Musa is The Guardian’s business and energy reporter. She has over seven years of experience in journalism, focusing on power sector, oil and gas, renewable energy, and other business-related reporting.
has acquired the entire 20.07 per cent stake in Seplat Energy Plc previously held by Maurel & Prom SA in a deal valued at $500 million. The transaction includes the purchase of 120.4 million ordinary shares at a price of 305 pence per share and will further strengthen indigenous participation in one of Nigeria’s most strategic energy assets.
The acquisition is another step in Heir Energy’s long-term strategy to deepen local ownership in the energy sector while supporting sustainable energy development and energy security in Nigeria and across Africa. Speaking on the deal, Heir Energy Chairman Tony Elumelu said the acquisition reflects the company’s strong belief in Africa’s ability to own, develop and responsibly manage strategic resources. “This is a long-term investment in the energy future of Nigeria and Africa, consistent with our mission to foster energy security, industrialization and shared prosperity. Seplat Energy is building a resilient and well-managed platform with an attractive long-term outlook, and we are pleased to support its continued growth and value creation for all stakeholders,” he said. The transaction was supported by two African financial institutions, the African Export-Import Bank and the African Finance Corporation. ,Heirs Energies operates 17 oil drilling leases in the Niger Delta, producing more than 50,000 barrels of oil per day and 120 million standard cubic feet of gas per day. The company has reserves of more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. As a result, oil and gas production from this asset has more than doubled. Production has increased from acquisition levels of 25,000 barrels of oil per day and 50 million standard cubic feet of gas per day to current production of more than 50,000 bopd and 120 mmscf/d. All gas produced from OML 17 is supplied to the domestic gas market, supporting Nigeria’s power generation value chain.
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