️ Seplat Targets 155,000 bpd as It Plans 17 New Wells in 2026
Nigeria’s indigenous oil and gas company Seplat Energy Plc has unveiled an ambitious production strategy for 2026, announcing plans to drill 17 new wells as it targets daily production of up to 155,000 barrels of oil equivalent per day (boepd).
The expansion plan is part of the company’s long-term growth strategy leading to 2030, according to its 2025 full-year report.
Here is a detailed breakdown of the development.
Seplat Plans to Drill 17 New Wells
Seplat’s 2026 drilling programme will involve:
• 15 onshore wells
• 2 offshore wells
The wells are expected to support increased production and strengthen the company’s upstream portfolio.
Most of the drilling activities will take place in onshore assets, which remain a core part of Seplat’s operations.
Production Target Set at 135,000–155,000 boepd
The company expects total production in 2026 to range between:
135,000 and 155,000 barrels of oil equivalent per day (boepd).
Production will come from two major sources:
• Onshore assets: 43% – 48% of total output
• Offshore assets: 52% – 57% of total output
This mix shows increasing reliance on offshore operations.
Capital Investment of Up to $440 Million
Seplat plans to spend between:
$360 million and $440 million in capital expenditure for 2026.
The investment will be split evenly between onshore and offshore projects, covering:
• drilling activities
• infrastructure upgrades
• production expansion projects
Offshore Drilling Campaign to Start in Q3
Offshore operations will include the deployment of the Shelf Drilling Victory jack-up rig.
Key details:
• The rig is already in Nigeria
• Drilling campaign will begin in third quarter of 2026 (Q3)
• Work will focus on two new wells in Oso field
The Oso field is located in Oil Mining Lease 70 (OML 70).
Gas Projects to Drive Future Production Growth
Seplat expects a major increase in production from gas and natural gas liquids (NGLs).
This growth will be driven by:
• the ramp-up of the ANOH Gas Processing Plant
• expansion of offshore gas production at Oso
The Oso expansion is expected to double the company’s offshore gas sales capacity.
Natural Gas Liquids Production to Jump by 85%
The company projects a major rise in NGL output.
At the midpoint of its production forecast:
• NGL production could grow by about 85% year-on-year
This increase follows the successful replacement of a gas exchanger at the East Area Project, which improves processing capacity.
Gas Output Expected to Rise by 30%
Gas production is also projected to increase significantly.
At the midpoint of Seplat’s production guidance:
• Gas output could rise by about 30% year-on-year
The growth will be supported by:
• the ANOH project, which started operations in January 2026
• increased offshore gas sales from the Oso-BRT Phase 1 expansion.
Oil Production to Grow Through New and Restored Wells
Oil output growth will come from:
• drilling new wells
• restoring previously idle wells
However, production may be affected by maintenance work and temporary shutdowns.
Yoho Field to Resume Production in 2026
Operations at the Yoho Field were disrupted by a fire incident last year.
Seplat expects the field to:
• resume production in the second quarter of 2026 (Q2).
This restart is expected to support overall production targets.
Operating Costs Expected to Remain Stable
Seplat estimates its unit operating cost will range between:
$13.5 and $14.5 per barrel of oil equivalent.
Higher production volumes are expected to lower unit costs compared with the previous year.
Strong Financial Strategy and Dividend Plan
The company says its financial strategy will ensure it can:
• fund capital expenditure
• meet debt obligations
• maintain shareholder returns
Seplat also confirmed it will maintain its quarterly dividend of 5 cents per share.
Possible Sale of JV Stake Under Discussion
Seplat also disclosed that discussions are ongoing regarding the potential sale of a 10% working interest in the SEPNU–NNPC joint venture.
However, the company clarified that no final agreement has been reached yet.
Key Takeaway
Seplat’s 2026 strategy signals a strong push toward:
• higher oil and gas production
• expansion of offshore assets
• greater focus on gas and NGLs
If executed successfully, the plan could significantly strengthen the position of Seplat Energy Plc in Nigeria’s energy sector and support its long-term growth targets.
