Seplat Energy has officially completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, marking a significant milestone in the Nigerian oil and gas sector. The deal, valued at $1.28 billion, was concluded on December 12, 2024, after receiving the required regulatory approvals. This acquisition includes a 40% stake in four oil mining leases, along with the Qua Iboe export terminal and a majority interest in the Bonny River natural gas liquids recovery plant. The transaction enhances Seplat’s operational capacity and strengthens its position in the energy industry.
The acquisition represents a major expansion for Seplat Energy, which now stands to benefit from an increase in its production capacity. Seplat’s CEO, Roger Brown, has described the acquisition as “transformative” for the company. With the addition of MPNU’s assets, Seplat is well-positioned to double its production, bringing the company closer to its goal of being a leading player in Nigeria’s oil and gas industry. The deal also marks a significant step in Seplat’s growth strategy, which involves increasing its asset portfolio and operational footprint.
The Nigerian government played a key role in approving the acquisition, which came after over two years of deliberation and negotiations. The approval reflects a broader trend within the country, as oil majors like ExxonMobil have been shifting their focus from onshore operations to deep offshore fields. The shift is in response to challenges such as oil theft and sabotage, which have impacted production in some onshore fields. Seplat’s acquisition of MPNU allows the company to expand into these areas while continuing to drive Nigeria’s oil sector forward.
This deal also aligns with ExxonMobil’s global strategy, as the company looks to streamline its operations and focus on more profitable deepwater assets in Nigeria. While Seplat gains valuable assets, ExxonMobil is reducing its presence in onshore operations and focusing its efforts on deepwater exploration. This transition reflects ExxonMobil’s broader strategy of restructuring its portfolio to maximize returns from more resilient and technologically advanced offshore projects.
The acquisition also brings Seplat Energy closer to its long-term goals, with the company committed to enhancing Nigeria’s energy security and contributing to the country’s economic development. As Seplat moves forward with integrating MPNU’s assets into its operations, stakeholders are hopeful that the deal will foster further growth, investment, and innovation in Nigeria’s oil and gas industry. With this acquisition, Seplat Energy is positioned to play an even more prominent role in Nigeria’s energy sector for years to come.
