Nigeria’s Seplat Energy plans to invest up to $320 million this year to expand its oil and gas production.
The investment will be directed toward new wells and infrastructure, following Seplat’s acquisition of Exxon Mobil’s Nigerian assets.
Seplat secured government approval in October to acquire a 40% stake in four oil mining leases and critical infrastructure.
These assets include the Qua Iboe export terminal and a majority share in the Bonny River natural gas liquids recovery plant.
The company aims to more than double its oil output, increasing production from 48,618 barrels per day to as much as 140,000 barrels daily.
Former Exxon assets will contribute 60% of this increase, significantly boosting Seplat’s onshore and shallow water operations.
“We will focus on reopening shut-in wells at SEPNU and launch a full drilling campaign for our onshore assets,” said Seplat CEO Roger Brown.
The company reported a pre-tax profit of $379.4 million for 2024, nearly doubling last year’s $191 million earnings.
Seplat’s revenue rose 5% to $1.116 billion, with year-end cash reserves of $469.9 million and net debt of $898 million.
Nigeria’s oil industry has faced disruptions due to sabotage and disputes with local communities over leaks and environmental damage.
International oil companies have scaled back onshore and shallow-water operations, creating opportunities for local firms like Seplat.
Seplat plans to drill 13 new onshore wells and complete its ANOH gas plant, strengthening its position in Nigeria’s energy sector.
