Udoma:  Seplat Energy Marks New Era with MPNU Acquisition

Kayode Tokede

On the back of its landmark acquisition of Mobil Production Nigeria Unlimited (MPNU), and revenue exceeding $1.1 billion, the Chairman of Seplat Energy Plc, Mr. Udoma Udo Udoma, has described the 2024 financial performance as the best in the corporate history of the company.

Speaking at the company’s post-Annual General Meeting (AGM) in Lagos, he described 2024 performance as “transformational,” solidifying Seplat’s emergence as Nigeria’s leading independent energy powerhouse.

Udoma affirmed that the company’s performance for the 2024 financial year not only met but reinforced the Board and management’s expectations.

 “We achieved our key targets across production and operational efficiency, delivering strong cash flow and shareholder returns. The acquisition of MPNU on December 12, 2024, has more than doubled our production and substantially expanded our reserves. These assets, with their world-class pedigree, mark a new frontier for our growth ambitions,” he added.

He explained further that, “We believe the future is very bright for the newly enlarged Seplat Energy. We plan to invest in both our Onshore and SEPNU businesses to increase production in both divisions, at the same time investing in maintenance and integrity activities to ensure the infrastructure will continue to support production well into the future.  Our gas division will grow rapidly with the enormous gas resources offshore as well as the already established gas business onshore.”

Udoma noted that despite current softening in global oil prices, the company is structured for long-term resilience.

The CEO of Seplat Energy, Mr. Roger Brown reinforced the chairman’s remarks, stating that Seplat’s business is in great shape, with production now three times larger and reserves almost twice as much as before.

“We operate 11 blocks, eight of which are under our management. We are also a dominant gas player in Nigeria,” he said.

He said, “The increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.”