(Ecofin Agency) – In December 2024, Seplat Energy officially took over ExxonMobil’s portfolio of onshore assets, two years after the conclusion of the deal, budgeted at $1.6 billion.
In Nigeria, the local oil company Seplat Energy announced on Tuesday January 7 its intention to increase its crude production from its current plateau of 50,000 b/d to 120,000 b/d by June, an increase of 140%.
To achieve this objective, the Nigerian company intends to rely on the oil assets it has acquired from the American oil major ExxonMobil. A transaction that the State finally approved after having opposed it for a while.
Seplat Energy also plans to realize this ambition within this timeframe by deploying a vast program to recondition its wells. This is particularly what Samson Ezugworie, Seplat’s operations director, explained in an interview.
“We have drilled more than 600 wells and barely 200 of them are producing. We have significant untapped wells that need to be rejuvenated and returned to production in a short period of time,” the official said.
By acquiring all of Exxon Mobil’s onshore assets in Nigeria, Seplat Energy has established itself as the country’s largest independent hydrocarbon supplier. A position that it should further strengthen if it succeeds in achieving its production objectives.
Seplat’s operational plan comes in a context where the Nigerian government wants to continue increasing the country’s oil production which stood at around 1.51 million b/d in December, thus reaching the highest level in production for 4 years.
Nigeria aims to increase its crude and condensate production to 2 million b/d in the short term. An objective whose achievement depends on several factors including the increase in the country’s black gold production quota, maintained by OPEC at 1.5 million b/d for the second consecutive year, in December.
Abdel-Latif Boureima
Edited by Wilfried ASSOGBA
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02/25/2022 – Seplat Energy acquires ExxonMobil assets in Nigeria for $1.6 billion
