KEY POINTS
- Seplat revived 49 dormant ExxonMobil wells, adding about 48,600 barrels per day in production capacity.
- The company plans to restore 50 more idle wells in 2026 to further boost output.
- Seplat aims to grow production above 200,000 barrels per day by 2030 through new wells, gas projects and expanded offshore operations.
Seplat Energy Plc has restarted production from 49 dormant oil wells acquired from ExxonMobil, unlocking fresh output and signalling a new phase of growth for the Nigerian independent producer.
The Lagos and London listed energy company said the restored wells have already added significant production capacity and form part of a broader effort to revive underutilised assets inherited from the American oil giant.
Seplat now plans to revive 50 more idle wells in 2026 as it pushes to expand production and strengthen its role in Nigeria’s upstream oil and gas sector.
Seplat disclosed in its latest audited financial statement that the well restoration campaign added about 48,600 barrels per day in gross production capacity.
The programme cost roughly 60 million dollars, making it one of the company’s most capital efficient strategies to increase output without drilling entirely new wells.
Company officials described the restoration exercise as central to production growth recorded in 2025.
“We successfully restored 49 idle wells as part of the 2025 restoration programme,” the company said in its financial statement.
Management noted that the campaign delivered strong value by quickly converting previously inactive wells into producing assets.
Second phase targets 50 more wells
Seplat plans to expand the initiative with another round of restoration projects.
The company said its target is to bring about 50 additional wells back online in 2026, though it expects the gains from each well to gradually decline as the portfolio of idle wells shrinks.
Executives say the strategy reflects the company’s focus on revitalising assets that were historically underfunded before Seplat acquired them.
Chief executive Roger Brown has previously described the acquisition as an opportunity to unlock hidden value in oil fields that did not receive sufficient investment.
According to him, renewed funding and operational focus have already begun to improve asset performance and reliability.
Seplat’s offshore operations recorded significant gains in 2025, supported by the well restoration programme and improved field performance.
Average daily working interest production from offshore assets reached 76,023 barrels of oil equivalent per day, representing about 9 percent growth compared with the previous year on a comparable basis.
Operations were briefly disrupted after a fire incident at the Yoho platform during the third quarter of the year.
The facility has remained offline since the incident, though the company expects production to resume in the second quarter of 2026.
Restoring operations at Yoho could add roughly 20,000 barrels of oil per day once the platform returns to service.
