Seplat Completes $800M Acquisition Of Mobil’s Nigeria Assets

Indigenous energy company, Seplat Energy Plc, has successfully completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil for $800 million.

This marks the culmination of a deal that took over two years to finalize. Originally valued at $1.28 billion. Seplat confirmed the successful transaction for the Mobil assets in a statement made available to GWG.ng.

The acquisition is expected to boost Nigeria’s crude oil production by an additional 120,000 barrels per day. With this acquisition of the Mobil assets, Seplat strengthens its position as Nigeria’s leading oil company, now holding equity in 11 blocks, including onshore and shallow water operations. The company also manages 48 producing oil and gas fields, five gas processing plants, and three export terminals.

The deal includes a 40% operated interest in OML 67, 68, 70, and 104, as well as a 40% operated interest in the Qua Iboe export terminal and the Yoho FSO. Additionally, Seplat has acquired a 51% operated interest in the Bonny River Terminal and NGL recovery plant, and a 9.6% participation in the Aneman-Kpono field. Around 1,000 staff and 500 contractors from MPNU will also transition to Seplat.

Seplat’s Chairman, Udoma Udo Udoma, thanked President Bola Ahmed Tinubu for his support in making the deal possible. He also recognized the contributions of various ministries and regulators that helped ensure the transaction’s success.

Roger Brown, Seplat’s CEO, described the acquisition as a major milestone for the company and expressed his gratitude to the Seplat team for their hard work in finalizing the deal. The transaction, which was first agreed upon in February 2022, was approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2024.

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