Seplat completes $1.28bn purchase of Mobil Nigeria

Seplat Energy Plc has finalised the $1.28bn acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, marking a milestone in the company’s growth strategy.

In Thursday’s release signed by the Chief Executive Officer, Seplat Energy Plc, Roger Brown, the energy company announced the completion of the transaction, having been approved by President Bola Ahmed Tinubu and regulatory clearance by the Nigerian Upstream Petroleum Regulatory Commission.

Brown added that the acquisition initially stalled due to a legal challenge by the Nigerian National Petroleum Company Ltd, commenced in 2022, adding that NNPC had contested the transaction over its right of first refusal in the joint venture.

He described the transaction as a historic achievement for the company, stating, “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.

In a statement, Seplat described the deal as “transformative,” stating that it would more than double the company’s production capacity and enhance its ability to drive growth and profitability.

Additionally, the company emphasised the acquisition’s potential to contribute significantly to Nigeria’s economic future.

Reacting to the development, Chairman, Seplat, Udoma Udoma, expressed gratitude to President Tinubu and the regulatory bodies involved.