Nigerian energy company Seplat Energy has pulled off one of the most capital-efficient production turnarounds in recent African upstream history — restoring 49 previously idle wells to active production for approximately $60 million, adding 48,600 barrels per day in gross capacity without drilling a single new well.
The well revival campaign followed Seplat’s $1.28 billion acquisition of onshore and shallow-water assets from ExxonMobil and formed the centrepiece of the company’s offshore growth strategy in 2025. Chief Executive Officer Roger Brown credited the programme with unlocking production capacity that had seen little upstream investment under previous ownership.
Seplat now plans to extend the initiative into a second phase, targeting an additional 50 idle wells through 2026, though management cautioned that incremental gains per well are likely to moderate as the highest-impact targets have already been addressed.
The restoration drive contributed to average daily working interest production of 76,023 barrels of oil equivalent per day — approximately 9% year-on-year growth on a pro-forma basis — even as the company navigated planned maintenance and a third-quarter fire at the Yoho platform that triggered a temporary production outage. The Yoho facility remains offline but is expected to return in the second quarter of 2026, potentially restoring an additional 20,000 bpd.
Financially, the results were striking. Revenue surged 144% year-on-year to $2.7 billion despite a 12% decline in global oil prices. Adjusted EBITDA reached $1.27 billion at a 47% margin, while operating cash flow totalled $1.17 billion. Net debt fell to $673 million — equivalent to just 0.5 times net debt-to-EBITDA — reflecting a markedly stronger balance sheet. Total group production rose 148% to 131,506 barrels of oil equivalent per day, reflecting the first full year of consolidated operations since the ExxonMobil asset acquisition.
Source: angolanminingoilandgas.com