Nigeria: Seplat to Acquire ExxonMobil's Oilfields in Nigeria

30 November 2021

Nigerian independent oil and gas company, Seplat Energy Plc together with a partner, is in competitive discussions to acquire ExxonMobil's Nigerian shallow water business.

The Energy Company listed on both the London and Nigerian Stock Exchanges disclosed this in a statement issued on the Nigerian Exchange Limited (NGX).

It would be recalled that in October, ExxonMobil's President, Liam Mallon, had said the company remains "committed" to Nigeria despite its decision to divest from the joint venture (shallow water) with the Nigerian National Petroleum Corporation (NNPC).

The company has divested some of its assets in Africa this year, selling an 80 per cent interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

However, the Chief Financial Officer, Seplat Energy, Emeka Onwuka, noted that the company was looking to acquire the asset in partnership with an ally.

"Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil's Nigerian shallow water business.'

"Deliberations are ongoing and accordingly, there can be no certainty as to the outcome," the statement reads.

"A further announcement will be made as and when appropriate, in line with regulatory requirements," he added.

When Energy Vanguard contacted ExxonMobil's Manager, Media and Communications, Oge Udeagha, he said: "Thanks for checking in with us. As a matter of practice, we don't comment on details of commercial agreements."

Vanguard News Nigeria

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