Success Nwogu 
Seplat Energy Plc has said it targets to double its production capacity from 50,000 barrels per day to roughly 120,000 bpd in six months through its newly acquired onshore assets from ExxonMobil Corporation.
The company had in December 2024 announced that it had completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil.
According to the Financial Times, yesterday, Chief Financial Officer, Seplat Energy Plc, Eleanor Adaralegbe, disclosed the company’s target to double its production in an interview with the medium.
With the acquisition of MPNU for $1.28bn, Seplat is now one of the biggest indigenous oil and gas producers in the country. It now has an asset base of 11 onshore oil blocks, 48 oil and gas fields, three export terminals, and five gas processing facilities. Adaralegbe said:
“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.
Seplat Chief Executive Officer, Roger Brown stated that the company controls 16 percent of Nigeria’s present production capacity.
He stated that the company’s commitment to increasing production aligns with President Bola Tinubu’s target to increase Nigeria’s oil output.
He also expressed the readiness to work with the Nigerian National Petroleum Company Limited (NNPC Ltd, adding that President Bola Tinubu’s administration has introduced positive changes. Brown said: “We have no concerns working with NNPC…
There’s been a massive change with President Tinubu, realising that production is a great way of getting dollars into the country and supporting the currency.” Chief Operating Officer, Seplat Energy, Samson Ezugworie promised that the company will rejuvenate redundant oil wells that are part of the newly acquired assets.
He said it is untrue that onshore assets divested by international oil companies (IOCs) had little value and were abandoned to local companies as according to him, the company is convinced that its new assets had “significant scope and opportunity” for production, with abundant reserves still available to be tapped.
