Seplat Revives Oil Wells, Boosts Production by 33,000 BPD

Seplat Energy Plc has reported the successful restoration of 33 oil wells, with 26 of them now generating approximately 33,000 barrels of oi...

Seplat Energy Plc has reported the successful restoration of 33 oil wells, with 26 of them now generating approximately 33,000 barrels of oil daily, as part of initiatives aimed at narrowing Nigeria's production shortfall and enhancing energy stability.

The company's Chief Operating Officer, Samson Ezugworie, revealed this during the opening event of the 43rd Nigerian Association of Petroleum Explorationists Annual International Conference and Exhibition, which took place in Lagos.

Ezugworie stated that this milestone was reached after Seplat Energy's recent offshore asset purchase, which has enabled the company to play a more substantial role in meeting national production goals.

"We have focused on restoring 33 wells and achieved success with 26 of them, which are currently generating approximately 33,000 barrels. This represents progress toward addressing the existing production gap that might result in reduced revenues for Nigeria," he said.

He mentioned that the company would keep restoring unused wells as part of its affordable production recovery plan.

"We will keep repairing wells, which doesn't cost us much, and we are hopeful that we can increase output to assist our industry in meeting the goals set by the government," he stated.

The Chief Operating Officer of Seplat Energy, who addressed the conference theme, 'Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,' emphasized, "The challenge before us is evident. We need to create a thriving Nigeria, and that can only be achieved through affordable and dependable energy that is available to everyone."

A statement from the company's Corporate Communications Manager, Stanley Opara, highlighted that over 70 million Nigerians do not have access to electricity, while more than 170 million depend on biomass for cooking, which harms both the environment and homes.

"With Nigeria's population expected to grow to 237 million by 2025 and 400 million by 2050, the need for immediate action is clear, as current challenges will escalate significantly if we fail to address them now. We will need to feed and house 160 million more people, and create 100 million new jobs, but consider what Nigeria could accomplish if we do so," the statement said partially.

As per Ezugworie, to tackle these issues, Nigeria needs to enhance oil output, not only to elevate national income and bridge the existing gap so the government can fulfill its financial obligations, but also to stimulate Gross Domestic Product growth that strengthens the nation's status as the leading economic force in Africa.

He stated, "We need to also utilize our vast gas reserves and increase the production of gas and natural gas liquids to enhance local energy availability, replace harmful imported generators, offer clean cooking solutions for our population, and supply power to our essential industries to drive national development."

The worldwide energy scene is changing, and so are we. We are seeing a change in the control and management of Nigeria's large natural resources as these assets move from internationally established, well-supported companies to local Nigerian operators, who have passion and knowledge but may not have a global perspective. This transition brings about new financial conditions in our need to secure international funding, while simultaneously enhancing our attention to risk management and protecting our natural environment.

But amidst these challenges lie chances to utilize and strengthen local expertise, establish robust collaborations with our industry allies and host communities, and above all, create an industry that is led and operated by Nigerians, for the benefit of Nigerians.

He mentioned that Seplat Energy holds the view that the future of Nigerian production is based on three key values: leadership, collaboration, and responsibility.

Ezugworie emphasized that the guidelines had been implemented since Seplat Energy assumed control of its offshore assets, after its recent purchase.

Regarding the company's gas operations, he mentioned that Seplat Energy is nearing the delivery of first gas from its joint-venture ANOH Gas Processing Plant.

We have also recently transported our first shipments of LPG from the newly enhanced Sapele gas plant, and I am happy to confirm that we are progressing well towards eliminating regular flaring in our onshore activities, allowing us to cut emissions, recover gas, and turn it into revenue, which is a beneficial outcome for Seplat, the environment, and our local communities.

"Our advancements in gas projects such as ANOH, Sapele, and LPG deliveries reflect our dedication to Nigeria's growth. These initiatives go beyond energy; they are about improving lives and driving Nigeria's development," he said.

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