Seplat Energy Plc, a leading indigenous oil and gas company listed on the Nigerian Exchange Limited and the London Stock Exchange, has successfully concluded its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation.
The deal, valued at $800 million, had faced regulatory reviews since February 2022 but received federal government approval in October 2024.
The acquisition, announced in a statement by Seplat’s Chief Executive Officer, Roger Brown, will more than double the company’s production capacity to approximately 120,000 barrels of oil equivalent per day. Seplat expressed optimism about the deal’s potential to enhance its operations and impact within Nigeria’s energy sector.
Seplat’s Chairman, Udoma Udo Udoma, thanked President Bola Ahmed Tinubu and relevant ministries for their support in finalizing the transaction. He highlighted the company’s commitment to integrating MPNU’s workforce into Seplat Energy and replicating positive community impacts in its new areas of operation.
Roger Brown, the CEO, emphasized that the acquisition aligns with Seplat’s strategy to build a sustainable business while adhering to international standards and environmental protection. He noted that MPNU’s portfolio offers significant opportunities for growth, adding that Seplat remains dedicated to increasing oil and gas output while reducing costs and emissions.
This acquisition reflects a broader trend among major oil companies, such as Eni and Equinor, shifting focus to offshore operations due to challenges like oil theft and pipeline vandalism. The deal marks a significant milestone for Seplat Energy as it strengthens its position in Nigeria’s energy industry and reinforces its mission to deliver value to stakeholders.