Seplat Energy, a London-listed Nigerian oil firm, has revealed plans to double production to 120,000 barrels per day within six months following its purchase of ExxonMobil’s onshore and shallow-water assets. The acquisition, finalized in December after a two-year regulatory delay, includes 11 oil blocks, 48 oil and gas fields, and extensive infrastructure. The deal, which cost $1.28 billion, positions Seplat as one of Nigeria’s largest domestic producers with control of 16% of the nation’s output. To achieve its goal of doubling production, Seplat plans to revive the nation’s many idle wells and bring them back to production. While critics argue the acquired assets lack longevity, Seplat insists there is substantial untapped potential, highlighting a shift towards local expertise in managing Nigeria’s oil industry.
Source: FINANCIAL TIMES
