KEY POINTS
- Seplat Energy targets over 200,000 barrels daily by rejuvenating inactive wells, employing rig interventions, and short-term production strategies to enhance output from only 200 of 600 producing blocks.
- Seplat’s $800 million ExxonMobil acquisition adds 11 onshore blocks, 48 fields, gas facilities, and export terminals, cementing its leadership in Nigeria’s energy sector.
- Seplat aims to drive local oil production by addressing inefficiencies, unlocking untapped reserves, and boosting Nigeria’s hydrocarbon potential and economic growth.
Nigerian energy firm Seplat Energy is ramping up initiatives to boost the nation’s oil output, with plans to rejuvenate hundreds of inactive wells and reach a production goal exceeding 200,000 barrels per day (BPD).
Energy Capital & Power announced that the firm is initiating rig interventions and short-term production tactics to boost output.
“Our immediate focus is rig intervention, short-term oil generation activities, rejuvenating idle wells, and bringing them back into production. Only 200 of the 600 blocks are producing,” said Chief Operating Officer Samson Ezugworie.
ExxonMobil acquisition expands portfolio
Seplat’s push aligns with its recent acquisition of ExxonMobil’s onshore assets in Nigeria.
The $800 million transaction expands Seplat’s portfolio to include 11 onshore and shallow water blocks, 48 producing fields, five gas processing facilities, and three export terminals.
The acquisition underlines Seplat’s ambition to cement its position as a leading independent energy provider in the region.
Unlocking dormant potential
Seplat’s strategy to rejuvenate idle wells is expected to tap into significant untapped reserves.
The company hopes to unlock Nigeria’s vast hydrocarbon potential and support economic growth by addressing inefficiencies and focusing on productivity-enhancing measures.
This development marks a significant step in Nigeria’s energy landscape, showcasing Seplat’s role in driving local oil production and contributing to the country’s revenue streams.
