Nigeria’s indigenous firm, Sepat Energy Plc has increased its production capacity by 82,303 barrels per day to deliver $809m revenue in the first quarter of 2025, a performance influenced by its latest asset acquisition.
The company’s first quarter 2025 financial report, seen by THE WHISTLER, showed that the energy firm grew its oil production average to 131,561 barrels per day, up by 167 per cent from 1Q 2024, which was 49,258 bpd.
According to its books, the company declared huge revenue, which rose from $180m in the first quarter of 2024 to $809m in Q1 this year, a 350 per cent surge.
The company’s earnings grew by 226 per cent to $401m compared to $123m in Q1 2024.
Seplat posted a profit after tax of $23.3m compared to the $1.9m loss of Q1 2024.
The firm also recorded a strong cash position of $306.5m, a significant rise from $16.8m in 1Q 2024.
The development comes after the firm got the approval of the Nigerian Upstream Petroleum Regulatory Commission and ministerial approval for the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The deal was concluded in December 2024 while the acquired assets were renamed Seplat Energy Producing Nigeria Unlimited (SEPNU).
Seplat’s books analysed by THE WHISTLER showed that in Q1, 2025, Seplat’s oil production averaged 131,561 boepd up 167 per cent from 49,258 boepd in 1Q 2024.
It was also above the midpoint of 2025 guidance which was estimated at 120 – 140 kboepd.
During the period, SEPNU production contribution was 75,365 boepd while onshore production contribution was 56,196 boepd.
The books disclosed, “Onshore production contribution of 56,196 boepd, was 14 per cent higher than 1Q 2024, and above 2025 guidance.”
Seplat Chief Executive Officer, Roger Brown, said “Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes.
“Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near-term global economic outlook becomes less predictable.”
