Seplat Energy Plc has successfully completed the $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, a major step in the company’s growth strategy. The transaction, initially delayed by legal disputes, received final approval from President Bola Ahmed Tinubu and clearance from the Nigerian Upstream Petroleum Regulatory Commission.

Seplat’s Chief Executive Officer, Roger Brown, described the acquisition as a transformative milestone, highlighting its alignment with the company’s strategy to boost oil and gas production while reducing costs and emissions.

“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin,” Brown stated. “MPNU is a perfect fit with our strategy to deliver affordable, accessible, and reliable energy for Nigeria, while providing attractive returns to our shareholders.”

The deal had faced legal hurdles after the Nigerian National Petroleum Company Ltd (NNPC) contested Seplat’s right to acquire MPNU, citing its own right of first refusal under their joint venture agreement. This legal challenge began in 2022 and stalled the process until its resolution this year.

Seplat emphasized that the acquisition would more than double its production capacity, enhance profitability, and contribute to Nigeria’s economic growth. The company also noted its commitment to investing in MPNU’s assets to maximize value for stakeholders.

Seplat Chairman Udoma Udoma expressed gratitude to President Tinubu and regulators for facilitating the deal. “We are excited to begin our journey in a new region of the country and replicate the positive impacts we have achieved in our current areas of operation,” Udoma said.

The acquisition positions Seplat Energy Plc as a key player in Nigeria’s oil and gas sector, poised for significant growth and increased contributions to the nation’s energy needs.