It has been 12 months since Seplat Energy announced that it has entered into agreements with ExxonMobil to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU), yet the deal has not been finalised.
Seplat offered ExxonMobil a purchasing price of $1,283 million plus up to $300 million contingent consideration to buy the stake in the shallow water business
Mobil Producing Nigeria Unlimited is owned by ExxonMobil and the Nigerian National Petroleum Company Limited (NNPCL), with the former accounting for a 40 per cent stake and the latter holding 60 per cent.
MPNU is a company that controls four oil mining leases (OMLs 67, 68, 70, 104). Its portfolio includes; one of Nigeria’s largest export facilities, the Qua Iboe Terminal.
It also has a 51 per cent interest in Bonny River Terminal and Natural Gas Liquids Recovery Plants at EAP and Oso.
The acquisition had been scheduled to be completed in the Second Half (H2) of 2022, however, two months after the end of H2 last year, the completion of the deal is still under doubt.
Acquisition of ExxonMobil’s asset is expected to bolster Seplat Energy’s ability to drive increased growth, and profitability and increase stakeholder investments, as well as drive profit for a global financing syndicate comprising Nigerian and international banks
