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Highlights
- Seplat Energy acquires MPNU, more than doubling production and reserves.
- Strategic deal adds 409 MMboe 2P reserves and 670 MMboe 2P + 2C reserves.
- CEO Roger Brown highlights commitment to increasing oil and gas production while reducing costs and emissions.
Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has successfully completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. This transformative transaction significantly strengthens Seplat Energy’s portfolio, more than doubling its production capacity, and positioning the company for sustained growth and profitability in the energy sector. The acquisition will also contribute substantially to Nigeria’s future energy landscape.
Udoma Udo Udoma, Chairman of Seplat Energy, expressed his gratitude for the support from President Bola Ahmed Tinubu GCFR and other key stakeholders, including various ministries and regulators, who contributed to the successful completion of the deal. He also welcomed the MPNU employees to the Seplat family and reiterated the company’s commitment to making a positive impact on the communities in its expanded areas of operations.
Roger Brown, CEO of Seplat Energy, emphasized the milestone the acquisition represents for the company. He thanked the entire Seplat team for their efforts in completing the transaction. “MPNU’s assets provide Seplat with one of the best portfolios of assets and related infrastructure in a world-class basin,” Brown said. The acquisition, he added, aligns with Seplat’s strategy of increasing production, reducing costs, and maximizing value for stakeholders while making strides toward reducing emissions.
Seplat Energy now possesses a strengthened asset base, with 409 million barrels of oil equivalent (MMboe) in 2P reserves and 670 MMboe in 2P + 2C reserves and resources as of June 30, 2024. The 6-month average daily production for the first half of 2024 stands at 71.4 thousand barrels of oil equivalent per day (kboepd), bolstering the company’s position as a key player in the Nigerian energy sector.
Looking ahead, Seplat Energy is focused on leveraging MPNU’s substantial reserves and production to continue its mission of delivering sustainable, affordable, and reliable energy to Nigeria, while also maximizing returns for shareholders. The company intends to invest in expanding its operations and infrastructure, maintaining operational excellence, and ensuring environmental stewardship.
