Nigeria’s Seplat Energy has announced plans to revive 400 idle oil wells in an effort to boost its crude production to over 120,000 barrels per day (BPD) in the coming months.
The company, which recently acquired ExxonMobil’s local operations, aims to significantly increase output from approximately 50,000 bpd to around 120,000 bpd within six months.
Seplat’s management stated that the wells, which have received minimal investment so far, hold great potential for growth once the company takes control.
Seplat’s Chief Financial Officer, Eleanor Adaralegbe, said in an interview with the Financial Times that the company expects substantial improvements and growth opportunities following the acquisition.
In December 2024, Seplat Energy completed the $1.28 billion purchase of Mobil Producing Nigeria Unlimited (MPNU), making it one of the largest domestic oil producers in Nigeria. The acquisition includes 11 onshore oil blocks, 48 oil and gas fields, three export terminals, and five gas processing facilities, giving Seplat control of 16 per cent of Nigeria’s current oil production capacity.
Seplat will operate the acquired assets alongside the Nigerian National Petroleum Corporation (NNPC), as required by Nigerian law. The deal follows a two-year delay in regulatory approval but now positions Seplat to take advantage of the exit of foreign oil majors from the country’s onshore sector.
