Seplat Energy Plc has announced the successful rehabilitation of 33 oil wells, with 26 of them currently producing about 33,000 barrels of oil per day, as part of efforts to close Nigeria’s production gap and strengthen energy security.
The company’s Chief Operating Officer, Samson Ezugworie, disclosed this at the opening ceremony of the 43rd Nigerian Association of Petroleum Explorationists Annual International Conference and Exhibition held in Lagos.
Ezugworie said the milestone was achieved following Seplat Energy’s recent offshore asset acquisition, which has positioned the company to contribute more significantly to national production targets.
“We’ve worked on rehabilitating 33 wells and had success with 26, which are now producing about 33,000 barrels between them. That’s a step in the right direction to closing the current gap in production that could leave Nigeria with a shortfall in its revenues,” he stated.
He added that the company would continue to rehabilitate idle wells as part of its low-cost production recovery strategy.
“We will continue to rehabilitate wells, which isn’t costing us much, and we’re optimistic that we can get more production to help our industry reach the targets the government has set,” he said.
The Seplat Energy COO, who spoke on the conference theme, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, stated that, “The imperative before us is clear. We must build a prosperous Nigeria, and we can only do that with affordable and reliable energy that is accessible to all.”
A statement by the company’s Corporate Communications Manager, Stanley Opara, explained that more than 70 million Nigerians still lack access to electricity, and more than 170 million rely on biomass for cooking, which is detrimental to the environment and households.
“And with Nigeria’s population projected to reach 237 million by 2025 and 400 million by 2050, the urgency to act is undeniable, because today’s problems will become far worse if we don’t take action now to solve them. We will have 160 million more people to feed and house, and we need to create 100 million new jobs, but imagine what Nigeria can achieve if we do,” the statement read partly.
According to Ezugworie, to meet these challenges, Nigeria must increase oil production, not just to boost national revenues and reduce the current shortfall so the government can meet its budgetary needs, but also to drive Gross Domestic Product growth that reinforces the country’s position as the economic powerhouse of the African continent.
He said, “We must also harness our huge reserves of gas and scale up gas and NGL production to expand domestic energy access, displace polluting imported generators, provide clean cooking for our people, and power our basic industries to support our national growth.
“The global energy landscape is shifting, and so too is our own. We are witnessing a transition in the ownership and operation of Nigeria’s vast natural resources as assets pass from well-funded, well-resourced international giants to local Nigerian operators, blessed with enthusiasm and expertise but less global in their outlook. It’s a shift that creates new capital dynamics in our need to raise international finance, while at the same time increasing our focus on managing risks and looking after our natural environment.
“But with these challenges come opportunities to harness and enhance local knowledge, build resilient partnerships with our industry partners and with our host communities, and most of all, build an industry that is owned and managed by Nigerians, for Nigerians.”
He added that Seplat Energy believes the future of Nigerian production lies in three core principles: leadership, partnership, and stewardship.
Ezugworie stressed that the principles had played out since Seplat Energy took control of its offshore assets, following its recent acquisition.
On the company’s gas business, he said Seplat Energy was close to delivering first gas from its joint-venture ANOH Gas Processing Plant.
“We’ve also recently delivered our first cargoes of LPG from the newly upgraded Sapele gas plant, and I’m pleased to report that we’re well on track to ending routine flaring in our onshore operations, enabling us to reduce emissions, capture gas and monetise it, which is a win-win for Seplat, for the environment and for our communities.
“Our progress on gas initiatives like ANOH, Sapele, and LPG shipments is a testament to our commitment to Nigeria’s prosperity. These projects are not just about energy; they are about transforming lives and powering Nigeria’s development,” he stated.
