Nigeria: Seplat Energy To Acquire ExxonMobil’s Local Shallow-Water Oilfields

Seplat Energy Plc is currently in talks to acquire ExxonMobil’s Nigerian shallow-water oilfields.

This was discovered by ARISE News in a statement issued by the company on the Nigerian Exchange Limited (NGX), Tuesday.

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

The statement reads, “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.”

“A further announcement will be made as and when appropriate, in line with regulatory requirements.”

ExxonMobil is divesting from oil and gas fields in Nigeria.

Last month, ExxonMobil 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).

In recent years, Exxon has been exiting investments worth billions of dollars in oil and gas fields in Europe, Asia and Africa as the U.S. energy major focuses on a handful of mega projects at home and abroad.

Omotayo Araoye

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