Nigerian energy company Seplat Energy has highlighted significant growth opportunities across its offshore asset portfolio, emphasizing openings for North Sea service companies to bring their expertise to Nigerian operations.
Victor Guatelli, Seplat’s Team Lead for Business Development, underscored how UK engineering and operational capabilities can deliver significant value across the company’s assets. Seplat’s 2024 acquisition of ExxonMobil subsidiary Mobil Producing Nigeria Unlimited secured a 40 percent operated interest in four shallow-water Oil Mining Leases, specifically OMLs 67, 68, 70, and 104.
The acquisition added over 120 offshore facilities, more than 200 producing wells, 400 shut-in wells, 1,500 kilometers of pipelines, and an onshore oil export terminal to Seplat’s portfolio. The scale of these assets positions the company to unlock significant growth while providing multiple opportunities for service providers experienced in the North Sea environment.
“We see a lot of incremental volumes. We had 400 wells that were shut-in when we completed this deal, and almost 300 of them have potential, mainly in OMLs 67 and 70. These are low cost, highly profitable, quick payback, highly attractive opportunities for us. It’s all the traditional opportunities that we’ve seen in the North Sea,” Guatelli explained.
Beyond idle well opportunities, Seplat has secured a contract for its first rig, scheduled to commence drilling in 2026. The company plans to bring 50 to 70 new wells online by 2030, with each expected to deliver an average of 2,000 to 3,000 barrels of oil equivalent per day. The drilling program is designed to sustain growth as idle well opportunities taper off, offering extended engagement for drilling contractors and subsea service companies.
Seplat also holds more than 20 undeveloped discoveries across its portfolio, representing over 500 million barrels of oil equivalent in potential, with particularly strong exploration upside around OML 70. On the gas front, the company plans to monetize 700 million standard cubic feet per day through expansions at the Oso Base Plant, phased developments at Oso-BRT, and the Yoho Gas Development. “If you know Seplat, that’s something we want to focus on. We love developing gas in Nigeria,” Guatelli said.
According to Guatelli, Seplat’s four offshore assets contain 2P reserves equivalent to roughly half of what remains in the UK continental shelf, with a resource intensity around 20 times higher. These figures illustrate the concentration of activity and the breadth of opportunities for service companies with expertise in late-life asset management, drilling performance, well integrity, and well interventions.
Sources: energycapitalpower.com, orientalnewsng.com