Seplat Energy Plc has brought 29 dormant oil wells back to life in the first half of 2025, adding nearly 26,000 barrels per day to its crude production. The company made this known in its latest unaudited financial report for the six months ending June 30.

The restoration is part of a larger plan to revive 400 idle wells, and so far, the effort is paying off. Seplat recorded a daily average output of 134,492 barrels of oil equivalent—a major leap from 48,407 barrels per day recorded in the same period last year. Offshore production made up a significant portion, with 79,660 barrels per day, while onshore fields contributed 54,831 barrels.

Seplat also announced strong financial results, with revenue soaring to ₦2.17 trillion—up from ₦575.1 billion in 2024. Operating profit doubled to ₦601.2 billion, while cash generated from operations hit ₦1.19 trillion. In dollar terms, revenue rose to $1.4 billion, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) reaching $735 million.

Thanks to improved efficiency, the company’s unit operating cost dropped to $12.5 per barrel—lower than its guidance of $14–$15. Capital spending for the period was $96.5 million.

Seplat has also reduced its debt burden. As of June 2025, its net debt dropped to $676 million from $747 million, and in July, the company paid off $100 million from its revolving credit facility.

In a positive development for its gas operations, Seplat said its ANOH gas plant has started receiving dry gas, marking the start of live commissioning.

The company declared a second-quarter dividend of 4.6 cents per share and plans to unveil a new capital strategy in September.

Seplat CEO Roger Brown praised the company’s performance, saying the focus on reliability and output improvements is yielding solid results. “We’re delivering stronger production and higher revenue while keeping costs under control,” he said.

Seplat has maintained its full-year production target of 120,000–140,000 barrels of oil equivalent per day, showing confidence in its growth outlook for the rest of 2025.