- Seplat Energy acquires Exxon Mobil’s water assets.
- The sale marks the end of Exxon’s onshore and shallow water activities in Nigeria.
The President of the Federal Republic of Nigeria, Muhammadu Buhari, has approved the acquisition of Exxon Mobil’s $1.3bn shallow water assets by Seplat Energy.
President Buhari, who also serves as oil minister, affirmed his agreement to the deal, first announced in February, due to the “extensive benefits” it will bring to Nigeria’s energy sector and the larger economy.
The acquisition will give Seplat an additional 95K boe/year of production from the shallow water permits that Exxon (XOM) operates in a joint venture with Nigeria’s national oil company; for Exxon, the sale marks its exit from onshore and shallow water activities in Nigeria.