Seplat Energy Plc, a leading indigenous Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has reaffirmed its commitment to disciplined growth, sustained shareholder returns, and national energy security following its 13th Annual General Meeting (AGM), held virtually from Lagos.
At the meeting, shareholders approved the company’s 2025 audited financial statements and a final dividend of US8.3 cents per share, bringing the total dividend for 2025 to US25.0 cents per share.
Shareholders also ratified key board appointments made during the year.
In his address to shareholders, the Chairman, Senator Udoma Udo Udoma (CON), highlighted that Seplat Energy has entered a new phase of growth, following the successful integration of Mobil Producing Nigeria Unlimited (MPNU) and its offshore assets.
Referencing the 2025 Integrated Report theme, “Delivering at Scale: Powering Nigeria’s Future,” the Chairman noted that the company has successfully transitioned from a primarily onshore operator to a balanced onshore and offshore energy company.
He stated that the integration of the offshore business has driven significant production growth and improved cash flow, leaving Seplat Energy better positioned to support Nigeria’s energy security and economic development.
Describing the AGM as a milestone moment, he highlighted the delivery of three key commitments, the completion of the MPNU acquisition, the successful integration of the combined business, and consolidation into a single headquarters to enhance efficiency and cost discipline.
Seplat Energy reported strong operational performance in 2025, underpinned by its expanded asset base. Average production increased by 148 percent to 131,506 boepd (barrels of oil equivalent per day) from 52,947 boepd in 2024, with offshore assets contributing 76,023 boepd.
Additionally, the restoration of 49 previously idle wells added approximately 48.6 kbopd to gross production. These results reflect disciplined execution and the operational benefits of the enlarged portfolio.
The Chief Executive Officer, Roger Brown, stated, “Our priority is disciplined execution across our expanded portfolio. This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow.”
He added that the company’s strengthened platform now comprises 11 blocks (7 onshore and 4 offshore) alongside 48 producing fields.
Looking ahead, Seplat Energy reaffirmed its medium- to long-term strategic targets, including up to $3 billion in capital investment over the next five years, increasing production to approximately 200 kboepd by 2030, and generating $5–6 billion in post-tax operating cash flow.
The company also aims to return at least $1 billion in dividends to shareholders between 2026 and 2030, subject to oil prices remaining above $65/bbl. These targets reinforce the company’s commitment to balancing growth, financial discipline, and shareholder value creation.
Speaking after the AGM, the Chief Operating Officer and the Chief Financial Officer reaffirmed the company’s priorities, noting that safety remains Seplat Energy’s foremost operational focus, while strong internal controls and financial discipline underpin performance.
They added that the company maintains a continued focus on capital efficiency and cost management.
Supported by an average realized oil price of approximately $86/bbl, the company delivered robust cash flows while maintaining disciplined capital allocation, a strong commitment to host communities, and continued investment in its people and operations.
Shareholders commended the company’s leadership for successfully integrating the offshore business, delivering strong operational and financial performance, and maintaining a consistent and predictable dividend policy. This feedback reflects sustained investor confidence in Seplat Energy’s strategy and execution.