Seplat Energy Plc has completed the purchase of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, which is a big step forward for the company. This deal has increased Seplat’s production ability by more than two times and significantly enhances its growth trajectory while reinforcing its contribution to Nigeria’s economic prosperity.
The purchase adds substantial reserves and production capacity to Seplat’s portfolio. By June 30, 2024, MPNU had 409 million barrels of oil and gas reserves that could be produced (2P reserves), and including possible future reserves (2C), the total was 670 million barrels. In the first half of 2024, MPNU produced an average of 71,400 barrels of oil and gas each day.
Seplat’s Chairman, Udoma Udo Udoma, thanked President Bola Ahmed Tinubu and various ministries and regulators for their support in bringing the transaction to a successful close.
Roger Brown, the CEO of Seplat Energy, called the acquisition a major turning point in the company’s history. “We’ve bought a top-quality set of assets and infrastructure that fits perfectly with our plan to create a sustainable business. Our goal is to boost oil and gas production, cut costs and emissions, and get the best results for everyone involved,” Brown said.
Seplat aims to smoothly bring MPNU’s operations and employees into its current system. The company’s first steps include making sure MPNU workers transition easily and finding ways to naturally increase production, improve asset value, and meet its promises to all stakeholders.
