Seplat Power, listed in Nigeria and London, has stated it can double its total crude oil manufacturing by means of its newly acquired onshore belongings from ExxonMobil Company.
The corporate’s senior administration has expressed dedication to doubling its manufacturing capability from 50,000 barrels per day to roughly 120,000 bpd in six months.
Seplat’s chief monetary officer Eleanor Adaralegbe stated this in an interview with the Monetary Instances.
“The belongings have had very minimal investments till now. We count on that when we are available in there will likely be a chance to develop that a lot additional,” he stated.
The corporate acquired Mobil Producing Nigeria Limitless MPNU from ExxonMobil in December 2024, because the latter joined an inventory of Worldwide Oil Firms (IOCs) that exited the nation or let go of onshore operations.
Due to the $1.28bn acquisition, Seplat is now one of many largest home oil and fuel producers with an asset base of 11 onshore oil blocks, 48 oil and fuel fields, three export terminals, and 5 fuel processing amenities.
Seplat Chief Government Officer, Roger Brown stated the corporate controls 16 % of Nigeria’s current manufacturing capability.
Seplat is predicted to run the brand new belongings along with the Nigerian Nationwide Petroleum Firm (NNPCL) as required by the Petroleum Business Act.
CEO Brown stated the corporate’s dedication to elevating manufacturing aligns with President Bola Tinubu’s aim to extend Nigeria’s oil output.
“Now we have no considerations working with NNPC . . . There’s been an enormous change with President Tinubu, realising that manufacturing is a good way of getting {dollars} into the nation and supporting the foreign money,” Brown stated.
Seplat’s Chief Working Officer, Samson Ezugworie added that the corporate will rejuvenate redundant oil wells which can be a part of the newly acquired belongings.
“Now we have over 600 wells drilled and barely 200 of them are producing. Now we have important idle wells that should be rejuvenated and introduced again into manufacturing inside a brief time frame,” he stated.
Seplat disagreed with critics who argued that onshore belongings divested by IOCs had little worth and have been deserted to native firms. Ezugworie stated the corporate is satisfied that its new belongings had “important scope and alternative” for manufacturing, with ample reserves nonetheless accessible to be tapped.
Concerning the acquisition
Nairametrics reported that the $1.2 billion deal between ExxonMobil and Seplat Power had been agreed since February 2022 however was delayed by state regulators.
The Federal Authorities, by means of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), authorized the deal in October 2024 and the acquisition was accomplished in December.
Seplat pledged to soak up MPNU workers into its workforce and keep a optimistic impression.
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