In 2024, Seplat Energy marked a transformative year, driven by its landmark $800 million acquisition of Mobil Producing Nigeria Unlimited (MPNU). This strategic move doubled the company’s production, expanded its reserves by 85 per cent, and positioned it as a dominant player in Nigeria’s energy sector. Helen Oji examines how this bold expansion has reshaped Seplat’s growth trajectory, strengthened its financial footing, and set the stage for long-term success in a rapidly evolving market.

The Nigerian energy sector has witnessed significant transformations in recent years, driven by both challenges and opportunities in a rapidly changing global energy landscape. As the country strives to balance the need for increased production with environmental sustainability, energy companies are making strategic moves to secure their future. One of the most remarkable stories in this evolving narrative is that of Seplat Energy.

Last year, Seplat achieved a series of critical milestones that have not only transformed its scale and scope but also positioned it as a key player in the country’s ongoing energy transition. Indeed, the company has emerged as a formidable force, redefining what it means to be a leading independent energy company.

From its headline-making $800 million acquisition of Mobil Producing Nigeria Unlimited (MPNU) to a record $1.116 billion in annual revenue, Seplat has demonstrated the financial strength, operational discipline, and strategic foresight needed to thrive in a highly competitive market. This transformational growth has reshaped Seplat’s production profile, diversified its asset base, and strengthened its financial position, setting the stage for sustained long-term success.

The story of Seplat’s rise is one of bold moves, innovative thinking, and a deep commitment to creating lasting value for its stakeholders.

For instance, Seplat Energy ended 2024 on a high note, delivering a year of robust financial performance, strategic growth, and operational excellence. From a record revenue of $1.116 billion to the game-changing acquisition of Mobil Producing Nigeria Unlimited (MPNU), the company has firmly positioned itself as Nigeria’s leading independent energy powerhouse.

A Year of Milestones and Strategic Wins
The newly integrated business, now known as Seplat Energy Producing Nigeria Unlimited (SEPNU), brings together two of Nigeria’s most significant oil and gas portfolios, creating a formidable energy giant. This integration boosted Seplat’s pro-forma production to 118,000 barrels of oil equivalent per day (boepd) and increased combined reserves to 886 million barrels, an 85 per cent rise from its previous levels.

In addition to expanding production, the MPNU acquisition gives Seplat control over critical infrastructure, including three export terminals, Qua Iboe Terminal, Bonny River Terminal, and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at the East Area Project (EAP) and Oso.

This integration provides Seplat with a more diversified export base and stronger revenue assurance, critical in a market characterised by price volatility and infrastructure risks.

At the company’s post-yearly general meeting press briefing held in Lagos 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.

Strong Financial Footing Amid Growth
Financially, Seplat delivered one of its best years yet. Its 2024 revenue of $1.116 billion reflects a combination of higher production and strategic asset growth, despite modestly lower oil price realizations. The company generated $383 million in cash from operations, supporting a robust balance sheet even as it absorbed the financial impact of the MPNU acquisition.
With net debt at $898 million, Seplat maintained a healthy pro forma net leverage ratio of 0.7 times, reflecting disciplined financial management. The company also successfully refinanced its $650 million bond in March 2025, securing a yield priced inside the comparable Nigerian Government Sovereign bond, a first for Seplat and a strong endorsement from international credit markets.

Expanding Horizons: From Onshore to Offshore
Seplat’s transformation isn’t just about scale but also strategic positioning. Once a purely onshore operator, the company now has approximately 70 per cent of its production coming from offshore assets, significantly enhancing revenue stability and operational flexibility.

This shift is complemented by the integration of over 1,000 skilled staff from the MPNU assets, reinforcing Seplat’s technical and operational capabilities.

The company is also making significant strides in gas production, a critical component of Nigeria’s energy future. The nearly complete ANOH Gas Plant, a joint-venture-operated facility, is on track to commence full operations in late 2025.
This project, which achieved mechanical completion in December 2023 without a single Lost Time Incident (LTI) over 11 million hours, is expected to play a key role in Seplat’s growth, providing a significant boost to its gas processing capacity.

Seplat Energy Chief Executive Officer, Roger Brown, stated that the company’s strategic shift toward offshore production marks a significant evolution from its roots as a 100% onshore operator.

