Nigeria's Seplat plans up to $320mln in spending as new assets drive production
Seplat Energy plans to invest up to $320 million in new wells and infrastructure this year, aiming to more than double its oil output to as much as 140,000 barrels per day following its acquisition of Exxon Mobil's Nigerian assets.
The company secured government consent last October to acquire 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of the Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon's local unit.
This acquisition is a large part of the projected production increase, which could take the company's onshore and shallow water oil output from an average 48,618 bpd last year to up to 140,000 bpd, with the former Exxon assets contributing 60%. "This year we will focus on re-opening previously shut-in wells in SEPNU (the former Exxon assets), alongside another full drilling campaign for our onshore assets," Seplat CEO Roger Brown said while announcing 2024 results.
The company reported profit before tax of 379.4 million up from 191.million last year, revenue of $1.116 billion, up 5% from the year before, year-end cash at bank of $469.9 million, and net debt at year-end 2024 of $898 million.
International oil companies shut in much of their onshore and shallow-water oil production in Nigeria following years of sabotage and disputes with local communities over leaks.
The company also plans to drill 13 new wells onshore this year and complete its ANOH gas plant.
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