Seplat Energy has completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil for $800 million.
This deal, initially valued at $1.28 billion, is expected to double Seplat’s crude oil production to approximately 120,000 barrels per day and enhance its reserves by 86% to 887 million barrels of oil equivalent.
The acquisition positions Seplat as Nigeria’s leading independent energy company and is fully funded through existing cash and debt facilities.
Chairman Udoma Udo Udoma expressed gratitude to President Bola Ahmed Tinubu and various ministries and regulators for their support.
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