Seplat Aims to Boost Crude Oil Production to 120,000bpd
Seplat Aims to Boost Crude Oil Production to 120,000bpd
Seplat Energy Targets Doubling Crude Oil Output
Seplat Energy, a leading oil and gas producer, has unveiled ambitious plans to double its crude oil production from 50,000 barrels per day (bpd) to an impressive 120,000 bpd within the next six months. This bold move follows ExxonMobil’s exit from Nigeria’s onshore oil sector and Seplat’s recent acquisition of significant oil and gas assets.
Acquisition Highlights:
• Deal Size: $1.28 billion
• Assets Acquired: 11 onshore oil blocks, 48 oil and gas fields, 3 export terminals, and 5 gas processing facilities
• Strategic Impact: Seplat now controls 16% of Nigeria’s current production capacity.
Investment and Revival Plans:
Chief Financial Officer Eleanor Adaralegbe revealed that the assets acquired had suffered from minimal investments over the years. However, Seplat intends to rejuvenate operations, unlocking the potential of over 600 drilled wells, of which only 200 are currently active.
Chief Operating Officer Samson Ezugworie added that many idle wells would be revived to increase production rapidly.
Collaboration with NNPC:
Seplat will co-manage the assets with the Nigerian National Petroleum Company (NNPC), in line with the country’s regulatory framework. Seplat’s Chief Executive, Roger Brown, expressed optimism about this partnership, highlighting Nigeria’s strategic focus on increasing production to bolster foreign exchange inflows.
Global Trends in Nigeria’s Oil Sector:
ExxonMobil’s sale is part of a broader retreat by international oil companies like Eni and Equinor from Nigeria’s onshore and shallow water sectors due to environmental and production challenges.
Seplat’s expansion marks a significant step towards enhancing Nigeria’s oil output and positioning the company as a key player in the sector.
What this means: This development could reshape Nigeria’s oil landscape, revitalizing idle wells and increasing local production capacity. Stay tuned for updates!
Seplat Energy Targets Doubling Crude Oil Output
Seplat Energy, a leading oil and gas producer, has unveiled ambitious plans to double its crude oil production from 50,000 barrels per day (bpd) to an impressive 120,000 bpd within the next six months. This bold move follows ExxonMobil’s exit from Nigeria’s onshore oil sector and Seplat’s recent acquisition of significant oil and gas assets.
Acquisition Highlights:
• Deal Size: $1.28 billion
• Assets Acquired: 11 onshore oil blocks, 48 oil and gas fields, 3 export terminals, and 5 gas processing facilities
• Strategic Impact: Seplat now controls 16% of Nigeria’s current production capacity.
Investment and Revival Plans:
Chief Financial Officer Eleanor Adaralegbe revealed that the assets acquired had suffered from minimal investments over the years. However, Seplat intends to rejuvenate operations, unlocking the potential of over 600 drilled wells, of which only 200 are currently active.
Chief Operating Officer Samson Ezugworie added that many idle wells would be revived to increase production rapidly.
Collaboration with NNPC:
Seplat will co-manage the assets with the Nigerian National Petroleum Company (NNPC), in line with the country’s regulatory framework. Seplat’s Chief Executive, Roger Brown, expressed optimism about this partnership, highlighting Nigeria’s strategic focus on increasing production to bolster foreign exchange inflows.
Global Trends in Nigeria’s Oil Sector:
ExxonMobil’s sale is part of a broader retreat by international oil companies like Eni and Equinor from Nigeria’s onshore and shallow water sectors due to environmental and production challenges.
Seplat’s expansion marks a significant step towards enhancing Nigeria’s oil output and positioning the company as a key player in the sector.
What this means: This development could reshape Nigeria’s oil landscape, revitalizing idle wells and increasing local production capacity. Stay tuned for updates!
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