Seplat Vitality Plc has reported an 11% improve in whole manufacturing following the acquisition of Mobil Producing Nigeria Limitless (MPNU), now renamed Seplat Vitality Producing Nigeria Limitless (SEPNU).
This was disclosed within the firm’s audited monetary outcomes for the 12 months ended December 31, 2024.
In line with the report, Seplat’s onshore property averaged 48,618 barrels of oil equal per day (boepd) in 2024, a 2% improve from 47,758 boepd recorded in 2023.
The mixing of SEPNU contributed an annualized common of 4,329 kboepd, pushing whole manufacturing to 52,947 boepd.
Following the acquisition, Seplat’s independently audited 2P reserves rose by 85% to 886 million barrels of oil equal (MMboe), up from 478 MMboe in 2023.
The corporate’s whole 2P+2C reserves additionally elevated by 125% to 1,217 MMboe, reinforcing its place as a number one participant in Nigeria’s power sector.
Operational milestones and fuel infrastructure growth
Seplat Vitality recorded key operational achievements in 2024, together with the resumption of 24-hour operations on the Trans Niger Pipeline (TNP) in This autumn.
This improvement drove a 60% year-on-year improve in oil manufacturing from OML 53 resulting from improved export availability.
- The corporate additionally commissioned the Sapele Built-in Fuel Plant (IGP) in This autumn 2024, with business fuel gross sales set to start in early 2025.
- Moreover, the ANOH fuel plant is on monitor to check with third-party dry fuel in H1 2025, whereas tunneling operations on the OB3 pipeline resumed in Q1 2025.
Seplat Vitality’s income grew by 5% to $1.116 billion in 2024, up from $1.061 billion in 2023, with contributions from SEPNU.
- Underlying adjusted income remained secure at $961 million.
- Nevertheless, money generated from operations dropped 26% to $384 million resulting from timing of liftings, one-off prices from the SEPNU acquisition, and dealing capital changes.
- The corporate ended the 12 months with $469.9 million in money on the bank, excluding $132.2 million in restricted money.
- Nevertheless, web debt elevated to $898 million from $306 million in 2023, reflecting the monetary affect of the acquisition.
SEPNU integration and 2025 outlook
Following the completion of the SEPNU acquisition, the asset has delivered robust manufacturing efficiency, averaging 81.1 kboepd since integration, with a full-year common working curiosity manufacturing of 69.4 kboepd.
- For 2025, Seplat Vitality has set a manufacturing goal of 120-140 kboepd, with Seplat Onshore anticipated to contribute 48-56 kboepd and SEPNU forecasted at 72-84 kboepd.
- Preliminary capital expenditure (capex) steerage is between $260 million and $320 million, masking investments in 13 new onshore wells and offshore initiatives, together with the substitute of an inlet fuel exchanger on the East Space Challenge (EAP) NGL venture.
The corporate expects unit working prices to rise barely to $14.0-15.0/boe in 2025, with a concentrate on upkeep and integrity actions at SEPNU. Efforts can even be directed at reopening shut-in wells and accelerating an infill drilling marketing campaign to maintain long-term manufacturing development.
CEO’s assertion
Seplat Vitality’s Chief Govt Officer, Roger Brown, described 2024 as a defining 12 months for the corporate, emphasizing the significance of the SEPNU acquisition.
“Along with delivering key development initiatives in our present onshore enterprise, we closed out 2024 by finishing the acquisition of SEPNU, the most important within the firm’s historical past, which provides important scale and engaging low-cost development potential,” Brown acknowledged.
He added that Seplat will concentrate on reopening shut-in wells at SEPNU, executing a full drilling marketing campaign for onshore property, and reaching first fuel manufacturing at ANOH. Moreover, the corporate plans to ramp up subsurface work and contracting for an infill drilling marketing campaign at SEPNU to drive long-term development.
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