Seplat strikes deal for Exxon’s shallow-water assets in Nigeria

Seplat strikes deal for Exxon’s shallow-water assets in Nigeria

London-listed Seplat Energy has announced a deal to acquire ExxonMobil’s Nigerian unit.

Seplat will pay $1.283 billion for Mobil Producing Nigeria (MPN), with a potential for another $300 million. MPN produced 95,000 barrels of oil equivalent per day in 2020, of which 92% was liquids.

Seplat CEO Roger Brown said the deal was in line with the company’s drive to be the leading independent in Nigeria. “The acquisition is a perfect fit with our strategy to build a sustainable business and deliver energy transition in Nigeria. Our financial strength has enabled us to attract high quality local and international capital providers to fund this transaction without diluting our existing shareholders and reflects our deliberate approach to capital allocation.”