Seplat Energy Finishes Acquisition Process of Mobil Nigeria from ExxonMobil
Seplat Energy Finishes Acquisition Process of Mobil Nigeria from ExxonMobil
Seplat Energy Finishes Acquisition Process of Mobil Nigeria from ExxonMobil.
Seplat Energy Plc has finalized its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation, marking a significant milestone in the Nigerian oil and gas sector.
The $800 million transaction, initially agreed upon in February 2022, received the federal government’s approval in October 2024 after a prolonged regulatory review.
In a statement issued on Thursday, Udoma Udo Udoma, Chairman of Seplat Energy, expressed gratitude to President Bola Ahmed Tinubu and relevant government ministries for facilitating the acquisition. He also assured that MPNU employees would be seamlessly integrated into Seplat’s workforce.
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu, GCFR, for supporting this transaction and appreciates the dedication of the various ministries and regulators in bringing this process to a successful conclusion,” Udoma said.
Seplat Energy Finishes Acquisition Process of Mobil Nigeria from ExxonMobil.
He added, “We are delighted to welcome MPNU employees to the Seplat family. This acquisition opens new opportunities in another region of the country, and we are eager to replicate the positive impacts we have achieved in our existing communities.”
Seplat’s Chief Executive Officer, Roger Brown, highlighted the strategic significance of the acquisition, emphasising the company’s dedication to increasing oil and gas production while adhering to global environmental standards.
“We have acquired a company with one of the best portfolios of assets and infrastructure in a world-class basin, offering tremendous potential for growth. Our focus remains on increasing output, reducing costs and emissions, and delivering maximum value to all stakeholders,” Brown said.
He further noted, “MPNU aligns perfectly with our strategy to build a sustainable business that provides affordable, reliable energy for Nigerians while delivering attractive returns to shareholders.”
