Seplat Energy Plc and ExxonMobil’s Nigerian subsidiary, Mobil Producing Nigeria Unlimited (MPNU), will finalize the $800 million asset sale agreement on Thursday, December 12, 2024.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved the sale last month, paving the way for Seplat Energy to acquire ExxonMobil’s onshore oil and gas assets in Nigeria.
“The transaction is expected to complete on December 12, 2024, and is transformative for Seplat Energy, more than doubling our production to around 120,000 barrels of oil equivalent per day,” said Roger Brown, CEO of Seplat Energy.
The acquisition consideration totals $800 million, with an additional $257.5 million deferred to December 2025, related to decommissioning and abandonment costs, as well as joint venture expenses.
“This acquisition provides significant opportunities for growth and profitability, whilst contributing substantially to the Nigerian economy,” Brown added.
The assets being acquired include a 40 percent operated interest in OML 67, 68, 70, and 104, a 40 percent operated interest in the Qua Iboe export terminal and the Yoho FSO, and a 51 percent operated interest in the Bonny River Terminal.
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Seplat Energy’s acquisition also encompasses a 9.6 percent interest in the Aneman-Kpono field and participating interest in the NGL recovery plant. The company has already received approval from the Financial Conduct Authority (FCA) in the United Kingdom and informed investors about the transaction.