“Today, approximately 70 per cent of our production is offshore, supported by three export terminals that we operate. The enhanced security and increased throughput at Qua Iboe and Yoho will not only strengthen our revenue assurance but also diversify our export infrastructure in the Niger Delta,” Brown noted.

Brown also emphasised the critical role of Seplat’s skilled workforce in the drive for sustainable growth. “We are joined by about a thousand highly talented professionals, all eager to become part of the Seplat Energy family. Together, we will work tirelessly to boost production and maximize the value of our assets, delivering superior outcomes for our stakeholders.”

“This integration marks the beginning of an exciting chapter for Seplat Energy, as we leverage our combined strengths to enhance capabilities, drive sustained growth, and unlock greater value for all our stakeholders,” Brown added.

The chief operating officer, Samson Ezugworie said: “Our legacy business contributed an average daily working interest production of 48,618 boepd, modestly aided by a confluence of several positive catalysts including good performance of the new wells in the 2024 drilling campaign, commencement of gas production from Sapele Integrated Gas Plant (SIGP), improved gas production from Oben following turnaround maintenance, and continuation of the efficiency at the Trans Niger Pipeline (TNP).

“SEPNU production contributed annualized average production of 4,329 kboepd. In 2025, our production guidance to the market is 120,000 -140,000 boepd working interest and as seen from our Q1 results we reported 131,561 boepd which is in line with our guidance. We are focused on reviving existing wells in the SEPNU asset, investing in more drilling campaigns in our onshore assets and increasing gas volumes with the activities at SIGP.”

He stated that Seplat Energy’s ANOH gas plant achieved a major milestone on December 29, 2023, reaching mechanical completion without any Lost Time Incident (LTI) over 11 million work hours. With this achievement, the facility is now ready to receive commissioning gas, moving closer to full operational status.

He noted that the river crossing segment of the OB3 pipeline, a critical component for the full activation of the 300 MMscfd joint-venture-operated ANOH gas plant, continues to pose technical challenges.

However Ezugworie disclosed that Asthe tunneling operation had progressed to 1.12 km of the required 1.85 km as of year-end 2024, with the Nigerian Gas Infrastructure Company (NGIC) making efforts to overcome these hurdles.

” Significant additional equipment has been delivered to the site, and tunneling activities have recently resumed, with the project targeting completion by Q2 2025. Given the strategic importance of this pipeline to Nigeria’s gas infrastructure, the government has prioritized its timely delivery, and Seplat remains committed to closely monitoring the progress. “Despite the challenges, the company remains optimistic that the ANOH gas plant will achieve full operational status in the latter half of 2025, providing a significant boost to Nigeria’s gas supply, ” he assured.

Building a Sustainable Energy Future
Seplat’s growth strategy is deeply intertwined with its commitment to sustainability. The company has launched a new cultural framework, SF-InPACT (Seplat First, Inclusivity & Respect, Performance-driven, Agility, Confidentiality, and Trust), aimed at strengthening employee engagement and fostering a more inclusive work environment. This framework has already delivered tangible results, including improved employee engagement scores in recent internal surveys.

Seplat’s community-focused programs also underscore its broader social mission. Initiatives like the ‘Eye Can See’ program, which has conducted 100,000 eye tests, and the Youth Entrepreneurial Program (YEP), launched in 2024 to train young Nigerians in renewable energy systems, reflect the company’s long-term commitment to social impact. These programs not only support Nigeria’s energy transition but also contribute to broader national goals like job creation and economic empowerment.

Outlook for 2025 and Beyond
Looking ahead, Seplat’s priorities are clear. The company plans to invest heavily in both its onshore and offshore assets, continue integrating its SEPNU operations, and expand its gas division to support long-term growth.

This strategy will be detailed at the company’s Capital Markets Day in Q3 2025, where management is expected to outline a roadmap for sustained financial and operational performance.

Seplat’s ability to navigate complex market dynamics, coupled with its disciplined financial management and strategic asset expansion, positions it well for a strong 2025. With a diversified portfolio, robust cash flows, and a clear commitment to stakeholder value, Seplat Energy is poised to redefine the landscape of Nigeria’s energy industry in the years to come.