Seplat Energy Plc recorded a 144% increase in revenue to $2.7 billion for the full year 2025, driven by higher offshore oil and gas production.
The company released its audited results for the 12 months ended 31 December 2025, showing revenue of $2,726 million which went up 144.2 per cent from FY 2024: $1,116 million, reflecting a full year of contribution from offshore assets.
The report also showed that balance sheet remained robust, net debt at year end 2025 of $673.3 million down 25 per cent YoY (YE 2024: $897.8 million).
Group production averaged 131,506 barrels of oil equivalent (boepd) up 148 per cent from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation, and within revised guidance.
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The 4Q 2025 group production of 119,200 boepd, impacted by Yoho shutdown and other planned maintenance activities
The group's onshore delivered 14 per cent production growth YoY, supported by completion of the Sapele Gas Plant, and new well inventory.
The ANOH gas plant achieved first gas in January 2026, production is stable at 50-70 MMscfd, with ~60kbbl condensate currently in storage.
Commenting on the results, it's chief executive officer, Roger Brown, said, "In 2025 we clearly illustrated our ability to operate at scale. 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.
"At our CMD in September, we laid out our long-term ambition to "Build an African Energy Champion", with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore.
In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.
Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign.
"Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50 per cent to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation."
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