Seplat Energy to Boost Nigeria Oil and Gas Output Following ExxonMobil Shallow-Water Asset Deal
Seplat Energy Plc has announced plans for significant investment in Nigeria over the coming years following its acquisition of ExxonMobil’s shallow-water assets.
The acquisition brought Mobil Producing Nigeria Unlimited under Seplat’s portfolio, marking what CEO Roger Brown described as a turning point for the company.
Speaking at the firm’s Capital Markets Day, Brown said the transaction strengthens Seplat’s position and makes it “broader, stronger, and more balanced” within Nigeria’s oil and gas industry.
Seplat outlined a clear roadmap to channel substantial new investment into ExxonMobil’s former assets, aiming to steadily increase production through the end of the decade.
Most of the planned funds will be directed toward oil projects, including developing new wells and offshore facilities.
Additional investment will target gas production, while a portion will be allocated to ensuring safety, reliability, and sustainability across operations.
This strategy aligns with Nigeria’s national objectives of raising oil output and expanding gas supply. Seplat positions itself as a key partner in achieving these energy goals.
Since completing the acquisition, Seplat has reopened previously idle wells, boosting offshore production to its highest levels in recent years.
Oladotun Isiaka, head of Seplat’s offshore operations, said the acquired assets had valuable resources and skilled personnel but lacked a committed operator — a role Seplat is now fulfilling.
The expanded portfolio gives Seplat access to offshore leases, producing wells, pipelines, and stakes in export terminals, further enhancing its capabilities and long-term growth prospects.
