Seplat Energy PLC has placed its 2026 production guidance at 135, 000-155,000 barrels of oil equivalent per day (boepd), the midpoint of which represents a growth of about 10 percent from 2025.
Last year the Nigerian energy company averaged 131,506 boepd, up 148 percent from 2024. The surge reflects “the first full year of offshore consolidation”, Seplat said in a stock filing.
Onshore production climbed 14 percent, boosted by the completion of the Sapele Gas Plant and a new well inventory. The ANOH gas plant, which start operation January 2026, has stable rates of 50-70 million cubic feet per day (MMcfd), Seplat said.
“Offshore [production] grew nine percent YoY on a pro-forma basis”, it said. A program to restore idle wells accounted for 48,600 boepd of the increase. Outage at Yoho reduced production, but Seplat expects the platform to restart in the second quarter of 2026.
While Seplat expects total production to increase in 2026, its crude oil and condensate production is expected to be flat year-on-year. Volumes from planned new wells are set to be offset by scheduled maintenance, it said.
The expected increase in production is to come from natural gas liquids (NGL) and gas, which are projected to increase 85 percent and 30 percent respectively. Seplat aims to increase offshore gas sales to 240 MMcfd this year, supported by “ANOH contribution, YoY growth on Sapele IGP and completion of Oso-BRT phase 1, which is on track for 3Q 2026”.
Sepplat reported a 181 MMboe increase in 2P plus 2C reserves to 2.49 billion boe at the end of 2025. Liquids comprised 55 percent. “Positive revisions to offshore oil resources reflect stronger underlying production performance on multiple fields and gas resource upgrade following inclusion of Edop”, it said.
Seplat logged $497.8 million in profit before tax, up 86.7 percent from 2024 as the increase in volumes offset a decline in realized oil and gas prices. Gross profit increased 156.4 percent to $904.5 million.
It declared a dividend of 8.3 cents per share for Q4 2025, up 11 percent quarter-on-quarter and 20 percent year-on-year. The figure consisted of a base dividend of 5 cents and a special dividend of 3.3 cents. Seplat said total dividends for 2025 represent a 52 percent year-over-year increase.
Revenue totaled $2.73 billion, up 144.2 percent from 2024 due to “a full year of contribution from offshore assets”. Adjusted EBITDA increased 136.6 percent to $1.28 billion. Operating profit increased 106.7 percent to $675.2 million. Operations generated $1.17 billion in cash, up 276 percent from 2024.
“We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory”, said chief executive Roger Brown.
Seplat had $332.33 million in cash and cash equivalents at yearend 2025, while its current assets totaled $1.34 billion.
Current liabilities totaled $1.23 billion including $72.57 million in interest-bearing loans and borrowings.
To contact the author, email jov.onsat@rigzone.com
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