Streamsowers & Köhn is pleased to have served as counsel of record to Seplat Energy Offshore Limited (SEOL) in its landmark acquisition of the entire shareholding of Mobil Producing Nigeria Unlimited (MPNU). This $800 million cash transaction represents a significant expansion of Seplat Energy Plc’s asset base and operational capacity in Nigeria’s oil and gas sector.
Our role focused on two key areas: petroleum industry regulatory compliance and competition law compliance. We advised SEOL on the regulatory conditions precedent for the assignment and transfer of interests in Oil Mining Leases, including successfully obtaining the Ministerial Consent as required under the Petroleum Act. Additionally, we provided strategic guidance on mitigating gun-jumping risks and managed the competition law notification process, securing unconditional approval from the Federal Competition and Consumer Protection Commission (FCCPC).
This transaction significantly strengthens Seplat Group’s portfolio by adding substantial assets, including interests in four shallow water blocks and equity stakes in 31 additional producing fields. Furthermore, it expands Seplat Group’s infrastructure portfolio with the acquisition of the Qua Iboe Export Terminal, the Yoho Floating Storage Offloader, a 51% interest in the Bonny River Terminal and NGL recovery plants at EAP and Oso. Additionally, the acquisition ensures a seamless transition of approximately 1,000 employees and 300 contractors to the Seplat Group.
The Streamsowers & Köhn team was led by Senior Partner and Head of the Energy, Natural Resources, and Environmental Law Group, Chiagozie Hilary-Nwokonko, alongside Otome Okolo (Mrs.), Partner in the Corporate Commercial Law Practice and Chukwuyere Izuogu, Partner in the Competition Law Practice. They were supported by Naomi Kabowei and Priscilla Ben-Okoh, Associates in the Corporate Commercial Practice Group.