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Wednesday, May 29, 2024

ExxonMobil sells Nigerian shallow-water assets to Seplat for $1.283bn

By Mitchelle Uzorka, 09:00pm

ExxonMobil Corporation, on Friday 26, 2022 announced that it had reached an agreement to sell its equity interest in its shallow-water business, Mobil Producing Nigeria Unlimited, to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary, Seplat Energy Offshore Limited.

ExxonMobil, however, said that it would retain its deepwater assets, adding that the sale of MPNU supported the company’s investment strategy and Nigeria’s efforts to enhance industry participation.

The President, ExxonMobil Upstream Oil and Gas, Liam Mallon, said, “This sale will allow us to prioritise competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.

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