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Seplat Energy Plc, the energy giant co-founded and partly owned by Nigerian energy tycoon Austin Avuru, has successfully rehabilitated 33 oil wells, with 26 returning to production. The effort has added roughly 33,000 barrels of crude per day to the company’s output, the firm said.
COO Samson Ezugworie announced the update at the 43rd Nigerian Association of Petroleum Explorationists conference in Lagos. The move, he said, supports Nigeria’s effort to increase oil production and close the current supply gap that has weighed on national revenue.
“We’re encouraged by the results. Reviving these wells costs little compared to the benefits, and we’re confident this will help the industry meet government targets,” Ezugworie said in a company statement.
Addressing Nigeria’s energy access gap
Ezugworie also spoke about the country’s energy poverty, noting that more than 70 million Nigerians lack electricity while 170 million depend on firewood or charcoal for cooking. He warned that as the population grows to a projected 400 million by 2050, the pressure on energy systems will intensify.
“We need to act now. If we succeed, imagine what Nigeria can become — a nation powered by affordable, reliable energy accessible to all,” he said. He emphasized that higher oil and gas production would not only strengthen public finances but also fuel job creation, power industries, and sustain growth across Africa’s largest economy.
Seplat’s gas projects and clean energy goals
Seplat Energy is also advancing its gas initiatives. The company expects first gas soon from its joint venture ANOH Gas Processing Plant and recently shipped its first LPG cargoes from the upgraded Sapele Gas Plant.
Ezugworie said Seplat is “on track to end routine flaring,” capturing gas for commercial use while cutting emissions, a move he described as “a win for the company, the environment, and our communities.”
Financial performance and outlook
Founded in 2009 by Avuru and Ambrosie Orjiako, Seplat has become Nigeria’s largest listed energy firm, with operations centered in the Niger Delta. Avuru holds 8.5 percent of the company, or 50 million shares, making him one of the top private investors in the sector.
For the nine months ended Sept. 30, 2025, Seplat reported revenue of $2.18 billion, up from $715 million a year earlier. Profit after tax rose to $95.1 million from $35.3 million. In recent months, Seplat has accelerated production expansion following its acquisition of Mobil assets. The company plans to invest up to $3 billion to lift output and broaden energy access in Nigeria.
