Seplat Energy Plc has successfully concluded its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. This marks a significant milestone in Seplat’s growth strategy and positions the company as a major player in Nigeria’s energy sector.
Regulatory and Presidential Approvals
The transaction, which faced initial delays due to a legal challenge from the Nigerian National Petroleum Company Ltd (NNPC) over its right of first refusal in the joint venture, has now been cleared. It received:
- Approval from President Bola Ahmed Tinubu.
- Regulatory clearance from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Roger Brown, CEO of Seplat Energy, described the acquisition as a transformative step for the company, stating:
“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.”
He emphasized Seplat’s commitment to:
- Increasing oil and gas production.
- Reducing costs and emissions.
- Delivering value to stakeholders.
- Providing affordable, accessible, and reliable energy for Nigeria.
Impact on Seplat Energy
The acquisition will:
- Double Seplat’s production capacity, enhancing its growth and profitability.
- Strengthen the company’s infrastructure and resource base in Nigeria.
- Position Seplat to play a pivotal role in Nigeria’s energy and economic future.
Seplat’s Chairman, Udoma Udoma, expressed gratitude to President Tinubu and regulatory bodies for their support. He also welcomed MPNU employees to Seplat Energy and highlighted the company’s mission to:
- Deliver value to stakeholders.
- Foster positive relationships with communities, government, and regulators.
- Expand its operations to new regions of Nigeria.
This acquisition underscores Seplat Energy’s strategic focus on sustainable growth and its role in driving Nigeria’s energy development while providing long-term value to its stakeholders.
