How Mobil Producing Nigeria Unlimited (MPNU) acquisition from ExxonMobil more-than doubled production and positioning of company + The rough journey to largest: Platforms Africa chronicles how Seplat scales the hurdle
Detailed guidance for the enlarged group to be published in 2025
Seplat Energy PLC has completed its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil (MPNU) with payment of $800 million.
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.
Platforms Africa reports that the completion of the last tranche of payment marked the end of a journey started two years ago.
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The completion of the acquisition has created Nigeria’s leading independent energy energy company with the enlarged company having equity in 11 oil blocks, onshore and shallow water Nigeria, 48 producing oil and gas folds; five gas processing facilities and three export terminals.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboeexport terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
Speaking in Lagos during a stakeholders’ engagement, Chairman, Seplat Energy, Senator Udoma Udo Udoma thanked Nigerian President, Bola Tinubu for supporting the transaction, and appreciated 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”
Chief executive officer, 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 adds substantial reserves and production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P + 2C reserves and resources as at30 June 2024 and 6M 2024 average daily production of 71.4 kboepd.
The rough journey to Largest: Platforms Africa chronicles how Seplat scales the hurdle
Here are the links of stories on how Seplat overcome the hurdles in the acquisition of ExxonMobil onshore asset in Nigeria.
BREAKING: ExxonMobil Exits Nigeria’s Onshore, Sells Asset To Seplat
EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat
BREAKING:Buhari Makes U-Turn, Consents To ExxonMobil/Seplat $1.6bn Deal
Why ExxonMobil’s $1.6 Bn Asset Sale To Seplat Hit The Rock – NUPRC
NNPC Has Withdrawn Challenges To $1.2Bn ExxonMobil Asset’s Acquisition – Seplat
Meanwhile, according to Roger, 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.”
Platforms Africa
