Seplat Energy Plc has completed the $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, marking a significant step in its growth and expansion strategy.
The acquisition, announced on Thursday, received final approval from President Bola Ahmed Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The deal had faced delays since 2022 due to a legal dispute with the Nigerian National Petroleum Company Limited (NNPC), which had invoked its right of first refusal in the joint venture.
In a statement, Seplat Energy’s CEO, Roger Brown, described the acquisition as transformative, emphasizing its alignment with the company’s long-term strategy.
“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin. This acquisition enhances our ability to increase oil and gas production, reduce costs and emissions, and maximise value for all stakeholders,” Brown said.
Seplat highlighted the deal’s impact, noting that it would more than double the company’s production capacity, boost profitability, and contribute significantly to Nigeria’s economic future.
Seplat Chairman, Udoma Udoma, expressed appreciation to President Tinubu and regulatory authorities for facilitating the transaction.
“We are excited to welcome MPNU employees to Seplat Energy and look forward to replicating the positive impacts achieved in our current areas of operation. This acquisition underscores our mission to deliver value to stakeholders while fostering good relationships with the government, communities, and staff,” Udoma stated.
This acquisition positions Seplat Energy as a key player in Nigeria’s oil and gas sector, with expanded operations across new regions and a strengthened commitment to sustainable energy solutions. The company reiterated its mission to deliver accessible, affordable, and reliable energy while generating attractive returns for shareholders.
The move is expected to enhance Seplat’s role in shaping the future of Nigeria’s energy industry, with increased production capacity and infrastructure that could drive economic growth and energy security in the country.
