Seplat Energy Plc Completes Acquisition Of ExxonMobil’s MPNU
...Firm To retain Over 1,000 Legacy Employees, 500 Contractors
By Edu Abade
Nigeria’s leading energy company, listed on the Nigerian Exchange Limited and the London Stock Exchange, Seplat Energy Plc, has announced the successful completion of its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The acquisition which combined assets include 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities and three export terminals is transformative for Seplat Energy as the company has more than doubled its production and positioned it to drive growth and profitability, while contributing significantly to Nigeria’s future prosperity.
The completion of this acquisition has created Nigeria’s leading independent energy company, with the 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 the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 percent operated interest in OML 67, 68, 70 and 104; 40 percent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 percent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 percent 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, Senator Udoma Udo Udoma, said: “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 employees.”
Chief Executive Officer of 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.
On its strategic priorities and near-term outlook, the company explained that the MPNU adds substantial reserves and production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P+2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd.
As operator, Seplat’s immediate tasks are to ensure smooth transition of MPNU staff into Seplat and on the operations 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, while further announcements will be made as and when appropriate in line with regulatory requirements.
