Seplat Spends $83m to Revive 58 Idle Wells from Former ExxonMobil Assets
Seplat Energy, the Nigerian independent listed in Lagos and London, says $83 million was spent to revive 58 idle wells
Seplat Energy, the Nigerian independent listed in Lagos and London, says $83 million was spent to revive 58 idle wells from the assets it acquired from ExxonMobil.
In its first-quarter 2026 results released Thursday, the company said it restored nine additional idle wells in the three-month period, with eight returning to production.
Seplat said the wells added 10,000 barrels of oil per day (kbopd) in incremental gross capacity — equivalent to 4,000 kbopd net to its working interest — “above plan,” underscoring the restoration programme as a key lever for production growth.
“Since inception, the idle well restoration programme has delivered a cumulative production capacity increase of 58.6 kbopd (gross JV) from 58 wells (of which 50 successfully produced) at a total cost of $83 million, delivering strongly accretive value to the JV partnership,” it said.
The company added that following an increase in the availability of well-work barges, the rate of well restoration activities “is expected to increase in subsequent quarters.”
Markets Reporters had previously reported on 26 February that Seplat restored 49 idle wells about one year after completing its acquisition of Mobil Producing Nigeria Unlimited (MPNU), adding 48,600 bpd of capacity as it advanced a multi-year offshore recovery plan. The next phase of the programme, according to the company, targets an additional 50 wells for restoration in 2026.
At the close of the MPNU acquisition in December 2024, Seplat announced plans to bring about 400 wells previously shut in by ExxonMobil back onstream.
The restoration programme is being executed across the offshore and associated assets acquired from ExxonMobil, including a 40% operated interest in Oil Mining Leases 67, 68, 70 and 104; a 40% operated interest in the Qua Iboe export terminal and the Yoho floating storage and offloading vessel; and a 51% operated interest in the Bonny River Terminal natural gas liquids recovery plant. Seplat also holds a 9.6% participating interest in the Aneman-Kpono field.
The acquisition significantly expanded Seplat’s footprint, adding about 1,000 staff and 500 contractors. Following the deal, MPNU was renamed Seplat Energy Producing Nigeria Unlimited.
