Seplat completes acquisition of ExxonMobil’s Nigerian assets

Nigeria

ABUJA, December 13, 2024 – Nigeria’s Seplat Energy has completed its acquisition of ExxonMobil’s Nigerian assets following a USD 800-million payment, the company disclosed on Thursday.

Seplat and ExxonMobil agreed to the deal in 2022 and received approval from the Nigerian regulator in October 2024. The deal is worth USD 1.28 billion. The Nigerian company made an initial payment of USD 128 million upon the signing of the agreement, and it will pay a final USD 257.5 million in December 2025.

With its new assets, Seplat aims to restart hundreds of idle oil wells. Samson Ezugworie, Seplat’s chief operating officer, said, “Our immediate focus is rig intervention, short-term oil-generation activities, rejuvenating idles wells and bringing them back to production. Only 200 of about 600 blocks are producing.”

Seplat stated that it seeks to boost its output to 200,000 boepd, up from its current 71,000 boepd, and its 2P reserves have nearly doubled, from 478 million boe to 887 million boe.

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