Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has successfully completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. This landmark transaction marks a significant step in Seplat Energy’s growth, doubling the company’s production capacity and solidifying its position as Nigeria’s leading independent energy company.
The acquisition, which is expected to drive both growth and profitability, significantly contributes to Nigeria’s long-term energy prospects. With the completion of the deal, Seplat now holds equity in 11 oil and gas blocks across both onshore and shallow water Nigeria. The enlarged company now operates 48 producing oil and gas fields, five gas processing facilities, and three export terminals, positioning Seplat to have a stronger impact on Nigeria’s energy sector.
The acquisition includes a 40% operated interest in OML 67, 68, 70, and 104, along with a 40% operated interest in the Qua Iboe export terminal and the Yoho Floating Storage Offloading (FSO) unit. Additionally, Seplat assumes a 51% operated interest in the Bonny River Terminal (BRT) NGL recovery plant, a 9.6% participating interest in the Aneman-Kpono field, and the integration of approximately 1,000 employees and 500 contractors into the Seplat Group.
Senator Udoma Udo Udoma, Chairman of Seplat Energy, expressed his gratitude to President Bola Ahmed Tinubu GCFR for his support, along with the collaboration from various ministries and regulators that facilitated the transaction’s success.
He further welcomed MPNU’s employees into Seplat, noting that the company looks forward to expanding its operations in a new region of the country and replicating the positive impact Seplat has had in its existing communities.
“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,” Senator Udoma stated.
Chief Executive Officer of Seplat Energy, Roger Brown, also commented on the milestone achievement, thanking the entire Seplat team for their dedication in making the transaction a reality. He highlighted MPNU’s impressive track record for safety and operational excellence, welcoming MPNU’s employees and contractors into the Seplat Energy Group.
Brown emphasised that MPNU’s world-class portfolio of assets and infrastructure offers Seplat significant growth potential, and reaffirmed the company’s commitment to investing in the production of oil and gas while reducing costs and emissions.
“Our strategy to build a sustainable business that delivers affordable, accessible, and reliable energy for Nigeria, alongside attractive returns for shareholders, has been further strengthened with this acquisition,” he said.
With MPNU now part of Seplat Energy, the company’s reserves have increased significantly, with 409 million barrels of oil equivalent (MMboe) in 2P reserves and 670 MMboe in 2P + 2C reserves and resources as of 30 June 2024. The combined company’s 6-month average daily production for 2024 stands at 71.4 thousand barrels of oil equivalent per day (kboepd).
As operator of the newly acquired assets, Seplat Energy is focused on ensuring a smooth transition for MPNU’s staff and swiftly identifying opportunities to organically grow production, enhance asset value, and maximise returns for stakeholders.
Seplat Energy will provide detailed guidance for the enlarged group in 2025 with its full-year 2024 results, expected in February 2025.