Seplat Energy plans to double its oil production from 50,000 to 120,000 barrels per day (bpd) in just six months. This follows their $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in December 2024.
The company now controls 16% of Nigeria’s oil production. It aims to revitalize underused wells and improve production. Seplat’s CFO, Eleanor Adaralegbe, said minimal investments have been made in the assets, creating significant growth opportunities.
CEO Roger Brown said this aligns with President Bola Tinubu’s goal of increasing Nigeria’s oil production. Seplat plans to work with the Nigerian National Petroleum Company Limited (NNPCL) to achieve this.COO Samson Ezugworie highlighted that many wells were not in use. Seplat plans to bring them back into production quickly.
Despite critics, Seplat believes the acquired assets have strong potential. Ezugworie stated the assets offer significant opportunities for growth. The acquisition was approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2024. Seplat will absorb MPNU’s staff and ensure the acquisition benefits Nigeria’s oil industry.