Seplat Energy Plc has unveiled an ambitious plan to drill 17 new wells in 2026 as part of efforts to expand production and strengthen its long-term growth strategy. The indigenous energy company said the move is aimed at increasing its output to between 135,000 and 155,000 barrels of oil equivalent per day (boepd), according to details from its 2025 full-year financial report.
The company explained that the drilling programme will involve 15 onshore wells and two offshore wells, reflecting a major investment in expanding Nigeria’s oil and gas production capacity. Onshore operations are projected to contribute between 43 and 48 percent of total output, while offshore assets are expected to account for between 52 and 57 percent.
Seplat also revealed that its 2026 investment budget will range between $360 million and $440 million, with capital spending split evenly between onshore and offshore projects. Offshore drilling will involve the deployment of the Shelf Drilling Victory, which is already in Nigeria and is expected to begin a multi-year drilling campaign in the third quarter of 2026, including two new well completions at the Oso field in Oil Mining Lease 70.
According to the company, production growth will largely be driven by gas and natural gas liquids as the ANOH Gas Processing Plant ramps up operations and the first phase of expansion at the Oso facility is completed. The expansion is expected to double offshore gas sales capacity, while the restoration of idle wells and drilling of new ones will help support oil output despite potential maintenance-related downtime at offshore assets.
Seplat noted that the Yoho Field, which experienced a fire incident last year, is expected to resume production in the second quarter of 2026. The company also projected strong growth in natural gas liquids and gas output, driven by new infrastructure and improved processing capacity. With increased production, Seplat believes operating costs will remain stable, while the company continues to fund investments, meet debt obligations, and maintain shareholder dividends.
source: punch