Seplat Energy Plc is gearing up for a major boost in oil and gas output following the completion of its acquisition of Mobil Producing Nigeria Unlimited (MPNU), a deal the company says adds significant reserves and long-term production potential to its portfolio.
Chief Executive Officer Roger Brown shared the update during a session titled “Assets Acquisition Success Strategies: Seplat Energy” at the Africa Energy Week in South Africa. He said the integration of Mobil’s assets had strengthened Seplat’s operations by merging its onshore expertise with offshore experience from the newly absorbed team.
According to Brown, the combined operations have already begun generating stronger performance and cash flow. “The asset we’ve acquired is high-quality and strategically located near export infrastructure we control. We’re confident about increasing production in line with Nigeria’s goal to raise crude output and expand domestic gas supply,” he noted.
He explained that Seplat’s immediate post-acquisition strategy has focused on reactivating wells, improving asset reliability, and aligning systems and personnel to ensure smooth operations. Brown also highlighted that the cultural compatibility between both workforces has been key to the quick integration process.
The CEO reiterated that Seplat’s growth model hinges on acquiring assets where its technical capability can unlock untapped value—particularly mature fields requiring nimble and efficient management. “We’ve shown that we can take over assets and significantly raise production levels while maintaining strict cost discipline,” he said.
Chief Financial Officer Eleanor Adaralegbe added that Seplat has maintained strong financial health through prudent borrowing and diversified funding. The company has raised over $4 billion in debt for project development, while keeping its leverage ratio below 1.5 times.
Adaralegbe said Seplat’s financial strategy draws on a mix of instruments, including its IPO, revolving credit facilities, bonds, and a $320 million project financing deal for the ANOH Gas Processing Company — a joint venture with the Nigerian Gas Infrastructure Company.
“Our approach has been to position Seplat as a credible, dual-listed energy company capable of attracting global investors,” she explained, noting that consistent refinancing and strong governance have helped the company reduce borrowing costs and extend debt maturities.
Seplat maintains that its operational philosophy remains anchored on safety, cost efficiency, and sustainability — principles it believes will continue to support its expansion in Nigeria’s upstream and gas sectors.
