The 2024 performance of Seplat Energy Plc met and exceeded the expectation of the board of directors, the Chairman, Senator Udoma Udo Udoma, has said.
Udoma said this on the sidelines of the company’s 12th yearly general meeting held virtually, pointing that Seplat was able to complete the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU) – now known as Seplat Energy Producing Nigeria Unlimited (SEPNU).

“I believe the performance of the business met our expectations. 2024 was truly transformational for the development of our business. Our core business delivered another year of safe and reliable operations, achieving key targets for production and operating efficiency, which supported another year of strong cash flow generation and shareholder returns. We delivered a year of strong production, with revenues over one billion dollars, at $1.116 billion.
This was achieved through safe and reliable operations, with 11 million man hours without any lost-time injury (LTI), ” he said.

Commenting on the SEPNU assets, he stated: “The acquired assets have a world-class history as some of Nigeria’s most important oil fields and as the new operator of the assets, we intend to invest to increase production for the benefit of all our stakeholders. Seplat Energy has created a Nigerian energy powerhouse. I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings. This speaks volumes to the strength of our business.”

Also speaking on the SEPNU acquisition, the CEO, Roger Brown, said the increased reserves and production that the SEPNU assets add to Seplat Energy’s operations is significant, making the company to consolidate on its position as the leader in Nigeria’s indigenous energy space.

“This is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly. Along with the oil and gas producing assets we gain operating control of dedicated shallow water infrastructure and three export terminals, namely Qua Iboe Terminal, Bonny River Terminal and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso,” Brown explained.