Seplat plans to buy ExxonMobil’s Nigerian shallow water business


Seplat Energy Plc has confirmed that it is in ‘’competitive discussions’’ with a partner to acquire ExxonMobil’s Nigerian shallow water business. The firm disclosed this via a filing with the Nigerian Exchange Limited (NGX), adding that it is aware of rumours and confirmed that it is indeed looking at acquire ExxonMobil’s shallow water business.

The company then cautioned the investing public that although deliberations are ongoing, the outcome is not certain. “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. The person responsible for arranging the release of this announcement on behalf of Seplat Energy is Emeka Onwuka, CFO Seplat Energy”, the company said.

While the cost and other details of this transaction remain unclear, analysts say that they understand that ExxonMobil is actively divesting in Nigeria. The energy giant had earlier announced plans to sell off some of its oil and gas fields in the country to focus on new developments in US shale and Guyana with analysts predicting that the energy firm might raise about $3 billion from the sale of its onshore and offshore assets.

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