Seplat: We’ll continue to pursue FG approval for Mobil Oil Producing asset acquisition

Seplat Energy Plc says it will continue to pursue a presidential approval for the acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets.

Roger Brown, chief executive officer (CEO) of Seplat Energy, took the position while commenting on the company’s 2022 audited results.

Described as the first post-PIA acquisition deal, Seplat Energy plans to acquire MPNU assets from ExxonMobil for $1.3 billion.

But the deal was blocked by Nigerian National Petroleum Company (NNPC) Limited.

Regulatory authorities also declined consent to the transaction due to “overriding national interest”.

Last year, however, Buhari approved the acquisition despite the opposition of regulatory agencies and national oil company.

The president later reversed his authorisation of the proposed acquisition.

Commenting on the acquisition, Roger said the company hopes to conclude the transaction during the remaining term of President Muhammadu Buhari.

“We are continuing to pursue the presidential approval received on the 8 August 2022 for the MPNU acquisition and we remain focused on concluding the transaction within the remaining term of President Buhari before a new president is sworn into office at the end of May 2023,” he said.

Meanwhile, the Seplat CEO said the company is implementing its roadmap to net zero and have made “encouraging progress with a 35 percent reduction in emission intensity last year”.

“The major reduction in carbon emissions is routine flaring which we are on target to eliminate by the end of 2024,” Roger said.

“Alongside these efforts, and as part of our stated strategy to become Nigeria’s energy champion across the entire value chain, we are planning to invest in gas-to-power and solar power projects with FID targeted for later this year if the projected returns meet our internal hurdle rates.”