Seplat to buy Exxon Nigeria shallow-water business
Seplat to buy Exxon Nigeria shallow-water business
London, 25 February (Argus) — London-listed Seplat Energy has agreed to buy ExxonMobil's shallow-water oil and gas production assets in Nigeria for up to $1.58bn. The acquisition will more than double Seplat's output.
The deal involves ExxonMobil's Mobil Producing Nigeria business, which holds a 40pc stake in more than 90 shallow-water and onshore platforms and 300 producing wells — state-owned NNPC holds the balance — and interests in two key crude export terminals.
The deal will provide Seplat with around 95,000 b/d of oil equivalent (boe/d), lifting its production to around 146,000 boe/d.
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