Seplat Energy completes acquisition of ExxonMobil assets for $1.2bn



Seplat Energy Plc has successfully acquired Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, marking a significant milestone for the company. This acquisition more than doubles Seplat Energy’s production capacity and positions them for growth and profitability, while also contributing to Nigeria’s economic development.

The addition of MPNU brings substantial reserves and production to Seplat Energy, including 409 MMboe 2P reserves, 670 MMboe 2P + 2C reserves and resources as of June 30, 2024, and an average daily production of 71.4 kboepd in the first half of 2024.

Udoma Udo Udoma, chairman of Seplat Energy, expressed gratitude to President Bola Ahmed Tinubu and various Ministries and regulators for their support in completing the transaction. He also welcomed MPNU employees to the Seplat Energy team and emphasized the company’s commitment to delivering value to all stakeholders.

Seplat Energy’s CEO, Roger Brown, commended the Seplat team for their efforts in finalizing the transaction and highlighted the potential of MPNU’s assets to enhance the company’s operations. He underscored Seplat Energy’s strategy to invest in increasing oil and gas production, reducing costs and emissions, and delivering sustainable energy solutions for Nigeria.

Detailed guidance for the enlarged Group in 2025 will be provided with Seplat’s full year 2024 results expected in late February 2025. This acquisition marks a significant move for Seplat Energy towards building a sustainable business that offers reliable energy solutions for Nigeria while delivering returns for shareholders.

The content was written by Iheanyi Nwachukwu, a veteran creative content writer with extensive journalism experience in banking, finance, and capital markets. He holds degrees in Economics and Management and has received specialized training in writing and reporting skills, news agency journalism, and capital markets development and regulations.



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