AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, is delighted to announce that it has completed its acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil . 

The transaction is transformative for Seplat Energy, more than doubling production and positioning the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.

The completion of this acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.

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

Senator Udoma Udo Udoma, Chairman of Seplat Energy, said:

“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction, and appreciates the support and diligence of the various Ministries and regulators for all the work to reach a successful conclusion.

“We are delighted to welcome the MPNU employees to Seplat Energy. 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.

“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the Government, regulators, communities and our staff.”

Roger Brown, Chief Executive Officer of Seplat Energy, said:

“Today we have achieved a major milestone in the history of Seplat Energy and I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.

“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.

“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.”

“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders.

Strategic Priorities & Near-term Outlook

MPNU adds substantial reserves and production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd.

As operator, Seplat’s immediate tasks are to ensure smooth transition of MPNU staff into Seplat, and on the operations, to swiftly target numerous opportunities that exist to organically grow production and further enhance the value of the assets for all stakeholders.

Detailed guidance for the enlarged group in 2025 will be provided with Seplat’s full year 2024 results, expected in February 2025.

Further announcements will be made as and when appropriate, in line with regulatory requirements.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of the strategies to increase Nigeria’s crude oil production and enhance revenue accruing to the national treasury, the Nigerian Content Development and Monitoring Board (NCDMB) has advocated for a week in each year to be dedicated to signing final investment decisions (FIDs) on new oil and gas projects.

The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe made the proposal on Tuesday in his presentation at the 2024 African Energy Week (AEW), holding at Cape Town, South Africa.

A final investment decision is the final point in an energy project, in which the company or partners owning and operating a project give the final approval for the development, releasing the funding for the commencement. Ogbe stated that the FID Week, if adopted, could be incorporated into the existing annual international oil and gas conferences and would feature international and indigenous operating companies.

He posited that dedicating a week every year for FID signing could compel companies and relevant regulators to fast-track their processes to meet the deadline.

He also indicated that the proposal for the annual FID Week has already been broached to Special Adviser on Energy to President, Mrs. Olu Verheijen and the leadership of the Nigerian National Petroleum Company Limited and international operating companies and was being considered.Represented at the African Energy Week (AEW) by the Director, Projects Certification and Authorization Division (PCAD) Engr. Abayomi Bamidele, the NCDMB boss said the proposal for an annual FID Week was geared to address the insufficient FIDs signed by the operating companies and the limited number of new projects being developed in the Nigerian oil and gas industry.

These worrisome developments contributed to Nigeria’s dwindling crude oil production and the negative impact on revenue, he said.

He suggested that the Nigerian oil and gas industry needed to have at least one or two final investment decisions on major projects to be signed every year, to catalyze activity in the local service sector and the national economy and ultimately increase crude oil and gas production and revenue for the country.

He made reference to the three Presidential Directives (PDs) rolled out by President Bola Ahmed Tinubu in March 2024, for the oil and gas industry, stating that NCDMB had complied fully with the directives as it relates to fast-tracking the contracting cycle and eliminating middlemen with no demonstrable capacity from participating in the oil and gas value chain.

The PDs included Presidential Directive on Local Content Compliance, Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timelines and Presidential Directive on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc)Ogbe announced that NCDMB had applied the Presidential Directives in approving five oil and gas projects which are currently in the funnel.

He hinted that the expected production values of those projects are 1 billion standard cubic feet of gas per day and 350,000 barrels of crude oil per day.

Commenting on strategies that would ensure sustainable local content development in African nations, the Executive Secretary stated that local content has to be promoted as a national agenda and supported by all institutions, businesses, decision makers, investors and citizens.

Some other personnel of the NCDMB made presentations at the 2024 edition of the African Energy Week (AEW) on core operations and initiatives of the agency. The officials included Director of Finance and Personnel Management, Mr. Ifeanyi Ukoha, the Manager, Institutional Strengthening, Engr. Obongo Dokubo and the Supervisor Upstream, Engr. Bashir Ahmed. Corporate Communications.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy Concludes Third Phase of Media Training, Empowers Additional 50 Journalists in Abuja Abuja, 5th November 2024: Seplat Energy Plc, foremost Nigerian indigenous energy company, has trained additional 50 journalists and media practitioners in Nigeria’s federal capital territory, Abuja as it concludes the third edition of its media training in line with the Company’s sustainability commitments.

The media training programme was organized in partnership with Channels Academy, and had in attendance journalists/media practitioners in the energy, finance, capital market, judiciary, and general business beats.

The two-day media training, which was themed, ‘Retooling the Media for Better Reporting’ dwelt on areas like: Local and International Energy Market Overview; the Intersection of the Judiciary and Energy Sector and the Fundamentals of Energy Journalism.

Insights were also shared on Reporting Nigeria’s Local Energy Giants, Legal Compliance and Best Practice, Data Analysis and Interpretation as well as Leveraging Technology in Journalism.

The event, which culminated in the presentation of Certificates also featured group discussions on ethical scenarios and presentations.

The training programme was facilitated by industry experts including Martin Ayankola, veteran Energy editor; Dr. PaulOgbole, Senior Advocate of Nigeria (SAN); Simon Ejembi, Editor/Senior Manager, Channels Digital; Taiwo Adesina, Video production Specialist/Drone Pilot, and Emonye Adekwu, Senior Advocate of Nigeria (SAN).Speaking during the engagement, Stanley Opara, Manager Corporate Communications at Seplat Energy Plc, who represented Chioma Afe, Director External Affairs & Social Performance, Seplat Energy, reiterated Seplat Energy’s commitment to the continuous empowerment of journalists and the media as a whole, as partners in progress.He identified the media as critical stakeholders of Seplat Energy, saying the development of the media industry in terms of skills and capacity advancement, remains dear to the Company and its leadership.

In his address, Mr. Kingsley Uranta, General Manager at Channels Academy, emphasized the role of the media in national development, stressing that the need to build more capacity in the media space cannot be overemphasized.

Responding, the journalists and media practitioners in attendance under the aegis of Energy Correspondents Association of Nigeria (ECAN) and the National Association of Judicial Correspondents, Abuja (NAJUC), lauded Seplat Energy for its support and commitment to the Nigerian media, whilst calling on other corporate organizations to emulate the gesture, as all hands must be on deck to better the fortunes of the country’s media industry.Recall that Seplat Energy had earlier conducted such media trainings, twice, for Energy and Judiciary, as well as Capital Market and Business Correspondents/Editors in Lagos.