Seplat Energy Plc has announced plans to invest up to $320 million in 2025 to enhance its oil production capabilities.
This substantial investment is directed towards drilling 13 new onshore oil wells and upgrading existing infrastructure.
In October 2024, Seplat secured government approval to acquire a 40% stake in four oil mining leases and associated infrastructure from Exxon Mobil’s Nigerian subsidiary.
This acquisition includes the Qua Iboe export terminal and a 51% interest in the Bonny River natural gas liquids recovery plant.
With these assets, Seplat aims to more than double its oil output, targeting up to 140,000 barrels per day, a significant increase from the previous average of 48,618 barrels per day.
In its 2024 financial results, Seplat reported a revenue of N1.652 trillion, a 137% increase from N696.9 billion in 2023.
The company’s operating profit rose to N647.9 billion from N163.7 billion year-on-year, while profit before tax surged to N561.4 billion from N125.5 billion.
Seplat’s Chief Executive Officer, Roger Brown, highlighted that the company’s focus for 2025 includes reopening previously shut-in wells from the newly acquired assets and conducting a comprehensive drilling campaign for its onshore assets.
Additionally, Seplat plans to complete the ANOH gas plant, further bolstering its production capacity.
