Nigeria's Oil Production to Grow as Seplat Targets 120,000 BPD in 6 Months

• Oil and Gas industry giant, Seplat has revealed its plans to increase crude oil production to 120,000bpd in the next 6 months
• This figure represents a 140% growth from the current production capacity of 50,000 barrels per day
• The company now holds and controls 16% of Nigeria's crude oil production capacity and is one of the largest domestic producers

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Seplat Energy Plc has unveiled plans to increase its crude oil production by 140% to 120,000 barrels per day.

The company’s Chief Financial Officer, Eleanor Adaralegbe, revealed in an interview with the Financial Times that they would increase output from the present 50,000 bpd to 120,000 bpd in H1 2025.

This move will position the oil and gas company to fill the vacuum caused by ExxonMobil’s exit from Nigeria’s onshore oil sector.

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As part of the move, the company will also be growing its investments over the next six months.

Adaralegbe explained to the Financial Times;

“The assets have had very minimal investments until now. We expect that once we come in there will be an opportunity to grow that much further.”

Growing its assets

Just recently, Seplat Energy plc purchased oil and gas assets belonging to ExxonMobil, finally sealing the deal after two years of delay.

This purchase was approved by the Nigerian Upstream Petroleum Regulatory Commission, and the range of assets acquired includes 11 onshore oil blocks, three export terminals, 4\\8 oil and gas fields, and five gas processing facilities at the cost of $1.28 billion.

The acquisition of ExxonMobil’s assets makes Seplat Energy one of the biggest domestic producers of crude oil, according to CEO Roger Brown. The company now controls 16% of Nigeria’s crude oil production output.

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Partnering with NNPC

Seplat Energy CEO, Mr Brown, also expressed readiness to collaborate with the Nigerian National Petroleum Corporation (NNPC) to raise oil and gas production in the country and attract more forex inflow.

While the company’s executives admit that it may require some time and investment to get the acquired assets to optimum capacity, they noted that it could be completed soon.

Nigeria's crude oil production rises

Meanwhile, Legit.ng reported that the Nigerian government got foreign investors into the oil and gas industry to increase production from 1 million bpd, to 1.8million bpd.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained that the government and its team had engaged stakeholders at home and abroad to improve production.

This addressed fears that local refineries might find their crude oil supply short due to the NNPC's crude-for-loan obligations.

Source: Legit.ng