Seplat Energy Plc said it is set to revive hundreds of inoperative Nigerian oil wells previously owned and operated by ExxonMobil.
The Chief Operating Officer (COO) of Seplat, Samson Ezugworie, made this disclosure in a statement on Thursday, according to a report by Bloomberg.
This announcement was made few days after Seplat acquire the oil company’s oil and gas asset in Nigeria.
Ezugworie further explained that only 200 of about 600 blocks are currently producing, adding that Seplat is set to ramp up production in the blocks.
According to him, the company sees the deal as an avenue to double its production and boost combined assets to 11 blocks in onshore and shallow water Nigeria – 48 producing oil and gas fields, five gas-processing facilities, and three export terminals.
On his part, Roger Brown, CEO of Seplat, stated that the oil firm wants to increase its output from roughly 71,000 barrels of oil equivalent per day to over 200,000 barrels per day, although he did not specify how soon this would be accomplished.
In October, Nigeria gave its approval for Exxon to sell the assets to the independent energy provider.
The transaction profited from international businesses pulling out of Africa’s biggest oil producer.
The company deferred $257.5 million of the transaction to December 2025 to account for decommissioning, abandonment, and joint venture costs.
Seplat views the acquisition as a good deal in terms of returns, said Brown.
“There is a huge opportunity in LNG and the domestic gas space. In the portfolio we have significant gas opportunities,” Brown added.
