Seplat Energy Completes Acquisition of Mobil Assets, Emerges as Nigeria’s Leading Independent Energy Company.
Seplat Energy Plc, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has officially concluded its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. This milestone transaction significantly enhances Seplat’s asset portfolio, production capacity, and operational reach, solidifying its position as Nigeria’s foremost independent energy company.
The acquisition, which faced delays spanning over two years, marks a transformative phase for Seplat Energy. The company now holds equity in 11 onshore and shallow-water blocks across Nigeria, encompassing 48 producing oil and gas fields, five gas processing facilities, and three export terminals.
The transaction includes a 40% operated interest in OMLs 67, 68, 70, and 104; a 40% operated interest in the Qua Iboe export terminal and the Yoho Floating Storage and Offloading unit; a 51% operated interest in the Bonny River Terminal NGL recovery plant; and a 9.6% participating interest in the Aneman-Kpono field. Additionally, approximately 1,000 staff and 500 contractors from MPNU will transition to the Seplat Group.
Senator Udoma Udo Udoma, Chairman of Seplat Energy, expressed gratitude to President Bola Ahmed Tinubu and various regulatory bodies for their support in completing the transaction. He emphasized the company’s commitment to fostering positive relationships with its stakeholders and replicating its community impact in new operational areas.
Roger Brown, CEO of Seplat Energy, described the acquisition as a significant milestone, highlighting MPNU’s robust portfolio of assets and infrastructure within a world-class basin. “Our commitment is to invest in increasing oil and gas production while reducing costs and emissions, maximizing value for all stakeholders,” Brown stated.
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The acquisition adds substantial reserves to Seplat’s portfolio, with 409 million barrels of oil equivalent (MMboe) in 2P reserves and 670 MMboe in 2P + 2C reserves and resources as of June 2024. The average daily production for the first half of 2024 was 71,400 barrels of oil equivalent per day (kboepd).
As the operator, Seplat aims to ensure a seamless transition for MPNU staff and swiftly pursue opportunities to grow production organically. Detailed guidance for the expanded group’s 2025 operations will be shared alongside Seplat’s full-year 2024 results in February 2025.
The completion of this acquisition underscores Seplat Energy’s strategic vision to deliver reliable and affordable energy solutions for Nigeria while generating attractive returns for shareholders. Further updates will be provided in line with regulatory requirements.
