Leading oil firms Seplat Energy, Renaissance Africa Energy, Oando, and Chevron have announced plans to undertake new drilling projects aimed at increasing Nigeria’s oil production capacity. These initiatives are part of a broader industry push to revitalize oil output and meet growing domestic and international demand.
Seplat Energy, after acquiring key assets from ExxonMobil, plans significant investments to reactivate numerous wells, targeting a production increase to 140,000 barrels per day. Renaissance Africa Energy has successfully boosted production through well revitalization projects, while Oando, having acquired onshore oil production leases previously held by Eni, is poised to expand its output. Chevron is also moving forward with exploration and drilling activities as part of Nigeria’s overall energy growth strategy.
These projects align with the Nigerian government’s goal to increase crude oil output and strengthen local content in the petroleum sector, contributing to economic growth and energy security under President Bola Ahmed Tinubu’s administration.