Seplat Energy Plc has announced the completion of its acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil.
Referring to the acquisition as a transformative development, Seplat Energy said this would contribute significantly to Nigeria’s future prosperity.
The company in a statement, noted that the transaction would more than double production while also positioning the Company to drive growth and profitability.
It stated that “The completion of this acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas proc essing facilities; and 3 export terminals.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.”
Chairman of Seplat Energy, Senator Udoma Udoma, expressed appreciation to all stakeholders involved in the process for their support in seeing to the successful completion of the acquisition.
“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.”
For his part, Chief Executive Officer of Seplat Energy, Roger Brown, while extending his appreciation to the entire Seplat team for their hard work and perseverance to complete this transaction, said that this was a major milestone achieved in the history of Seplat Energy.
Brown said, “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.”
Olusola Akintonde
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