Seplat Energy's Bold Expansion: Doubling Oil Output with $320 Million Investment

Seplat Energy plans a $320 million investment in new wells and infrastructure to more than double its oil output to 140,000 barrels per day, following the acquisition of Exxon Mobil's Nigerian assets. The increase in production is driven by reopening shut-in wells and a new drilling campaign.

Seplat Energy is set to make a significant leap in its oil production capabilities by investing up to $320 million this year in new wells and infrastructure. This bold move comes on the heels of its strategic acquisition of Exxon Mobil's Nigerian assets, aimed at more than doubling its oil output.

Last October, the company gained governmental approval to acquire 40% of four oil mining leases, including crucial infrastructures such as the Qua Iboe export terminal and a majority stake in the Bonny River natural gas liquids recovery plant. These assets are pivotal in propelling Seplat's production from an average of 48,618 barrels per day last year to an impressive expected output of 140,000 barrels per day.

Despite challenges, including past shutdowns due to regional sabotage and community disputes, Seplat is forging ahead with plans to drill 13 new onshore wells. Additionally, the completion of the ANOH gas plant is on the agenda for this year.

(With inputs from agencies.)