Update shared on 15 Nov 2025
Executive Summary
Seplat Energy Plc delivered a strong operational performance in the nine months ended September 30, 2025, underpinned by record production volumes, improved asset reliability, and continued progress on its gas expansion strategy. The Group achieved significant output growth across both onshore and offshore assets, while maintaining a solid health, safety, and environmental (HSE) record. Average working interest production rose 185% YoY to 135,636 boepd, reflecting the full-year contribution from the MPNU acquisition and continued success of the idle well restoration programme. Third-quarter production of 137,888 boepd marked Seplat’s third consecutive quarter of growth, positioning the company at the upper end of its 130–140 kboepd guidance range. Operational cash flow remained strong, generating over $1 billion in after-tax cash inflows, supporting deleveraging to 0.27x Net Debt/EBITDA and enabling the declaration of a special dividend of 2.5 US cents/share, bringing total Q3 2025 payout to 7.5 US cents/share.
Operational Highlights
• 9M 2025 production averaged 135,636 boepd, up 185% YoY (47,525 boepd in 9M 2024) and up 18% versus pro-forma 2024 production.
• 3Q 2025 production averaged 137,888 boepd, up 1% QoQ, driven by robust onshore recovery and stable offshore performance. • Onshore production of 56,219 boepd (+5% QoQ), supported by strong OML 40 performance and improved export availability.
• Offshore production of 81,669 boepd (-2.5% QoQ) impacted by planned EAP downtime due to Inlet Gas Exchanger (IGE) replacement and lower A/K output.
• Idle well restoration programme added 33.4 kbopd of gross capacity from 33 restored wells, ahead of plan and delivered at a net cost < $40 million.
• First LPG cargo sold domestically, advancing Seplat’s contribution to clean cooking and energy access. • Yoho fire incident (Sept 27, 2025): no injuries; expected to be offline through year-end, impacting 4Q output by c.10–12 kboepd.
• ANOH Gas Plant on track to deliver first gas in 4Q 2025.
• Onshore carbon intensity: 25.2 kgCO₂/boe (↓21% YoY); routine flaring elimination on schedule for completion by end-2025. • Offshore carbon intensity: 51.2 kgCO₂/boe; long-term flaring reduction plan under development.
“As we approach the first anniversary of the MPNU acquisition, Seplat continues to demonstrate operational excellence and scale efficiency. Our strong cash generation has supported balance sheet strengthening and enhanced shareholder returns, in line with our 2030 vision of achieving 200 kboepd and $1 billion cumulative dividends.” — Seplat Management, CMD 2025.
Production Overview
Upstream Output:
- Total liquids production: 68,623 bopd (9M 2025) across OMLs 67, 68, 70, and 104.
- Offshore liquids declined 1% QoQ (70,024 bopd vs. 70,409 bopd) due to planned EAP downtime.
- NGLs production: 3,719 bpd (-13% QoQ) following scheduled EAP maintenance.
- Amenam-Kpono contributed 712 bopd in 9M 2025.
- First 12,600 MT LPG cargo exported from Bonny River Terminal, reinforcing domestic gas supply.
Onshore Performance:
- Western Assets (OMLs 4, 38, 41): Production rose 12% YoY to 16,921 bopd, supported by new wells and stable export routes (AEP uptime 91%, TFP uptime 89%).
- OML 40: Output +60% QoQ to 12,779 bopd, recovering strongly from 2Q downtime.
- Eastern Assets (OML 53): Production up 87% YoY to 2,828 bopd, aided by improved Trans Niger Pipeline availability (83% vs. 6% prior year).
- OPL 283: Output stable at 1,566 bopd, minor 3% decline YoY.
Drilling & Development Activities
• 13 new onshore wells targeted for FY2025: 9 (Western), 2 (Eastern), 2 (Elcrest). • Five wells completed YTD across Western Assets — Sapele-39, Orogho-10/11, Okporhuru-10, Oben-58 — with three already producing at a combined rate of 3,440 bopd and 25 MMscfd. • Eastern and Elcrest wells progressing to be completed by 4Q 2025, contributing to FY2026 volumes. • Drilling programme on schedule and within budget, ensuring sustained production momentum into 2026.
Gas Business Performance
Group Gas Production:
- 47.7 Bcf produced in 9M 2025 (+68% YoY).
- Average working interest production: 174.7 MMscfd (+69% YoY).
- Growth supported by new wells, improved processing uptime, and the Sapele Gas Plant ramp-up.
Onshore Gas:
- Output rose 28% YoY to 132.5 MMscfd, driven by Sapele and Oben plants.
Offshore Gas:
- Output averaged 42.4 MMscfd, slightly lower QoQ due to planned EAP downtime.
Midstream Expansion Projects:
- Oso-BRT Gas Pipeline Upgrade (Phase 1): Engineering 75% complete; fabrication starts 1Q 2026.
- Sapele Gas Plant: Train 2 reliability test completed; LPG module commissioning underway (commercial operations expected by year-end).
- ANOH Gas Plant: Nearing completion; first gas expected 4Q 2025, with commercial contracts secured for nameplate capacity operations.
Carbon & Sustainability
- Onshore emissions intensity: 25.2 kgCO₂/boe (↓21% YoY).
- Flare-out projects: Compressors and Vapour Recovery Units (VRUs) installed at Oben, Sapele, and Amukpe.
- EORF projects: Fully on track for 2025 completion across all onshore assets.
- Offshore flaring roadmap under development for phased reduction.
Health, Safety & Environment (HSE)
- Recorded one Lost Time Injury (LTI) in Q3 (minor hand injury at Oben).
- Yoho fire incident (Sept 27): no casualties; fire suppressed effectively.
- Post-incident safety record: 1.47 million LTI-free manhours across operated assets.
- Five Tier-1 Loss of Primary Containment (LOPC) incidents YTD — one fire, two gas releases, two spills — all contained without fatalities.
- Continuous reinforcement of asset integrity and maintenance strategy ongoing.
Strategic Insights
• Demonstrating capability to operate efficiently at >130 kboepd scale. • Gas monetization and LPG commercialization advancing revenue diversification. • Deleveraging achieved ahead of guidance (ND/EBITDA: 0.27x). • Committed to carbon reduction and routine flaring elimination by 2025. • Enhanced shareholder returns through disciplined capital deployment.
Analyst View
“Seplat’s operational delivery in 9M 2025 underscores its transition into a high-performing integrated energy company. Sustained production growth, gas expansion, and efficient capital management continue to underpin earnings resilience. While isolated operational setbacks like the Yoho fire are manageable, the Company’s focus on asset integrity, gas value chain development, and shareholder returns supports a strong investment case heading into 2026.”
Conclusion
Seplat Energy Plc recorded a landmark operational year-to-date performance, achieving record production volumes, strengthened gas monetization, and material progress on its decarbonization roadmap. With first gas from ANOH imminent, continued gas plant expansion, and a disciplined capital structure, Seplat remains on track to deliver its medium-term growth and dividend targets under the 2030 roadmap.
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