Seplat Power Plc, a global oil firm listed on each the Nigerian Trade Restricted and the London Inventory Trade, has accomplished the acquisition of Mobil Producing Nigeria Limitless MPNU from ExxonMobil Company.
This was disclosed in an announcement issued on Thursday and signed by the oil firm’s Chief Govt Officer Roger Brown.
The acquisition will greater than double Seplat’s manufacturing capability, boosting its output to roughly 120,000 barrels of oil equal per day.
Recall that the federal authorities, in October 2024, accepted the sale of ExxonMobil’s onshore belongings in Nigeria to Seplat Power.
Each events had reached an settlement on the $800 billion deal in February 2022 however the deal had been underneath regulatory assessment since then.
The corporate assured that staff of the MPNU shall be absorbed into the workforce of Seplat Plc, emphasizing that it’ll keep optimistic impacts.
Udoma Udo Udoma, the Chairman of Seplat Power thanked President Bola Tinubu and the related ministries for supporting the acquisition
He stated: “Seplat Power sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction, and appreciates the help and diligence of the assorted Ministries and regulators for all of the work to achieve a profitable conclusion.
“We’re delighted to welcome the MPNU staff to Seplat Power. We’re excited to start our journey in a brand new area of the nation, and we stay up for replicating the optimistic impacts we have now achieved inside our communities in our present areas of operations.
“Seplat’s mission is to ship worth to all our stakeholders, and we treasure the nice relationships we have now developed with the Authorities, regulators, communities and our employees.”
The CEO Roger Brown famous that the corporate is dedicated to growing its oil and gasoline output whereas assembly worldwide requirements and environmental safety.
“We now have acquired an organization with among the finest portfolios of belongings and associated infrastructure in a world class basin, offering monumental potential for the Seplat Group. Our dedication is to speculate to extend oil and gasoline manufacturing whereas lowering prices and emissions, maximising worth for all our stakeholders.
“MPNU is an ideal match with our technique to construct a sustainable enterprise that may ship inexpensive, accessible and dependable vitality for Nigeria alongside enticing returns to our shareholders,” he stated.
What it is best to know
- Seplat Power Plc is Nigeria’s main indigenous vitality firm. It’s listed on the Premium Board of the Nigerian Trade Restricted (NGX: SEPLAT) and the Primary Market of the London Inventory Trade (LSE: SEPL).
- The deal had been agreed since February 2022 however was delayed by regulatory hurdles.
- The deal was initially valued at $1.283 billion, together with as much as $300 million in contingent funds unfold over 5 years, together with customary changes, however was later adjusted to $800 million.
- Main oil corporations, together with Mobil Nigeria, Eni and Equinor have offered their onshore belongings to give attention to offshore operations. This can be on account of financial challenges and such points as oil theft and pipeline vandalism.
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