Seplat Energy Plc, co-founded by Nigerian energy tycoon Austin Avuru, has rehabilitated 33 oil wells, with 26 returning to production. The move has increased the company’s crude output by roughly 33,000 barrels per day, supporting national efforts to close the country’s supply gap and strengthen public revenue.
Chief Operating Officer Samson Ezugworie announced the development at the 43rd Nigerian Association of Petroleum Explorationists conference in Lagos. “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,” he said.
Ezugworie highlighted the ongoing energy poverty in Nigeria, noting that over 70 million citizens lack electricity, while 170 million rely on firewood or charcoal for cooking. He warned that the projected population growth to 400 million by 2050 will place even greater pressure on energy systems.
“We need to act now. If we succeed, imagine what Nigeria can become, a nation powered by affordable, reliable energy accessible to all,” Ezugworie said. He stressed that higher oil and gas production could fuel job creation, power industries, and sustain growth across Africa’s largest economy.
Gas Projects and Clean Energy Goals
Seplat is also advancing its gas initiatives, with first gas expected soon from the joint venture ANOH Gas Processing Plant. The company has 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 reducing emissions, a move he described as “a win for the company, the environment, and our communities.”
Founded in 2009 by Avuru and Ambrosie Orjiako, Seplat is now Nigeria’s largest listed energy firm. Avuru holds 8.5 percent of the company, or 50 million shares. For the nine months ended September 30, 2025, Seplat reported revenue of $2.18 billion, up from $715 million a year earlier, while profit after tax rose to $95.1 million from $35.3 million. The company plans to invest up to $3 billion to expand output and broaden energy access in Nigeria.
