TEMPLARS Advises ExxonMobil on the Sale of Mobil Producing Nigeria Unlimited to Seplat Energy

Following the sale of MPNU, which was first signed in early 2022 but received final regulatory approvals in late 2024, ExxonMobil will still maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments through its other subsidiaries, Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.

MPNU holds a 40 percent interest in four Nigerian oil mining leases including more than 90 shallow-water and onshore platforms, 300 producing wells and the Qua Iboe export terminal. The acquisition of MPNU will more than double Seplat Energy’s production to approximately 120,000 barrels of oil equivalent per day, and add as much as 409 million barrels of oil equivalent in 2P reserves and 670 million barrels of oil equivalent in 2P + 2C reserves to the group’s portfolio. Other assets comprised in the acquisition include a 51 per cent interest in the Bonny River Terminal NGL recovery plant and a 9.6 per cent participating interest in the straddling Aneman-Kpono oil and gas field.

Seplat Energy will become Nigeria’s leading independent energy company, and the group’s manpower headcount will increase by approximately 1,000 staff and 500 contractors from MPNU.

The cross-practice Templars team that advised ExxonMobil on the sale was led by Managing Partner Oghogho Akpata, Deputy Managing Partner and Head of Mergers & Acquisitions Chike Obianwu, and Partner and Co-Head of Energy and Natural Resources Yemisi Awonuga. Other team members included Partners Zelda Akindele (for Competition Law), Inam Wilson S.A.N. (for Labour and Employment) and Sesan Sulaiman (for Tax), Managing Counsel Stanley Nweke-Eze, Senior Associates Damilola Oshodi, Lawal Kazeem and Inna Ali, and Associates Adebimpe Mosoanya, Omotayo Jimoh and Nafisa Haliru.

Commenting on the transaction which was completed on 12 December 2024, Oghogho Akpata said: “It has been an absolute honour for us as a firm to have been given the charge to advise on this extremely, strategically important transaction over the past few years, and we congratulate our clients and the buyers and other interested stakeholders on its completion. Templars’ role as a trusted advisor on this transaction and a number of other recent divestments continues to affirm our position as a leader in Oil & Gas and Mergers & Acquisitions in Nigeria.” Chike Obianwu added: “We are delighted to have played a part in assisting ExxonMobil in finally bringing this particularly complex, drawn-out and exciting transaction to a successful close.”