Seplat Energy Plc plans to revive hundreds of idle oil wells in Nigeria following its $1.28 billion purchase of ExxonMobil’s onshore assets.
With only a third of its wells currently producing, Seplat aims to boost output from 50,000 to 120,000 barrels per day within six months, partnering with NNPC to enhance production.
Seplat Energy Plc is taking bold steps to revive hundreds of the dormant oil wells in Nigeria after finalising its $1.28 billion acquisition of ExxonMobil’s onshore oil and gas assets.
This deal, completed in December following a two-year delay, positions Seplat as one of Nigeria’s largest domestic producers.
At present, Seplat operates only 200 out of 600 wells, but with the addition of ExxonMobil’s assets, the company plans to reactivate many idle wells.
As a result, Seplat aims to double its daily oil output from 50,000 barrels per day to 120,000 barrels per day within just six months.
Seplat’s CFO, Eleanor Adaralegbe, explained that ExxonMobil’s assets had seen minimal investment, but Seplat’s involvement will unlock significant growth potential.
Specifically, the acquisition includes 11 oil blocks, 48 fields, three export terminals, and five gas processing facilities, making Seplat responsible for 16% of Nigeria’s oil production capacity.
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CEO Roger Brown is confident in collaborating with the Nigerian National Petroleum Corporation (NNPC) to boost production, a priority shared by President Bola Tinubu.
“We have no concerns working with NNPC,” Brown stated, emphasising the government’s renewed focus on increasing oil output to strengthen the economy.
Moreover, Brown highlighted the importance of the partnership in achieving long-term production goals.
Seplat Aims To Double Oil Output
Seplat’s COO, Samson Ezugworie, highlighted the scale of the task ahead. With over 600 wells drilled, only 200 are producing.
Therefore, Seplat is focused on rejuvenating these idle wells to quickly ramp up production and stimulate growth in Nigeria’s oil sector.
Through these efforts, Seplat aims to lead the charge in revitalising the country’s oil industry.