Seplat Energy Plc, a major player in Nigeria’s oil and gas industry, has announced plans to increase its crude oil production by 140% within the next six months. The company’s Chief Financial Officer, Eleanor Adaralegbe, shared that production will rise from 50,000 barrels per day (bpd) to 120,000 bpd by the first half of 2025.
This significant growth aims to address the gap left by ExxonMobil’s departure from Nigeria’s onshore oil sector, further cementing Seplat’s position as one of the largest domestic oil producers.
Expanding Investments and Capacity Adaralegbe explained that the assets acquired from ExxonMobil had seen minimal investment in recent years, but Seplat is ready to unlock their full potential.
“We see an opportunity to grow much further now,” she stated during an interview with The Financial Times.The acquisition includes 11 onshore oil blocks, three export terminals, 48 oil and gas fields, and five gas processing facilities.
This deal, worth $1.28 billion, was finalised after two years of delays and received approval from the Nigerian Upstream Petroleum Regulatory Commission.
Seplat’s Growing Influence With the new assets, Seplat now controls 16% of Nigeria’s crude oil production capacity, further solidifying its status as a major player in the energy sector. CEO Roger Brown expressed confidence in Seplat’s ability to enhance the country’s oil production and attract foreign investments.
Seplat is also collaborating with the Nigerian National Petroleum Corporation Limited (NNPCL) to boost oil and gas output, strengthen Nigeria’s economy, and increase foreign exchange inflow.
Nigeria’s Oil Production on the RiseIn related news, the Nigerian government has worked with both local and foreign investors to increase the nation’s oil production from 1 million bpd to 1.8 million bpd.
These efforts aim to ensure a steady crude supply for refineries and improve overall energy output.Seplat’s commitment to growing Nigeria’s energy sector highlights the potential for increased investments and economic development in the coming years.
