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  • Business - Companies
  • Updated: March 07, 2022

Seplat Energy Debunks Media Publication Of Collapsed Deal With ExxonMobil

Seplat Energy issued a press statement debunking widely-circulated media reports about the cancelation of its deal with Exxon Mobil.

The indigenous oil giant, which was founded by Bryant (ABC) Orjiako and has a growing presence in the oil and gas sector, was reacting to a rumour that found its way into the conventional and social media space about the cancellation of this NNPC/Mobil Producing Nigeria Unlimited Joint Operating Agreement.

While responding, Emeka Nwoka, the company secretary, said, "Seplat Energy has become aware of newspaper and social media reports that the Nigerian National Petroleum Company Limited ("NNPC") has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited ("MPNU") Joint Operating Agreement ("JOA")."

Mobil Producing Nigeria Limited's assets and share capital will be taken over by Seplat Energy in a deal that was signed on February 25, 2022.

"The Company wishes to clarify that the Sale and Purchase Agreement ("SPA"), earlier announced on February 25, 2022, deals with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware ("ExxonMobil")."

"MPNU is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.

"There are also some reports that the SPA between ExxonMobil and Seplat Energy has been terminated.

"Seplat Energy confirms that no event of termination has occurred, and the SPA remains valid and subsisting.

"Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria", he concluded.

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