company expects these cost pressures to ease once Yoho returns to service and production levels normalise.
ANOH gas plant and idle wells drive new production growth
Beyond Yoho, Seplat is also banking on several other assets to drive production growth in 2026. The ANOH gas processing plant began delivering first gas in January and produced about 17 million standard cubic feet per day in the first quarter. Although ramp-up has been slowed by constraints on the Trans Niger Pipeline, Seplat expects throughput to improve after planned pipeline repairs in the second quarter.
At full capacity, ANOH has already achieved peak output levels of around 193 million standard cubic feet per day, although current processing remains at about half of its nameplate capacity.
In addition, Seplat’s idle well restoration programme contributed significantly to output growth, adding about 10,000 barrels per day in the first quarter alone. Since inception, the programme has restored production capacity of 58,600 barrels per day from 58 wells, at a total cost of $83 million.
The company also recorded strong growth in natural gas liquids (NGLs), which rose by 190 percent year-on-year to 9,802 barrels per day, helping NGL revenue more than triple to $50.9 million.
Seplat is also advancing several infrastructure and drilling projects expected to support long-term production growth. The Oso-BRT pipeline upgrade, which will double gas supply capacity to Nigeria LNG from 120 to 240 million standard cubic feet per day, remains on track for completion in the third quarter of 2026.
Engineering work is already complete, and most key equipment has been secured. The company says this project will significantly strengthen its gas monetisation capacity once completed.
In addition, a new drilling rig, Shelf Drilling Victory, has arrived in-country and is expected to begin offshore drilling operations in the third quarter. It will be deployed to drill two new wells at the Oso field, further boosting production potential.
