Seplat Energy Completes $800 Million Mobil Acquisition, Doubling Production and Reserves, Plans Further Investments
Lagos, May 15, 2025 – Seplat Energy Plc has successfully completed the $800 million acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, a transformative deal that more than doubled its production capacity and significantly boosted its reserves. The acquisition, finalized in December 2024 and fully funded through cash and debt facilities without diluting shareholder stakes, has positioned Seplat as a leading integrated energy company in Nigeria.
Expanded Production and Reserves
Following the acquisition, Seplat’s pro-forma production surged to approximately 118,000 barrels of oil equivalent per day (boepd), an increase of 148% over pre-acquisition levels. The company’s combined proven and probable (2P) reserves rose by 85% to 886 million barrels of oil equivalent (MMboe), cementing its status as a Nigerian energy powerhouse.
The newly acquired assets, now operating under the name Seplat Energy Producing Nigeria Unlimited (SEPNU), include:
- 40% operated interest in Oil Mining Leases (OMLs) 67, 68, 70, and 104
- 40% operated interest in the Qua Iboe export terminal and Yoho Floating Storage and Offloading (FSO) vessel
- 51% operated interest in the Bonny River Terminal and Natural Gas Liquids (NGL) recovery plant
- 9.6% participating interest in the Aneman-Kpono field
This acquisition marks Seplat’s transition from a primarily onshore producer to an integrated operator with about 70% of production now offshore, enhancing operational resilience and reducing exposure to onshore security risks.
Financial Performance and Growth
Seplat’s financial results reflect the acquisition’s impact, with Q1 2025 revenue soaring by over 350% to approximately N1.23 trillion ($3 billion), compared to N268.6 billion in 2024. Production for Q1 2025 averaged 131,561 boepd, exceeding guidance and demonstrating strong early performance from the combined entity.
The company’s core business delivered $1.116 billion in revenue in 2024, supported by new wells, increased gas production, and improved pipeline efficiency.
Infrastructure and Future Investments
Seplat announced the mechanical completion of the ANOH Gas Plant in December 2023, a 300 MMscfd joint-venture-operated facility critical to Nigeria’s gas monetization strategy. Although full operations have been delayed due to technical challenges with the OB3 pipeline river crossing, tunneling resumed recently with completion targeted for Q2 2025.
Additionally, the Sapele Integrated Gas Plant is set to open in 2025, adding 90 MMscfd to gas processing capacity and significantly contributing to ending gas flaring at Seplat’s onshore operations.
Seplat plans to invest heavily in both its onshore and SEPNU offshore assets to increase production further. The company will outline its operational strategy and sustainability initiatives at its Capital Markets Day in Q3 2025.
Sustainability and Corporate Culture
Seplat is committed to sustainable development, focusing on social impact, environmental care, and maximizing stakeholder returns. The company launched its SF-InPACT culture framework in 2024, promoting inclusivity, respect, agility, and transparency, which has improved employee engagement.
While Seplat continues to explore opportunities in power generation and renewable energy, it remains focused on strengthening its core oil and gas operations.
Industry and Market Impact
The acquisition has been widely praised as a strategic move that enhances Nigeria’s energy security and export capacity. With control over key export terminals and processing infrastructure, Seplat is well-positioned to capitalize on growing global energy demand.
