Seplat Energy Plc Set To Acquire Exxon Mobil Shallow Water Business

With the recent happenings in the upstream oil and gas sector of Nigeria, most international oil companies are relinquishing their ownership of oil mining licenses (OML) to indigenous players.

Seplat Energy Plc, one of the strong indigenous players in the sector, is in advanced talks with Exxon Mobil to formalize its acquisition of the Exxon Mobil shallow water business.

Seplat Energy Plc hopes that this development will strengthen the federal government's drive to increase local content presence in both the upstream and downstream sectors of the oil and gas sector.

In the press statement released by Emeka Onwuka, the Chief Financial Officer of Seplat Energy Plc acknowledged the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business. Deliberations are ongoing and, accordingly, there can be no certainty as to the outcome.

"A further announcement will be made as and when appropriate, in line with regulatory requirements", he concluded.