Seplat Energy Plc has announced the completion of its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, an asset valued at approximately $1.28 billion.
This was disclosed in a circular signed by the company’s Chief Executive Officer, Roger Brown, on Thursday and seen by Energy in Africa.
The deal comes two months after the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) granted its approval.
Announcing the completion, Seplat described the transaction, which began in 2022, as transformative for the company, noting that it would more than double production and position the firm for growth and profitability.
“Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, is delighted to announce 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,” the circular read.
Seplat Chairman Reacts to the Deal
Reacting to the deal, the Chairman of Seplat, Udo Udoma, expressed gratitude to President Bola Ahmed Tinubu for supporting the transaction.
Udoma also commended the support and diligence of the NUPRC and other parties involved in the successful completion of the deal.
“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.
CEO’s Perspective
Roger Brown, the company’s CEO, also praised the acquisition, emphasizing the value MPNU brings to Seplat.
He stated that the employees and contractors of MPNU would be warmly welcomed into the Seplat Group.
“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,” Brown added.
