Seplat Energy has been honored with the Oil & Gas Deal of the Year 2024 award by New Telegraph Newspaper for its landmark $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water assets.
This transaction, finalized in December 2024 after over two years of regulatory review, marks a pivotal shift in Nigeria’s oil and gas landscape, enhancing indigenous participation and operational capacity.
The award was presented on Friday during the annual Award night of New Telegraph Newspaper held at Oriental hotel in Lagos.
The acquisition encompasses a 40% operating stake in four oil mining leases, along with associated infrastructure such as the Qua Iboe export terminal and a majority interest in the Bonny River gas liquids recovery plant.
This expansion positions Seplat as a leading player in the sector, with plans to increase production from 50,000 barrels per day (bpd) to 120,000 bpd within six months, thereby controlling approximately 16% of Nigeria’s current production capacity.
Initially announced in February 2022, the transaction faced delays due to regulatory hurdles.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) granted approval in October 2024, following President Bola Tinubu’s commitment to facilitating foreign investments while adhering to national regulatory frameworks.
The Oil & Gas Deal of the Year 2024 award celebrates Seplat Energy’s strategic foresight and resilience in executing a transaction of monumental importance.
Present at the event were the publisher of New Telegraph Newspaper and Senator Representing Abia North Senatorial District, Senator Orji Uzor Kalu; Aviation Minister, Festus Keyamo; Senator Representing Edo North Senatorial District, Adams Oshiomole; Lagos State Governor, Babajide Sanwo Olu Represented by the Secretary to the State Government, Barr Bimbola Salu-Hundeyin, amongst other dignitaries.
