Seplat Energy Exceeds 2024 Targets, Celebrates Game-Changing Acquisition
Seplat Energy Plc has announced that its 2024 performance surpassed board expectations, largely due to the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU), now Seplat Energy Producing Nigeria Unlimited (SEPNU).
During the company’s 12th Annual General Meeting, Chairman Senator Udoma Udo Udoma applauded the achievement. “Our performance in 2024 was transformational. We achieved over $1.1 billion in revenue and maintained zero lost-time injuries, demonstrating operational excellence,” he stated.
The acquisition of SEPNU has more than doubled Seplat’s production capacity and reserves. CEO Roger Brown noted that the new assets offer a strategic advantage, giving Seplat operational control of key offshore facilities, terminals, and gas infrastructure.
“This acquisition transforms us from a 100% onshore company to one with 70% of production offshore, enhancing revenue assurance and export diversification,” Brown said. He also emphasized the integration of over 1,000 new employees and the launch of an integration project to unify both company cultures.
Seplat’s COO, Samson Ezugworie, noted a combined production output of 52,947 boepd by year-end, an 11% increase over 2023, driven by SEPNU contributions and enhanced gas production.
CFO Eleanor Adaralegbe highlighted that the financial gains from SEPNU were evident in the year-end results, especially from the final 19 days of 2024.
Seplat continues to invest in social impact initiatives aligned with its vision of “transforming lives through energy,” supporting education, healthcare, and entrepreneurship in host communities.
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With the successful SEPNU integration and strong financial footing, Seplat Energy stands poised for sustained growth and deeper impact in Nigeria’s energy sector
