Seplat Begin Plans To Acquire ExxonMobil Nigeria

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Seplat Begin Plans To Acquire ExxonMobil Nigeria
Seplat Begin Plans To Acquire ExxonMobil Nigeria

Seplat Energy Plc, Nigerian independent oil and gas company, alongside other 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.