By Peter Egwuatu
Seplat Petroleum Development Company Plc, an indigenous oil and gas firm listed on the Lagos and London stock exchanges, has restated its commitment to more asset acquisitions in the exploration and production space, and to organic growth.
Chief Executive Officer of the company, Mr. Austin Avuru said this at the Nigerian Association of Petroleum Explorationists (NAPE) January Technical/Business Meeting on Mergers, Acquisitions and Divestments in E&P Business held in Lagos last week.
He explained that one of Seplat’s key mandate is to leverage opportunities in the oil and gas industry through acquisition of more oil and gas assets.
This is coming after the company announced the completion of its Eland Oil and Gas Plc’s acquisition deal on December 17, 2019.
Avuru had said “We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development.”
Addressing stakeholders at the NAPE meeting, he said: “Seplat had positioned itself as an early mover through the acquisition of a 45% operated interest in OMLs 4, 38 and 41 from Shell, Total and Agip in 2010; thus, becoming the first Nigerian independent to acquire a package of oil and gas blocks directly from the major International Oil Companies (IOCs) as part of a disposal process.”