Seplat Energy said the successful completion of the $800 million acquisition of Mobil Producing Nigeria Unlimited (MPNU) in December 2024 was fully funded through cash and new debt facilities without diluting shareholder stakes.
This acquisition, which has strengthened the company’s business prospects, marked a pivotal moment in Seplat’s strategy to solidify its position as Nigeria’s leading independent energy company.
At the company’s post-yearly general meeting press briefing held in Lagos yesterday, the Chairman, Udoma Udo Udoma, outlined the transformative impact of integrating MPNU assets, now known as Seplat Energy Producing Nigeria Unlimited (SEPNU).
According to him, the business combination has created a robust Nigerian energy powerhouse, increasing pro-forma production to 118,000 barrels of oil equivalent per day and boosting reserves by 85 per cent, reaching 886 million barrels of oil equivalent.
Udoma expressed confidence in Seplat’s future, noting the company’s commitment to expanding both its onshore and SEPNU operations.
He said the focus will be on increasing production, maintaining infrastructure integrity, and leveraging growth in Seplat’s gas division.
He also revealed that the company will detail its broader operational strategy during the Capital Markets Day in the third quarter of 2025, which will focus on driving social development, environmental responsibility, and maximizing stakeholder returns.
Seplat’s Board has approved a core dividend of $ 3.6 cents per share for the final quarter of 2024, bringing the total for the year to $ 13.2 cents per share, a 10 per cent increase from 2023.
Additionally, a special dividend of $ 3.3 cents per share has been declared, reflecting the company’s positive performance and outlook.
The Chief Executive Officer, Roger Brown, highlighted Seplat’s strategic shift towards offshore operations, with approximately 70 per cent of production now coming from offshore assets.
This diversification, according to him supported by the company’s robust infrastructure and security at key export terminals, is expected to improve revenue stability and reinforce Seplat’s position in the Niger Delta.
Brown also emphasised Seplat’s commitment to exploring opportunities within its new Energy division, particularly in power generation and renewable energy, aligning with long-term growth strategies.
The company’s Chief Operating Officer, Samson Ezugworie said the firm reported a strong 2024, with the SEPNU assets contributing significantly to the company’s performance.
He revealed that Seplat surpassed its production guidance, with total working interest production reaching 52,947 boepd for the year following the integration of SEPNU.
Looking ahead to 2025, Ezugworie said the company’s production guidance is set at 120,000–140,000 boepd, with a focus on optimising existing wells, expanding drilling activities, and increasing gas production through ongoing projects at the Sapele Integrated Gas Plant.
He added that Seplat Energy is poised for continued growth, with a clear focus on maintaining operational sustainability, expanding production capabilities and contributing to the development of Nigeria’s energy sector.
