Seplat Energy, a prominent oil and gas company listed in Nigeria and London, has announced plans to double its crude oil production following the acquisition of ExxonMobil’s onshore assets in Nigeria. The company aims to increase its production capacity from 50,000 barrels per day (bpd) to around 120,000 bpd within the next six months.
The acquisition, completed in December 2024 for $1.28 billion, includes Mobil Producing Nigeria Unlimited (MPNU), marking a significant expansion for Seplat. According to Seplat’s CFO, Eleanor Adaralegbe, the assets had previously seen minimal investments, offering substantial growth potential.
CEO Roger Brown emphasised that Seplat now controls 16% of Nigeria’s oil production capacity. The company plans to run the newly acquired assets alongside the Nigerian National Petroleum Company (NNPCL), in accordance with the Petroleum Industry Act.
Seplat also aims to rejuvenate over 400 idle wells in the newly acquired assets. Chief Operating Officer Samson Ezugworie expressed confidence in the potential of these assets, disputing claims that they were abandoned by previous owners.
