Buhari approves Seplat acquisition of ExxonMobil assets
ABUJA, August 10, 2022 – Nigerian President Muhammadu Buhari has approved Seplat Energy’s acquisition of ExxonMobil’s local subsidiary for USD 1.28 billion, a presidential spokesperson announced on Monday.
Seplat Energy signed an agreement in February 2022 with the US oil and gas giant for its shallow-water assets.
The deal includes a further consideration of around USD 300 million based on oil prices and average production of acquired assets over a five year period.
ExxonMobil’s Nigerian portfolio includes a 40% operating stake in blocks 67, 68, 70 and 104, with Nigeria National Petroleum Corporation holding the remaining shares.
The acquired fields produced 95,000 boepd in 2020 and will bring up the Nigerian independent’s production to 142,000 boepd and proven and probable liquids to 650 million barrels.
Seplat Energy will also take control of the Qua Iboe oil terminal and a 51% interest in the Bonny River oil terminal. Additionally, the company will acquire natural-gas-to-liquids plants at two fields.