By Bassey Udo
The prolonged acquisition of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy PLC was completed in the midnight of Thursday, December 12.
The acquisition processes, which were completed with the transfer of ownership and control of MPNU assets to Seplat Group has made the company emerge as Nigeria’s leading independent energy operator in the oil and gas sector.
Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, said in a statement that it was delighted to announce the completion of the acquisition from ExxonMobil.
The company described the transaction as transformative for Seplat Energy, as it more than doubled its production capacity and positioned it to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
The completion of the acquisition, Seplat said, has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 oil blocks in Nigeria’s onshore and shallow waters; 48 producing oil and gas fields; five gas processing facilities; and three export terminals.
Also, the acquisition of the entire issued share capital of MPNU adds to Seplat Group assets 40% of operated interest in OML 67, 68, 70 and 104; 40% of operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% of operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% of participating interest in the Aneman-Kpono field, and approximately 1,000 staff and 500 contractors, which would 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 staff.”
The 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.
In its review of strategic priorities and near-term outlook, Seplat said the newly acquired MPNU assets would add substantial reserves and production to its output, including 409 million arrels of oil equivalent; 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.
Seplat said, as operator, its immediate tasks would be to ensure the 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.
It said it would provide detailed guidance for the enlarged group in 2025, including full year 2024 results, expected in February 2025.
