By Douglas Maha, Abuja
Seplat Energy Plc, Nigeria’s largest indigenous oil and gas exploration company, is on track to exceed its 2023 full-year revenue of $1.1 billion in the first half of 2025, following increased oil production and strategic asset expansion.
At its annual general meeting in Lagos on Wednesday, Seplat’s Chief Executive Officer, Roger Brown, announced that the company generated $809 million in revenue during Q1 2025, putting it on course to outperform the previous year’s earnings within just six months.
“Our Q1 revenue was $809 million. With a strong second quarter ahead, we expect to surpass last year’s total of $1.1 billion,” said Brown.
The significant revenue boost is largely attributed to Seplat Energy’s acquisition of upstream oil and gas assets from ExxonMobil’s Nigerian operations in late 2024. The deal has enabled Seplat to scale production output to over 200,000 barrels per day, nearly tripling previous capacity.
This acquisition marks a major milestone for Nigeria’s oil and gas industry, reinforcing Seplat’s position as a dominant player in the region’s energy sector.
In light of recent declines in global crude oil prices — down 11% this year to approximately $66.27 per barrel — Seplat has adopted a proactive hedging strategy to cushion against market fluctuations.
Brown confirmed that the company has hedged five million barrels of crude per quarter at $55 per barrel, a strategy designed to lock in revenue and reduce exposure to price dips through 2025.
“Our hedging mechanism ensures revenue predictability. Even if oil prices fall below $55 per barrel, we are protected,” Brown added.
In addition to price hedging, Seplat Energy has introduced stringent cost control measures aimed at preserving margins and sustaining profitability in a volatile market.
With the global oil landscape affected by U.S. trade tariffs, increased OPEC+ output, and geopolitical shifts, Seplat’s dual approach — growth through acquisition and risk mitigation through hedging — positions it for long-term stability and shareholder value creation.
