Seplat to Revive Over 400 Idle Oil Wells to Boost Production
Seplat Energy has announced a major plan to revive more than 400 idle oil wells across its assets as part of a strategy to boost production capacity and expand its influence in Nigeria’s energy industry. The company’s Chief Operating Officer, Samson Ezugworie, disclosed this during a post-Annual General Meeting briefing in Lagos on Wednesday.
Seplat holds 11 oil and gas blocks—seven onshore and four offshore—and manages eight of them. Ezugworie described these blocks as “prolific in oil and gas,” highlighting Seplat’s strong position, especially in Nigeria’s domestic gas market.
Reflecting on the company’s recent success, Ezugworie said, “The business performed very well last year. Our acquisition of Mobil Producing Nigeria Unlimited doubled our production capacity and reshaped our long-term growth.” The board is reportedly very pleased with this milestone.
Seplat’s Chairman, Udoma Udoma, added that the company achieved over 11 million man-hours without any lost-time injury while generating revenues exceeding $1.1 billion. He emphasized that despite global oil price softness, Seplat is structured for long-term resilience and growth.
Looking ahead to 2025, Udoma expressed confidence, noting plans to send more gas to Nigeria LNG and increase supply to existing customers.
CEO Roger Brown supported these views, stating that Seplat’s production is now three times larger, and reserves nearly doubled. He reaffirmed the company’s role as a leading gas supplier in Nigeria.
The company’s Chief Financial Officer, Eleanor Adaralegbe, shared a positive outlook for shareholders. Thanks to strong 2024 results, the board approved a fourth-quarter dividend of 3.6 cents and a special dividend of 3.3 cents, which will soon be paid to shareholders in Nigeria and the UK.
Adaralegbe stressed the company’s commitment to sustainability and consistent dividend payouts, driven by solid operational performance. Early 2025 numbers already show continued strong results, promising ongoing shareholder rewards.
According to reports, Seplat Energy’s average daily production reached 131,561 barrels of oil equivalent per day in Q1 2025. For fiscal year 2024, revenue rose significantly to ₦1.652 trillion, up from ₦696.9 billion the previous year.
Seplat’s revival of idle wells and steady growth signal a robust future for the company and contribute positively to Nigeria’s energy sector expansion.
