Seplat Energy Has Successfully Acquired MPNU

The acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil has been finalized, according to a statement released yesterday by Seplat Energy Plc. This Indigenous energy firm is listed on the London Stock Exchange and the Nigerian Exchange Limited.

The deal is revolutionary for Seplat Energy, more than doubling production and setting the company up to drive development and profitability while substantially contributing to Nigeria’s future prosperity, the company said in a news release yesterday.

With equity in 11 blocks (onshore and shallow water Nigeria), 48 producing oil and gas fields, five gas processing facilities, and 3 export terminals, the expanded company is now Nigeria’s largest independent energy company, according to the statement.

The acquisition of MPNU’s entire issued share capital adds the following assets to the Seplat Group: a 96% participating interest in the Aneman-Kpono field, a 40% operated interest in the Qua Iboe export terminal and the Yoho FSO, a 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant, and roughly 1,000 employees and 500 contractors will join the Seplat Group.

In the release, Senator Udoma Udo Udoma, the company chairman, was reported as saying: “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.”

“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,” the release also cited Chief Executive Officer Roger Brown as saying.

“I welcome MPNU’s employees and contractors to the Seplat Energy Group, as they have a solid reputation for safety and operational excellence.”

“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 objective is to invest in increasing oil and gas production while lowering costs and emissions, resulting in maximum value for all stakeholders.”

“MPNU is a perfect fit with our strategy to create a sustainable business that can provide Nigeria with reliable, affordable, and accessible energy while also providing our shareholders with attractive returns.”

On its strategic priorities and near-term prognosis, the statement stated that “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.”

According to the statement, Seplat’s first responsibilities as operator are to ensure that MPNU employees transfer smoothly to Seplat and quickly take advantage of the many opportunities to increase production naturally and raise the assets’ value for all parties involved.

The outcomes of Seplat’s full year 2024, anticipated in February 2025, will include comprehensive guidelines for the expanded group in 2025, it stated. 

[bravepop id="205917" align="center"]
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments