Seplat to Buy ExxonMobil’s Nigeria Shallow Water Business

Seplat to Buy ExxonMobil’s Nigeria Shallow Water Business

Seplat Energy along with a partner is negotiating to buy ExxonMobil’s Nigeria shallow water oilfields, the company said in a statement on Monday. According to the statement, the indigenous energy company caution that there was no certainty about the outcome.

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.

The company has accelerated asset divestments in Africa this year, selling an 80% interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

“Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that 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”, Seplat said.  

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Seplat to Buy ExxonMobil’s Nigeria Shallow Water Business