Do you think Seplat can realistically hit 155,000 barrels per day in 2026?
Nigeria’s indigenous oil and gas company Seplat Energy Plc has unveiled an ambitious production strategy for 2026, announcing plans to drill 17 new wells as it targets daily production of up to 155,000 barrels of oil equivalent per day (boepd).
The expansion plan is part of the company’s long-term growth strategy leading to 2030, according to its 2025 full-year report.
Here is a detailed breakdown of the development.
Seplat Plans to Drill 17 New WellsSeplat’s 2026 drilling programme will involve:
• 15 onshore wells
• 2 offshore wells
The wells are expected to support increased production and strengthen the company’s upstream portfolio.
Most of the drilling activities will take place in onshore assets, which remain a core part of Seplat’s operations.
Production Target Set at 135,000–155,000 boepdThe company expects total production in 2026 to range between:
135,000 and 155,000 barrels of oil equivalent per day (boepd).
Production will come from two major sources:
• Onshore assets: 43% – 48% of total output
• Offshore assets: 52% – 57% of total output
This mix shows increasing reliance on offshore operations.
Capital Investment of Up to $440 MillionSeplat plans to spend between:
$360 million and $440 million in capital expenditure for 2026.
The investment will be split evenly between onshore and offshore projects, covering:
• drilling activities
• infrastructure upgrades
• production expansion projects
Offshore Drilling Campaign to Start in Q3Offshore operations will include the deployment of the Shelf Drilling Victory jack-up rig.
Key details:
• The rig is already in Nigeria
• Drilling campaign will begin in third quarter of 2026 (Q3)
• Work will focus on two new wells in Oso field
The Oso field is located in Oil Mining Lease 70 (OML 70).
Gas Projects to Drive Future Production GrowthSeplat expects a major increase in production from gas and natural gas liquids (NGLs).
This growth will be driven by:
• the ramp-up of the ANOH Gas Processing Plant
• expansion of offshore gas production at Oso
The Oso expansion is expected to double the company’s offshore gas sales capacity.
Natural Gas Liquids Production to Jump by 85%The company projects a major rise in NGL output.
At the midpoint of its production forecast:
• NGL production could grow by about 85% year-on-year
This increase follows the successful replacement of a gas exchanger at the East Area Project, which improves processing capacity.
Gas Output Expected to Rise by 30%Gas production is also projected to increase significantly.
At the midpoint of Seplat’s production guidance:
• Gas output could rise by about 30% year-on-year
The growth will be supported by:
• the ANOH project, which started operations in January 2026
• increased offshore gas sales from the Oso-BRT Phase 1 expansion.
Oil Production to Grow Through New and Restored WellsOil output growth will come from:
• drilling new wells
• restoring previously idle wells
However, production may be affected by maintenance work and temporary shutdowns.
Yoho Field to Resume Production in 2026Operations at the Yoho Field were disrupted by a fire incident last year.
Seplat expects the field to:
• resume production in the second quarter of 2026 (Q2).
This restart is expected to support overall production targets.
Operating Costs Expected to Remain Stable
Seplat estimates its unit operating cost will range between:
$13.5 and $14.5 per barrel of oil equivalent.
Higher production volumes are expected to lower unit costs compared with the previous year.
Strong Financial Strategy and Dividend PlanThe company says its financial strategy will ensure it can:
• fund capital expenditure
• meet debt obligations
• maintain shareholder returns
Seplat also confirmed it will maintain its quarterly dividend of 5 cents per share.
Possible Sale of JV Stake Under DiscussionSeplat also disclosed that discussions are ongoing regarding the potential sale of a 10% working interest in the SEPNU–NNPC joint venture.
However, the company clarified that no final agreement has been reached yet.
Key Takeaway
Seplat’s 2026 strategy signals a strong push toward:
• higher oil and gas production
• expansion of offshore assets
• greater focus on gas and NGLs
If executed successfully, the plan could significantly strengthen the position of Seplat Energy Plc in Nigeria’s energy sector and support its long-term growth targets.
Do you think Seplat can realistically hit 155,000 barrels per day in 2026?
