Seplat Energy, a prominent Nigerian oil company listed on the London Stock Exchange, has announced plans to significantly ramp up its production capacity to 120,000 barrels per day within the next six months. This ambitious goal follows the company’s acquisition of ExxonMobil’s onshore and shallow-water assets, a deal finalized in December 2024 after a two-year regulatory delay.
The $1.28 billion transaction includes 11 oil blocks, 48 oil and gas fields, and a range of supporting infrastructure. With this acquisition, Seplat strengthens its position as one of Nigeria’s leading domestic oil producers, now controlling approximately 16% of the country’s total output.
Seplat’s strategy to double its production hinges on revitalizing many of Nigeria’s underutilized oil wells, which have been idle for some time. While some critics express concerns over the longevity of the newly acquired assets, Seplat remains confident in their untapped potential. The company has emphasized the importance of leveraging local expertise to effectively manage and optimize the country’s oil resources, signaling a shift towards more indigenous leadership in Nigeria’s oil sector.