Seplat Energy Plc has announced that it has completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. The transaction is transformative for Seplat Energy, more than doubling production and positioning the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
In a statement on Thursday, the company said the completion of this acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
It added that the acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
The Nigerian government had in October 2024 approved the sale of ExxonMobil’s onshore assets in Nigeria to Seplat Energy. Both parties had reportedly reached an agreement on the $800 billion deal in February 2022, which had since been under regulatory review.
Speaking on the recent acquisition, Senator Udoma Udo Udoma, Chairman of Seplat Energy, on behalf of the company, thanked President Bola Ahmed Tinubu GCFR, for supporting this transaction, and acknowledged the support of the various Ministries and regulators for all the work to reach a successful conclusion.
“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations. Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the Government, regulators, communities and our staff,” Udoma said.
Similarly, Roger Brown, Chief Executive Officer of Seplat Energy, noted that the acquisition was a major milestone in the history of Seplat Energy.
Brown said, “MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group. We have acquired a company with one of the best portfolios of assets and related infrastructure in a world class basin, providing enormous potential for the Seplat Group.
“Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders. MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders.”
The statement noted that further announcements will be made as and when appropriate, in line with regulatory requirements.
