Seplat’s Bold Move: Oil Production To Soar By 140%, Paving The Way For Nigeria’s Energy Future

Seplat’s Bold Move: Oil Production To Soar By 140%, Paving The Way For Nigeria’s Energy Future

Seplat Energy has unveiled plans to ramp up its crude oil production by an impressive 140%, targeting 120,000 barrels per day (BPD) in the next six months. This significant increase will elevate the company’s current production of 50,000 BPD, solidifying its position as a…https://ireporteronline.com.ng/blog/seplats-bold-move-oil-production-to-soar-by-140-paving-the-way-for-nigerias-energy-future/

major player in Nigeria’s oil sector. The company now controls 16% of the nation’s total oil production.

Seplat’s CFO, Eleanor Adaralegbe, confirmed in a recent interview that the company intends to capitalize on ExxonMobil’s exit from Nigeria’s onshore oil sector to further grow its production. As part of this strategy, Seplat plans to significantly enhance its investments in oil and gas assets, many of which have seen minimal investment up until now.

The company recently completed a major acquisition of ExxonMobil’s oil and gas assets in Nigeria, including 11 onshore oil blocks, three export terminals, and several oil and gas fields, at a cost of $1.28 billion. This acquisition positions Seplat as one of the largest domestic oil producers in Nigeria.

Seplat Energy CEO, Roger Brown, expressed confidence in the company’s ability to collaborate with the Nigerian National Petroleum Corporation (NNPC) to increase oil and gas production and attract foreign exchange inflows. However, he acknowledged that it would take time and further investment to optimize the newly acquired assets.

In a broader context, Nigeria’s crude oil production has been on the rise, with projections suggesting a boost from 1 million BPD to 1.8 million BPD, thanks to increased foreign investments and collaborations within the industry.

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