Seplat Energy Plc has successfully restored 49 previously idle wells acquired from ExxonMobil to active production. As part of an aggressive turnaround strategy following its landmark $1.28 billion acquisition of the company’s onshore and shallow-water assets.
The Lagos- and London-listed energy producer disclosed that the idle well restoration programme became a major growth driver for its offshore operations in 2025 and is now set to continue, with plans to reactivate 50 additional wells in 2026.
Boosting Output Through Cost Efficiency
According to the company’s audited financial statements. The restoration campaign added approximately 48,600 barrels of oil per day (bpd) in gross production capacity. The total gross cost of the programme stood at around $60 million. Highlighting what analysts describe as strong capital efficiency compared to more expensive greenfield drilling projects.
Rather than investing heavily in new exploration, Seplat focused on unlocking value from existing assets. A strategy that significantly reduced development timelines while accelerating output gains.
Strategic Impact of ExxonMobil Acquisition
The reactivated wells are part of the assets Seplat acquired from ExxonMobil. In one of the largest recent upstream transactions in Nigeria’s oil and gas sector. The deal expanded Seplat’s operational footprint, particularly in shallow-water and onshore blocks. Positioning the company as a more dominant indigenous producer.
By bringing idle wells back online, Seplat is maximizing returns on its newly acquired portfolio while strengthening Nigeria’s overall crude production capacity.
Outlook for 2026
With plans to revive 50 additional wells this year, the company appears focused on sustaining momentum. Industry watchers say the continued restoration programme could further lift output, improve cash flow, and enhance shareholder value.
The strategy signals a broader shift among Nigerian operators toward asset optimisation. Extracting more value from existing infrastructure rather than relying solely on new discoveries.
If execution continues at its current pace, Seplat’s well reactivation campaign could play a key role in boosting domestic production and reinforcing Nigeria’s upstream recovery in 2026
