₦airaland Forum

Seplat Energy Plc has revealed plans to revive hundreds of idle Nigerian oil wells after completing its purchase of Exxon Mobil Corp’s onshore oil and gas assets in the West African nation.

A report by Bloomberg on Friday stated that the oil company is revitalizing idle wells and bringing them back into production. The report highlighted that only 200 of its 600 oil wells are currently active.

“Our immediate focus is rig intervention, short-term oil-generation activities, rejuvenating idle wells, and bringing them back to production. Only 200 of about 600 oil blocks are producing,” Chief Operating Officer Samson Ezugworie said in an interview.

On Thursday, Seplat announced the finalisation of the $1.28bn acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil.

This was after the Nigerian Upstream Petroleum Regulatory Commission approved Exxon’s sale of the assets to the independent energy supplier in October.

The deal took advantage of foreign companies exiting Africa’s largest oil producer.

The report added that the oil firm paid $800m of the purchase price this week, following an initial $128m paid when the deal was signed in 2022.

It also deferred the transfer of a further $257.5m to December 2025 due to certain decommissioning, abandonment, and joint venture costs, the company noted.

“It’s just a little over half of the EBITDA for the full year, so it pays back itself very quickly,” said Chief Financial Officer Eleanor Adaralegbe, referring to earnings before interest, taxes, depreciation, and amortization, which rose 25 per cent to $383m for the nine months through September from a year earlier.

Seplat, which is listed in Lagos, Nigeria, and London, views the acquisition as a good deal in terms of costs and returns.

The company also sees the deal doubling its production and said it boosts combined assets to 11 blocks in onshore and shallow water Nigeria, 48 producing oil and gas fields, five gas-processing facilities, and three export terminals.

Seplat’s goal is to lift output to more than 200,000 barrels a day, from about 71,000 barrels of oil equivalent daily now, Chief Executive Officer Roger Brown said in the same interview, without adding how quickly this would happen.

“In the portfolio, we have significant gas opportunities,” Brown also said. “There is a huge opportunity in LNG and the domestic gas space.”

Source: https://punchng.com/seplat-to-revive-400-oil-blocks/

Who owns seplat?

TINUBU family?

SadiqBabaSani:
Who owns seplat?

TINUBU family?

Ipob, since you know the answer why are you asking ? This is the symptoms of a dead brain! Tinubu own you self!

SadiqBabaSani:
Who owns seplat?

TINUBU family?

Do a video and make this accusation or publish it in a book. I want to check something

It’s very evident (contrary to what we’ve always thought) that you guys have very low IQs and events after the elections have proven that

AmazingGenius:
Source: https://punchng.com/seplat-to-revive-400-oil-blocks/

Things will start and continue to change for the better for Nigeria from 2025.

May God bless Nigeria and President Tinubu.

Ok noted

shivisee:
Ipob, since you know the answer why are you asking ? This is the symptoms of a dead brain! Tinubu own you self!

Those Yorubas online miscreant are sometime else. suffering and smiling.

Ok noted.

If it's gonna be beneficial to the common man, good luck. If otherwise, na dem sabi

🥺

Omo! This is loud!

But how did we get here? 400 idle oil blocks? In a struggling economy that is suffering dwindling revenue?

SadiqBabaSani:
Who owns seplat?

TINUBU family?

ABC Orjiakor

Oil blocks are different from oil wells.

SocialJustice:
ABC Orjiakor

Not correct. It’s majority French owned. ABC doesn’t own as much shares as Austin Avuru

SocialJustice:
ABC Orjiakor

ABC Ojiakor is one of the share holders, he is not the only one

Congratulations to Tinubu on buying Mobil
And turning it to his personal property
Ontop suffering afjs cone heads

Oli matter every day.
Hope they have plans for the spillage, carbon dangers and the effect of the hazard it will cause to neighbouring communities??

Meanwhile note

it is only a Nigerian girl you will see preparing for marriage and she only has #5k or less in her account

With a mind blowing milage

EponObi:
Omo! This is loud!

But how did we get here? 400 idle oil blocks? In a struggling economy that is suffering dwindling revenue?

pipeline vandalization, lack of investment when they decided to sell it. Its been dragging on from buhari era, logistics issues etc

yoruboid:
Do a video and make this accusation or publish it in a book. I want to check something

It’s very evident (contrary to what we’ve always thought) that you guys have very low IQs and events after the elections have proven that

You want to Farotimize him?

lucianohase:
ABC Ojiakor is one of the share holders, he is not the only one

Wow, didn't know he has divested so much. It was just him and Austin that owned the bulk last I checked. Awarded the most lucrative contracts to other companies they own.

The Niger Delta have had five decades of oil exploration ongoing on her soil but there is nothing to show for it in terms of capital development of the region.

Docile people with equally inept leaders!

Interesting, the SEPLAT stock is already NGN5,700 per share. Insane returns 😁.

Just 2 years ago, specifically May 1st 2022, share price was just NGN543.

This will boost Nigerias oil production and further strengthen the Naira

AmazingGenius:
Source: https://punchng.com/seplat-to-revive-400-oil-blocks/

👍 Nice. Keep the investment coming!

axglide:
Interesting, the SEPLAT stock is already NGN5,700 per share. Insane returns 😁.

Just 2 years ago, specifically May 1st 2022, share price was just NGN543.

Waoh.. what a fortune. Over 1,000 per cent returns on investment..

emmyN:
The Niger Delta have had five decades of oil exploration ongoing on her soil but there is nothing to show for it in terms of capital development of the region.

Docile people with equally inept leaders!

Check with the likes of Ibori, Alamesiagha and the rest of the rogues whether they have something to show for the oil or not.

Wow! This is quite surprising! But how did we end up here? 400 unused oil blocks? In an economy that is facing declining revenue?

Who took its breathe away??

EponObi:
Omo! This is loud!

But how did we get here? 400 idle oil blocks? In a struggling economy that is suffering dwindling revenue?

Militancy and oil theft.

That was why Mobil Exxon sold off its onshore oil blocks to Seplat. They multinational prefers to operate offshore where there's very miniscule risk of encountering those two evils.

Seplat being Nigerian owned my have the ability of bringing the many stakeholders involved to stop the bad lawless practices that frustrate oil production.

SadiqBabaSani:
Who owns seplat?

TINUBU family?

You'd have made more sense if you said Oando. Someone from the Tinubu family is there.

What you don't know is that Oando borrowed $800m to make a recent purchase.

During the Babangida and Abacha regimes, many of these oil blocks were gifted out for free. That is how Nigeria's richest woman, Mrs Alakija, made her stupendous wealth.