By Stanley Onyeka, Lagos
Dual-listed Nigerian energy company, Seplat Energy Plc, today announced that it has completed its acquisition of the $1.28billion Mobil Producing Nigeria Unlimited (MPNU) assets from ExxonMobil.
It noted that the transaction is transformative for Seplat Energy, which has been on the process for more than three years, as it more than doubles its production and positions the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
By this acquisition, Seplat is said to have become a leading independent energy company, with equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; five gas processing facilities; and three export terminals.
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.
Chairman of Seplat Energy, Udo Udoma, is quoted as saying: “Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction, and appreciates the support and diligence 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.”
Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.
Also speaking, the Chief Executive Officer, Seplat Energy, Roger Brown, said: “Today, we have achieved a major milestone in the history of Seplat Energy and I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“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.”
Looking ahead, as operator, Seplat said its immediate tasks given the substantial reserves and production following the acquisition, are to ensure smooth transition of MPNU staff into the company.
Also, to swiftly target numerous opportunities that exist to organically grow production and further enhance the value of the assets for all stakeholders.
Detailed guidance for the enlarged group in 2025 will be provided with Seplat’s full year 2024 results, expected in February 2025.
