Seplat Energy Plc has announced its intention to operate an additional 13 new onshore oil wells in 2025.

The organization indicated in its 2025 forecast that the strategy also encompasses the replacement of an inlet gas exchanger on the East Area Project NGL initiative offshore, along with other capital expenditure projects.

In its financial results for 2024, Seplat revealed a production guidance for 2025 averaging between 120,000 and 140,000 barrels of oil per day.

The company increased its revenue for 2024 to N1. 652 trillion from N696. 9 billion on a year-on-year basis, with cash generated from operations rising to N567. 5 billion from N340. 6 billion year-on-year.

“Production (onshore assets) averaged 48,618 barrels of oil equivalent per day, reflecting a two percent increase from 2023 (47,758 boepd), and within the guidance range. Including 19 days of SEPNU production (annualized average contribution of 4,329 kboepd), reported production reached 52,947 boepd, representing an 11 percent rise compared to 2023,” it stated.

Seplat’s Chief Executive Officer, Roger Brown, remarked, “2024 proved to be a pivotal year for Seplat Energy. In addition to advancing crucial growth projects within our existing onshore operations, we concluded 2024 by finalizing the acquisition of SEPNU, the largest in the company’s history, which adds substantial scale and compelling low-cost growth potential. In the initial months following the acquisition, it has become evident that there is significant potential in offshore shallow water, operating a closed-loop system from wellhead production to hydrocarbon sales at the terminal.

“This year, we will prioritize reopening previously inactive wells in SEPNU, along with executing another comprehensive drilling campaign for our onshore assets, and we anticipate delivering the first gas at ANOH. We will also expedite the subsurface work and contracting required to initiate an infill drilling campaign at SEPNU. “

Additionally, the energy company has committed to maintaining transparency regarding the assets it acquired last year.

The organization credited its growth over the years to well-considered strategies, robust governance practices, and dedicated personnel, emphasizing that the pursuit of developing Nigeria and the support from the Nigerian government remain of paramount importance.

The chief executive officer made these remarks while addressing attendees at the recently concluded Nigerian International Energy Summit in Abuja.