Eleanor Adaralegbe, the company's chief financial officer, stated that Seplat aims to increase its output from approximately 50,000 barrels per day to around 120,000 bpd within this timeframe.
She noted that the assets have seen minimal investment up to this point, but expressed confidence in the potential for significant growth once Seplat fully engages with the operations.
Chief Executive Roger Brown emphasized the company's belief in its ability to partner with the Nigerian National Petroleum Corporation (NNPC) to enhance overall production, aligning with the objectives set forth by Nigeria’s President Bola Tinubu. NNPC has faced longstanding criticism for alleged corruption and mismanagement, particularly after revealing debts to suppliers exceeding $6 billion.
Brown highlighted that Seplat now controls 16 percent of Nigeria's current production capacity, managing these assets in collaboration with the state-owned NNPC, as required by the country's oil and gas regulations.
“We have no concerns working with NNPC . . . There’s been a massive change with President Tinubu, realising that production is a great way of getting dollars into the country and supporting the currency,” Brown said.
Seplat finalized its acquisition of various oil and gas assets from ExxonMobil in December, following a prolonged regulatory approval process that lasted over two years. The $1.28 billion purchase of Mobil Producing Nigeria Unlimited positions Seplat as one of the largest domestic producers, with a portfolio that includes 11 onshore oil blocks, 48 oil and gas fields, three export terminals, and five gas processing facilities.
Exxon's divestment occurs amid the withdrawal of international oil companies from Nigeria's challenging onshore and shallow water sector, a region plagued by years of environmental degradation and, more recently, diminishing production levels. Companies like Italy's Eni, Norway's Equinor, and Adda Petroleum have all exited the market.