Seplat Ramps Up Energy Ambition with Mobil Assets Takeover — Targets Major Output Growth
Overview
Seplat Energy Plc, one of Nigeria’s leading indigenous energy firms, has revealed bold plans to boost oil and gas production following its successful acquisition and integration of Mobil Producing Nigeria Unlimited (MPNU) assets.
The acquisition marks a major milestone in Seplat’s growth journey — combining its strong onshore expertise with Mobil’s decades of offshore operational experience.
Strategic Impact of the Acquisition
During a fireside chat at the Africa Energy Week in South Africa, Seplat’s CEO, Roger Brown, described the MPNU assets as a “high-quality portfolio” with significant reserves and strong production potential.
According to Brown, the acquisition has:
• Strengthened Seplat’s portfolio by merging onshore and offshore capabilities.
• Increased cash flow and performance from day one of integration.
• Positioned Seplat to support the Federal Government’s target of boosting crude oil production to 3 million barrels per day, and expanding gas output for both domestic and export markets.
He stated,
“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas… We are confident we can increase production.”
Operational Integration and Early Gains
Post-acquisition, Seplat moved swiftly to:
• Re-engage existing wells and facilities to deliver immediate results.
• Invest in asset reliability to reduce downtime.
• Integrate systems and personnel, ensuring a smooth transition.
Brown emphasized that the cultural alignment between Seplat’s team and the new MPNU staff has been crucial for seamless performance.
“We’ve welcomed their expertise and insights, and the entire group is benefiting from them,” he noted.
Growth and Expansion Strategy
Seplat’s business model focuses on acquiring assets where it can unlock hidden value, especially mature fields that require more agile operators.
“We’ve already proven we can acquire assets onshore and bring them up to high levels of production while keeping tight control of costs,” Brown said.
Key strategic pillars include:
• Operational excellence and cost efficiency.
• Safety and environmental sustainability.
• Resilience to oil price fluctuations.
Brown reaffirmed Seplat’s status as a low-cost operator, noting that the company remains profitable even during low oil price periods or industry disruptions.
Financing and Financial Strength
Seplat’s Chief Financial Officer, Eleanor Adaralegbe, disclosed that the company has successfully raised over $4 billion in debt financing to fund operations while maintaining a leverage ratio below 1.5x.
The company’s financing mix includes:
• Initial Public Offering (IPO)
• Revolving Credit Facilities
• Bonds
• Advance Payment Facilities
• Project financing, such as the $320 million ANOH Gas Processing Company JV with the Nigerian Gas Infrastructure Company.
Adaralegbe highlighted Seplat’s reputation for strong creditworthiness and financial governance, making it the first and only dual-listed Nigerian oil and gas company (listed on both the NGX and LSE).
“We had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors,” she explained.
Seplat has also refinanced its obligations several times to extend debt maturities and reduce borrowing costs, ensuring financial flexibility and operational stability.
Conclusion
With the Mobil Producing Nigeria assets now fully integrated, Seplat Energy is set to:
✅ Boost national oil and gas output.
✅ Strengthen Nigeria’s energy security.
✅ Deliver long-term shareholder value through efficient operations and disciplined capital management.
The company’s strategic blend of onshore and offshore strength, combined with a robust financial structure, positions it as a major player driving Nigeria’s energy growth agenda.
Overview
Seplat Energy Plc, one of Nigeria’s leading indigenous energy firms, has revealed bold plans to boost oil and gas production following its successful acquisition and integration of Mobil Producing Nigeria Unlimited (MPNU) assets.
The acquisition marks a major milestone in Seplat’s growth journey — combining its strong onshore expertise with Mobil’s decades of offshore operational experience.
Strategic Impact of the Acquisition
During a fireside chat at the Africa Energy Week in South Africa, Seplat’s CEO, Roger Brown, described the MPNU assets as a “high-quality portfolio” with significant reserves and strong production potential.
According to Brown, the acquisition has:
• Strengthened Seplat’s portfolio by merging onshore and offshore capabilities.
• Increased cash flow and performance from day one of integration.
• Positioned Seplat to support the Federal Government’s target of boosting crude oil production to 3 million barrels per day, and expanding gas output for both domestic and export markets.
He stated,
“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas… We are confident we can increase production.”
Operational Integration and Early Gains
Post-acquisition, Seplat moved swiftly to:
• Re-engage existing wells and facilities to deliver immediate results.
• Invest in asset reliability to reduce downtime.
• Integrate systems and personnel, ensuring a smooth transition.
Brown emphasized that the cultural alignment between Seplat’s team and the new MPNU staff has been crucial for seamless performance.
“We’ve welcomed their expertise and insights, and the entire group is benefiting from them,” he noted.
Growth and Expansion Strategy
Seplat’s business model focuses on acquiring assets where it can unlock hidden value, especially mature fields that require more agile operators.
“We’ve already proven we can acquire assets onshore and bring them up to high levels of production while keeping tight control of costs,” Brown said.
Key strategic pillars include:
• Operational excellence and cost efficiency.
• Safety and environmental sustainability.
• Resilience to oil price fluctuations.
Brown reaffirmed Seplat’s status as a low-cost operator, noting that the company remains profitable even during low oil price periods or industry disruptions.
Financing and Financial Strength
Seplat’s Chief Financial Officer, Eleanor Adaralegbe, disclosed that the company has successfully raised over $4 billion in debt financing to fund operations while maintaining a leverage ratio below 1.5x.
The company’s financing mix includes:
• Initial Public Offering (IPO)
• Revolving Credit Facilities
• Bonds
• Advance Payment Facilities
• Project financing, such as the $320 million ANOH Gas Processing Company JV with the Nigerian Gas Infrastructure Company.
Adaralegbe highlighted Seplat’s reputation for strong creditworthiness and financial governance, making it the first and only dual-listed Nigerian oil and gas company (listed on both the NGX and LSE).
“We had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors,” she explained.
Seplat has also refinanced its obligations several times to extend debt maturities and reduce borrowing costs, ensuring financial flexibility and operational stability.
Conclusion
With the Mobil Producing Nigeria assets now fully integrated, Seplat Energy is set to:
✅ Boost national oil and gas output.
✅ Strengthen Nigeria’s energy security.
✅ Deliver long-term shareholder value through efficient operations and disciplined capital management.
The company’s strategic blend of onshore and offshore strength, combined with a robust financial structure, positions it as a major player driving Nigeria’s energy growth agenda.