Seplat Energy Plc says it has successfully brought 49 previously idle wells back into production from assets it acquired from ExxonMobil, with plans to revive another 50 wells in 2026 as part of efforts to boost output.
The Nigerian independent oil and gas company, which completed a $1.28 billion acquisition of ExxonMobil’s onshore and shallow-water assets, said the idle well restoration programme played a major role in its production growth in 2025.
According to the company’s audited financial results, the initiative added about 48,600 barrels per day to gross production capacity at a total cost of roughly $60 million. Seplat described the programme as a cost-effective way to raise output compared to drilling entirely new wells.
The company noted that reviving dormant wells formed a key part of its offshore growth strategy last year. It added that the restored wells helped increase production and improve the performance of assets previously considered underutilised.
Following the success of the first phase, Seplat said it plans to expand the programme by restoring another 50 wells in 2026. However, the company also acknowledged that production gains from each restored well may gradually decline as more of the easily recoverable wells are brought back into operation.
Seplat’s chief executive officer, Roger Brown, has previously described the acquired assets as historically underfunded under their former ownership. He said renewed investment and operational focus are helping unlock additional production capacity from the fields.
The well restoration campaign contributed to stronger offshore output in 2025. Seplat reported average daily working-interest production of 76,023 barrels of oil equivalent per day from offshore assets, representing about a 9 percent increase year-on-year.
The company said the growth was supported by improved asset performance and the reactivation of idle wells, although output was partly affected by planned maintenance work and a shutdown at the Yoho platform after a fire in the third quarter.
Production at the Yoho platform is expected to resume in the second quarter of 2026, potentially restoring about 20,000 barrels per day once the facility returns to service.
Financially, Seplat reported strong performance in 2025. Revenue rose to $2.7 billion, while adjusted EBITDA reached $1.27 billion. Operating cash flow stood at $1.17 billion, and net debt declined to $673 million.
The company’s overall production also climbed significantly to 131,506 barrels of oil equivalent per day, largely reflecting the first full year of operations after the consolidation of the former ExxonMobil assets.
Looking ahead, Seplat aims to increase its working-interest production to more than 200,000 barrels of oil equivalent per day by 2030. The plan is supported by a capital investment programme of up to $3 billion over five years, including the drilling of between 120 and 150 new wells and the development of additional gas projects.
For 2026, the company expects production to range between 135,000 and 155,000 barrels of oil equivalent per day, driven by stronger gas and natural gas liquids output as facilities such as the ANOH Gas Plant ramp up operations.
