Seplat Revives 49 Former ExxonMobil Wells, Eyes 50 More in 2026
Seplat Energy Plc has restored 49 idle oil wells one year after completing its landmark acquisition of Mobil Producing Nigeria Unlimited (MPNU) from US oil major ExxonMobil, gaining an additional capacity of 48,600 barrels per day as it pushes ahead with a multi-year offshore recovery plan.
The Nigerian independent, which is listed in Lagos and London, had announced at the close of the deal in December 2024 that it planned to bring back onstream about 400 wells previously shut in by ExxonMobil.
In its 2025 financial statements released on Thursday, Seplat described the idle well restoration programme as “the cornerstone of growth delivered offshore in 2025”.
“We are pleased to report that we successfully restored 49 idle wells (in line with our target) as part of the 2025 idle well restoration programme,” the company said. “The 2025 programme was strongly value-adding, delivering an additional 48.6 kbopd gross production capacity (19.4 kbopd net working interest) during the year, at a gross cost of approximately $60 million.”
Seplat added that the next phase of the programme would see another 50 wells targeted for restoration in 2026. However, it cautioned that the productivity impact of each additional well would likely moderate over time.
“As outlined at the Capital Markets Day, our base assumption is that production additions per well will decline as the idle well portfolio matures,” it said.
The restoration programme is being executed across a suite of offshore and associated assets acquired from ExxonMobil. These include 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 deal significantly expanded Seplat’s operating footprint and workforce, adding around 1,000 staff and 500 contractors to the group.
Following the acquisition, MPNU was renamed Seplat Energy Producing Nigeria Unlimited.
