Seplat Energy Plc expects its revenue for the first half of 2025 to exceed the $1.1 billion recorded during the same period in 2024, following an increase in crude oil and natural gas production across its major assets.
Roger Brown, the company’s chief executive officer, speaking at the company’s Annual General Meeting in Lagos on Wednesday, highlighted the strong start to the year.
“Our revenue last year stood at $1.1 billion. In the first quarter of this year alone, we generated $809 million, so it’s likely our second-quarter earnings will push us past last year’s total,” he said.
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The Nigerian energy firm has experienced a sharp rise in output since completing the acquisition of assets from the Nigerian subsidiary of ExxonMobil late in 2024. At the time of the deal, Seplat estimated that the acquisition could almost triple its production capacity to over 200,000 barrels per day.
To shield the company from potential downturns in the global oil market, Seplat has hedged 5 million barrels of crude oil per quarter at a fixed price of $55 per barrel.
Brown also mentioned the implementation of cost-saving measures aimed at sustaining business operations.
So far in 2025, global oil prices have dropped by 11 percent to $66.27 per barrel, due to rising OPEC+ production and the impact of US trade tariffs.
Seplat’s hedging strategy ensures it can continue to sell oil at the agreed price and volume in 2025, regardless of how far global prices may fall below the hedge threshold.
Seplat Energy Plc had earlier announced plans to commence gas exports as part of a strategic move to boost Nigeria’s foreign exchange (FX) earnings and deliver greater value to stakeholders.
Read also: Nigeria LNG set for 12% gas supply boost on Seplat deal
Dotun Isiaka, managing director of Seplat Producing Nigeria Unlimited (SEPNU), had said the initiative aligns with the company’s vision to become a leading player in both the domestic and international gas markets.
According to Isiaka, the decision to enter the export market is driven by Seplat’s recent acquisition of Mobil Producing Nigeria Unlimited (MPNU), a deal that significantly enhanced the company’s gas reserves and infrastructure. The MPNU assets, he revealed, contain over 14 trillion cubic feet (tcf) of gas, with processing and distribution infrastructure already in place.
“These reserves are close to existing infrastructure, including three compression hubs with a combined capacity of 1.7 billion cubic feet per day,” Isiaka said. “The key requirement is upstream investment to extract and transport the gas to these facilities, followed by pipeline delivery to shore.”
