Nigerian Energy Powerhouse: Seplat Energy’s production surges post-acquisition

Seplat Energy Plc has reported that its acquisition of Mobil Producing Nigeria Unlimited (MPNU) in 2024 has doubled the company’s oil and gas production and expanded its reserves.

The company’s Chairman, Mr. Udoma Udo Udoma, made this statement during the 12th Annual General Meeting (AGM) in Lagos.

Udoma said, “The acquired assets have a world-class history as some of Nigeria’s most important oil fields, and as the new operator of these assets, we intend to invest to increase production for the benefit of all our stakeholders.”

He added that the company’s performance met and surpassed expectations, delivering a year of strong production with revenues over $1 billion.

The chairman explained that merging the acquired business with Seplat Energy has created a Nigerian energy powerhouse.

 “Merging SEPNU with Seplat Energy has created a Nigerian energy powerhouse with pro-forma production of 118 thousand barrels of oil equivalent per day and pro-forma combined reserves of 886 million barrels of oil equivalent,” he said. This represents an 85 per cent increase in reserves.

Udoma also said that the company planned to invest in both its onshore and SEPNU businesses to increase production.

 “Our gas division will grow rapidly with the enormous gas resources offshore, as well as the already established gas business onshore,” he added.

On long-term sustainability, Udoma said Seplat Energy would focus on environmental care, reporting, and maximizing returns for stakeholders.

In his remarks, the Chief Executive Officer Company , Roger Brown expressed excitement over the company’s performance in 2024.

 “The increased reserves and production that the SEPNU assets add to Seplat Energy’s operations are significant,” he said.

He highlighted the company’s new operating control of dedicated shallow water infrastructure and three export terminals.

Brown mentioned that the company has embarked on a new integration project to enhance capabilities, drive growth, and leverage combined strengths under the oversight of the Integration Management Office (IMO).

The acquisition has significantly advanced Seplat Energy’s ambition of being Nigeria’s leading independent energy company.

With the addition of skilled staff, Seplat Energy aims to excel in production operations, boost production, and create value for stakeholders.