Seplat targets production of 120,000bpd crude oil

After filling the void left by ExxonMobil's withdrawal from Nigeria's onshore oil industry, oil and gas behemoth Seplat has stated that it intends to increase its ability to produce crude oil within six months. 

In an interview with the Financial Times on Tuesday, Eleanor Adaralegbe, the Chief Financial Officer of Seplat, disclosed this forecast. 

Over the course of six months, he said, the London-listed company intends to quadruple its output from around 50,000 barrels per day to nearly 120,000 barrels per day. 

He made a suggestion that the assets had received relatively little investment up to this point, but he promised that once Seplat completely enters the market, there will be a chance to expand even more.

Remember how the Nigerian Upstream Petroleum Regulatory Commission took almost two years to approve the deal before the London-listed business finally bought a variety of ExxonMobil's oil and gas assets in December? 

With an asset base consisting of 11 onshore oil blocks, 48 oil and gas fields, three export terminals and five gas processing facilities, Seplat has become one of the largest domestic producers with the $1.28 billion acquisition of Mobil Producing Nigeria Unlimited.

Adaralegbe said, “The assets have had very minimal investments until now. We expect that once we come in there will be an opportunity to grow that much further.”

Source