Seplat Energy plans to invest up to $320 million in 2024, aiming to more than double its oil output to 140,000 barrels per day.
This ambitious target follows the company’s acquisition of ExxonMobil’s Nigerian assets, including a 40% stake in four oil mining leases and related infrastructure.
The acquisition is expected to contribute 60% of the projected production increase, significantly boosting Seplat’s onshore and shallow water output.
CEO Roger Brown announced the investment alongside the company’s 2024 results, highlighting plans to reopen previously shut-in wells from the acquired ExxonMobil assets and conduct a full drilling campaign for existing onshore assets.
Seplat reported a pre-tax profit of $379.4 million and revenue of $1.116 billion. The company also plans to drill 13 new onshore wells and complete its ANOH gas plant.
The investment is a strategic move to capitalize on the acquired assets and address the challenges of declining production in Nigeria’s onshore and shallow water sectors, where international oil companies have faced disruptions due to sabotage and community disputes.