Nigeria’s leading indigenous oil and gas company, Seplat Energy Plc, has finalized its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in a landmark $800 million deal. The acquisition, which was initially agreed upon over two years ago, marks a significant milestone for the company and the Nigerian oil and gas industry.
Seplat announced the completion of the deal in a statement, highlighting its strategic impact on Nigeria’s crude oil production. The acquisition is expected to add an additional 120,000 barrels per day to the nation’s output.
Initially valued at $1.28 billion, the final consideration for the deal was reduced to $800 million. The transaction cements Seplat’s position as Nigeria’s leading oil company, granting it equity in 11 blocks across onshore and shallow water assets, 48 producing oil and gas fields, five gas processing facilities, and three export terminals.
Through the acquisition, Seplat gains:
- A 40% operated interest in OML 67, 68, 70, and 104.
- A 40% operated interest in the Qua Iboe export terminal and the Yoho floating storage and offloading (FSO) unit.
- A 51% operated interest in the Bonny River Terminal (BRT) NGL recovery plant.
- A 9.6% participating interest in the Aneman-Kpono field.
- Approximately 1,000 staff and 500 contractors transitioning to the Seplat Group.
Chairman of Seplat Energy, Udoma Udo Udoma, expressed gratitude to President Bola Ahmed Tinubu for supporting the acquisition and acknowledged the efforts of various ministries and regulatory bodies.
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction and appreciates the diligence of the various ministries and regulators in ensuring a successful conclusion,” Udoma said.
Roger Brown, Seplat Energy’s Chief Executive Officer, hailed the achievement as a major milestone in the company’s history.
“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,” Brown stated.
The acquisition follows the approval granted in October 2024 by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which sanctioned the sale of ExxonMobil’s onshore oil and gas assets to Seplat Energy. The deal, originally signed in February 2022, underscores the growing capacity and influence of indigenous oil firms in Nigeria’s energy sector.
