Seplat Plans 17 New Wells in 2026, Targets 155,000 Barrels Per Day Output
- Seplat Energy plans to drill 17 new wells in 2026 as part of its strategy to boost production
- The company projects output of between 135,000 and 155,000 barrels of oil equivalent per day
- Seplat is also discussing a potential sale of a 10% stake in its joint venture with NNPC Ltd
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Seplat Energy Plc has unveiled plans to drill 17 new wells in 2026 as part of efforts to increase production, with the indigenous energy firm projecting output of up to 155,000 barrels of oil equivalent per day (boepd), PUNCH reported.
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Details contained in the company’s 2025 full-year report indicate that the drilling campaign forms part of its broader business strategy for 2026, designed to strengthen production capacity and support long-term growth targets toward 2030.
According to the report, the planned drilling programme will cover 17 wells, with the majority located onshore.
The company explained that the programme will consist of 15 onshore wells and two offshore wells as it expands operations across its asset base.
Seplat discloses 2026 outlook
Seplat also issued its initial production outlook for 2026, projecting average output of between 135,000 and 155,000 boepd.
The report stated that offshore assets are expected to account for the larger share of production, contributing between 52% and 57%, while onshore operations will provide between 43% and 48%.
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To support the drilling campaign and other operational activities, Seplat said it expects capital expenditure in 2026 to range between $360m and $440m. According to the company, the investment will be evenly divided between onshore and offshore projects.
Plans for offshore drilling
Offshore drilling activities will involve the use of the jack-up rig Shelf Drilling Victory, which the company confirmed is already in Nigeria. Seplat noted that the multi-year infill drilling campaign using the rig is scheduled to begin in the third quarter of 2026.
The offshore programme will also include the completion of two new wells at the Oso field located in Oil Mining Lease 70.
Seplat said the 2026 plan will also prioritise maintenance and asset integrity activities required to sustain production growth over the long term.
The company noted that much of the expected growth in 2026 will come from gas and natural gas liquids (NGLs), particularly as the ANOH Gas Processing Plant ramps up production and the first expansion phase at the Oso facility is completed.
According to the report, the Oso expansion is expected to double the company’s offshore gas sales capacity.
Idle wells to be restored
Seplat added that oil output growth will be supported by the restoration of idle wells and the drilling of new wells, although production may be affected by scheduled maintenance and downtime at the Yoho field.
The report indicated that production at Yoho is expected to resume in the second quarter of 2026 following a fire incident that occurred in 2025.
The company also projected a significant increase in NGL production. It said output of natural gas liquids could rise by about 85% year-on-year at the midpoint of its production guidance after the replacement of the inlet gas exchanger at the East Area Project.
Improved NGL processing volumes are expected to begin from the first quarter of 2026, the report added.
Gas production is also forecast to grow strongly, with the midpoint of the company’s guidance indicating a potential increase of about 30% year-on-year. Seplat attributed this to equity production of wet gas from the ANOH project, which started operations in January 2026, and higher offshore gas sales expected from the third quarter after completion of the Oso-BRT Phase 1 expansion.
Source: UGC
High production to reduce operating costs
Seplat explained that higher production levels are expected to help reduce operating costs per unit compared with the previous year, even as overall operating expenses remain relatively stable.
However, the firm noted that some offshore facilities may experience temporary shutdowns during the year as part of planned maintenance aimed at improving reliability and asset integrity. Such shutdowns are expected mainly in the first and fourth quarters of 2026.
On its financial outlook, Seplat said its strategy is designed to ensure it can finance capital projects, meet debt obligations and sustain returns to shareholders.
The company explained that most of its revenue comes from US dollar-denominated crude oil exports, while domestic gas sales and local oil supply generate naira income used to cover operating costs in Nigeria.
FG announces 50 oil blocks for bidding
Legit.ng earlier reported that the federal government, through NUPRC, has opened 50 oil and gas blocks for bidding
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it was very particular about investors with strong financial backing and technical expertise.
The licensing process will follow a five-stage merit-based system with digital tools ensuring transparency.
Source: Legit.ng
