Seplat absorbs 1,000 Mobil staff as deal concludes

…onboards 71,000 bpd

Seplat Energy, an independent energy company in Nigeria, has successfully integrated over 1,000 and 500 contractors from former Mobil Producing Nigeria Unlimited (MPNU) staff into its workforce following the completion of the acquisition deal.

Seplat describes the transaction as “transformative” since it more than doubles its production, positioning the company to drive growth and profitability, while benefitting the country.

BusinessDay’s findings showed the acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 percent operated interest in OML 67, 68, 70 and 104; 40 percent operated interest in the Qua lboe export terminal and the Yoho FSO; 51 percent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 percent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.

Udoma Udo Udoma, chairman of Seplat Energy, said “We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.”

The Nigerian player’s immediate tasks as operator entail ensuring a smooth transition of MPNU staff into Seplat.

Furthermore, the new owner intends to pursue opportunities to grow production and further enhance the value of assets for all stakeholders.

“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders,” noted Roger Brown, chief executive officer of Seplat Energy.

Read also: Seplat Energy seals $1.2bn ExxonMobil assets buyout

Seplat has gained access to what it says are substantial reserves – 409 million barrels of oil equivalent (MMboe) 2P reserves and 670 MMboe 2P + 2C reserves and resources as of June 30, 2024, paired with an average daily production of 71,000 barrels of oil equivalent per day (kboepd) during the first six months of 2024.

Last May, BusinessDay reported ExxonMobil is reducing its presence in Africa’s biggest oil-producing country, shrinking its office space and scaling back operations in the country

According to Reuters, Exxon is relocating staff from the 12-floor Mobil House, reportedly leased at the cost of $10 million annually, to a six-floor office building 22 kilometres away in the upscale Ikoyi area, built to accommodate half the personnel working at the former offices.

“The new office leaves no one in doubt about its future plans for Nigeria,” a staff member of the company told Reuters then.

Seplat announced its intention to buy ExxonMobil’s Nigerian business in November 2021 and confirmed it in February 2022.

After the closing date was pushed back two times, first in May 2023 and then a year later, the deal received approval from the country’s Minister of Petroleum Resources in October 2024.