Seplat Energy Plc has announced the completion of the acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil, moving to double production and positioning the Company for growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
Completing the acquisition has created Nigeria’s leading independent energy company, with an 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.
The acquisition of MPNU adds to the Seplat Group, 40 per cent operated interest in OML 67, 68, 70 and 104; 40 per cent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 per cent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 per cent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
Senator Udoma Udo Udoma, Chairman of Seplat Energy thanks President Bola Tinubu 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.”
Roger Brown, Chief Executive Officer of Seplat Energy said a major milestone has been achieved in the history of Seplat Energy, thanking the Seplat team for their hard work and perseverance in completing 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. We 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 priorities now are ensuring a smooth transition of MPNU staff into Seplat, and also, swiftly targeting numerous opportunities to organically grow production and further enhance the value of the assets for all stakeholders.
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