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Seplat Energy, the Nigerian oil and gas producer co founded by Austin Avuru, reported a sharp rise in revenue for the 2025 financial year, reflecting a full year of offshore operations and stronger gas performance.
The company said revenue climbed 144.2 percent to 2.73bn dollars, compared with 1.12bn dollars in 2024. The figures were contained in its audited results for the year ended Dec. 31, 2025, filed with the Nigerian Exchange Limited on Thursday.
Seplat, which is listed on both the Nigerian Exchange and the London Stock Exchange, attributed the surge largely to the first full year of contribution from its offshore assets following consolidation.
Cash generated from operations rose even more steeply, increasing 276 percent to 1.17bn dollars. Capital expenditure during the year stood at 266.8m dollars in cash terms.
The balance sheet showed further improvement. Net debt fell 25 percent year on year to 673.3m dollars, down from 897.8m dollars in 2024.
Shareholders are also set to benefit from the stronger performance. Seplat declared a fourth quarter dividend of 8.3 cents per share, an 11 percent increase from the previous quarter and 20 percent higher than a year earlier. The payout includes 5.0 cents as a regular dividend and 3.3 cents as a special dividend.
Total dividends declared for 2025 reached 25.0 cents per share, equivalent to 150m dollars, marking a 52 percent increase compared with 2024.
Production figures told a similar growth story. Group production averaged 131,506 barrels of oil equivalent per day, up 148 percent from 52,947 boepd in 2024. The increase reflects the impact of offshore consolidation as well as solid onshore delivery.
Onshore operations recorded 14 percent year on year production growth, supported by the completion of the Sapele Gas Plant and the addition of new wells.
The ANOH gas plant achieved first gas in January 2026 and is currently producing between 50 and 70 million standard cubic feet per day. About 60,000 barrels of condensate are in storage, the company said.
Seplat also highlighted its safety record. It reported one lost time injury across operated assets in 2025 and logged 11.4 million hours without a lost time injury since September 2024.
Chief Executive Officer Roger Brown said the results underline Seplat’s ability to operate at scale across offshore and onshore assets.
He pointed to the delivery of the IGE replacement project offshore and the Sapele gas plant onshore as key milestones. Brown added that the company has contracted a jack up drilling rig that is expected to arrive at Oso in the third quarter to begin a multi year drilling campaign.
Management has set a target to grow working interest production to 200,000 barrels of oil equivalent per day by 2030. Brown said stronger cash flow and a lower cost of debt have positioned the company to meet its ambition of returning 1bn dollars cumulatively to shareholders by the end of the decade.
