Seplat Power, a London-listed Nigerian oil agency, has revealed plans to double manufacturing to 120,000 barrels per day inside six months following its buy of ExxonMobil’s onshore and shallow-water property. The acquisition, finalized in December after a two-year regulatory delay, contains 11 oil blocks, 48 oil and gasoline fields, and intensive infrastructure. The deal, which value $1.28 billion, positions Seplat as one in all Nigeria’s largest home producers with management of 16% of the nation’s output. To attain its aim of doubling manufacturing, Seplat plans to revive the nation’s many idle wells and convey them again to manufacturing. Whereas critics argue the acquired property lack longevity, Seplat insists there may be substantial untapped potential, highlighting a shift in the direction of native experience in managing Nigeria’s oil business.
Supply: FINANCIAL TIMES